PTA follows feedstock higher, though China**;s domestic market lags
Chinese PTA operating rates have fallen by close to ** per cent, weighed down by constrained feedstock supply, a string of major unit shutdowns, and unusually low throughput at plants still in operation. This sharp curtailment coincides with a broader tightening across the paraxylene complex, where seasonal maintenance activity in both China and India has removed meaningful volumes from the market.
All major PTA grades followed a similar pattern: prices dipped through mid-to-late June before reversing higher into mid-July. CFR Far East Asia PTA fell to $*.*** per kg by June **, then climbed to $*.** per kg by July **, up * per cent weekly and *.* per cent monthly. CFR India showed the strongest recovery, rising to $*.*** per kg, a *.* per cent monthly gain, the largest among all grades, reflecting India**;s improving polyester demand layered on regional feedstock tightness. CFR SE Asia followed closely, up *.* per cent month-on-month (MoM) to $*.** per kg.
Domestic China PTA stood apart: despite a * per cent weekly uptick to $*.** per kg, it remained down *.* per cent for the month, the only grade still in negative territory, signalling weak domestic offtake even as regional export markets firmed. FOB US Gulf PTA stayed essentially flat near $*.** per kg throughout, down just *.* per cent monthly, showing the price rally was largely an Asia-driven phenomenon rather than a global one.
