Delayed Europe March PTA contracts drop because of upstream PX

28 March 2014 23:59  [Source: ICIS news]

LONDON (ICIS)--The European March purified terephthalic acid (PTA) formula contracts decreased on Friday by €50/tonne compared with February on the back of a sharp drop in upstream paraxylene (PX).

March PTA prices were calculated at €732-762/tonne FD (free delivered) NWE (northwest Europe).

The dominant Asian market weakened to such an extent that some people in the industry were taken aback by the impact it had on the European PX agreement. PX fell by €75/tonne from February to March, almost double what some had anticipated.

Other than a blip in January 2014, prices have been dropping since October 2013.

Downstream polyethylene terephthalate (PET) has failed to impress, but there is potential for improved sales should warmer weather attract demand for PET bottles.

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By: Caroline Murray
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