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Chinese PTA market to be under pressure in short term
Jul '12
The price of purified terephthalic acid (PTA) has increased substantially in recent period owing to a sharp rebound in international oil prices.
However, the recent call by world’s major central banks to cut interest rates signaled a further weakening of the global economy. This has affected PTA prices, which saw some adjustment last weekend. Hence, PTA market is likely to witness increasing profit-taking pressure in the short term.
A lot of PTA capacity expansion is set to take place in China during the second half of this year, which would further disadvantage the PTA market.
In the remaining months of 2012, new capacity will be put into production only after the current PTA output turns into profitability.
In terms of latest PX spot price (FOB Korea), current PTA production cost is estimated at 7700 Yuan/ton, while PTA spot price is around 7600 Yuan/ton.
At present, the profits of PTA manufacturing enterprises are insufficient to stimulate them to put their new production capacity into operation.

Fibre2fashion News Desk - China

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