China’s Hengli Petrochemical cuts March PTA contract

18 March 2013 08:48  [Source: ICIS news]

SINGAPORE (ICIS)--China’s major purified terephthalic acid (PTA) producer Hengli Petrochemical reduced its March contract list prices to CNY8,500/tonne ($1,369/tonne), down by CNY900/tonne compared to the price for February contract at CNY9,400/tonne, a company source said on Monday.

The company has a total PTA capacity of 4.4m tonnes/year.

Other producers also reduced their offers to CNY8,500-8,600/tonne, the source said.

Although most of the PTA producers suffered losses, they had to cut their prices due to the weak demand from the downstream factories, market sources said.

Hengli petrochemical shut down its 2.2m tonne/year PTA unit in Dalian last weekend, the company source said without disclosing the restart date.

($1= CNY 6.21)

By: Yolanda Chen

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