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Asian PTA prices may continue to increase in the coming weeks

August 15/2011

(ICIS) -- Asian spot prices of purified terephthalic acid (PTA) may continue to increase in the coming weeks, given a strong likelihood that costs of feedstock paraxylene (PX) will spike on tight supply once Fujia Dahua shuts its aromatics plant in Dalian, China, market sources said on Monday.


Offers for Taiwan PTA cargoes were quoted at USD 1.260-1.265/tonne (EUR 882-886/tonne) CFR (cost and freight) CMP (China Main Port) on Monday morning, up USD 10-15/tonne from Friday's levels, traders said, adding that one shipment was concluded at USD 1.260/tonne CFR CMP.


Over the weekend, the local government of Dalian in northeastern China has ordered that the 700 KTa PX plant be immediately shut following protests over the weekend that the companys aromatics facility be relocated on pollution concerns.


Early last week, rains and strong waves brought on by Typhoon Muifa breached the protective dike of Fujia Dahuas aromatics complex, raising concerns of toxic chemical spill among residents in the surrounding areas.


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