14 June 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--The European purified terephthalic acid (PTA) June contract price decreased by €19/tonne ($25/tonne) from May to €861-891/tonne on Friday, following the €28/tonne drop in upstream paraxylene (PX) over the same period.
PX was agreed at €1,092/tonne this week. The number was broadly in line with the Asian spot market earlier in the week, although a firmer euro against the dollar and some losses on Asian PX prices have pushed the settlement up in relation to Asia.
Downstream, there is not much prompt European or imported polyethylene terephthalate (PET) on offer as sellers show no pressure to offload material.
Market sentiment for late June and particularly July, however, has become more bearish as exchange rates threaten to attract imports and there is speculation of further decreases upstream.
($1 = €0.75)
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