In the beginning of the first week of April, prices of Purified Terephthalic Acid (PTA), in line with its contemporaries in the petrochemical industry started its relentless ascent in the Northwards direction, due to underlying support from downstream sectors.
This in turn provided space for prices to grow of its downstream products like polyester chips and its intermediates. In the Chinese market, PTA price which was quoted at Yuan 6,890 per ton rose by Yuan 225 per ton, an increase of nearly 3.4 percent. Offers for imported PTA also increased by US $30 per ton to touch $850 per ton.
Again in the first week of April, MEG prices stood at Yuan 4,400 per ton whereas imported MEG was offered at $540 per ton in the Chinese market. Analysts believe that even if there is still a slide in the textile clothing export situation in the later part of the year, the formidable Chinese demand for petrochemicals will keep the clock ticking for the petrochemical industry.
Fibre2fashion News Desk - India
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