30 August 2013 10:04 [Source: ICIS news]
SINGAPORE (ICIS)--China’s state-owned Sinopec has raised the nomination for September purified teraphthalic acid (PTA) contracts as a result of firming feedstock paraxylene (PX) prices, company sources said on Friday.
Sinopec nominated price for September PTA contract was at Chinese yuan (CNY) 8200/tonne ($1,340/tonne), which is CNY100/tonne higher than that for August, a source from the company said.
Xianglu Petrochemical, Hengli Petrochemical and Yisheng Petrochemical all rolled over their nominations from August at CNY8,100/tonne, CNY8,200/tonne and CNY8,300/tonne respectively but sources within the company said if PX prices went up they will have to revise their offers upwards.
The higher nomination has given a slight support to the spot market where sellers raised their offers above CNY7,800/tonne expecting prices to go up in September.
($1 = CNY6.12)
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