June PTA supplies from India likely to be tight amid multiple shutdowns

06-Jul-12

Purified terephthalic acid supplies from India are likely to be tight in July as multiple shutdowns are scheduled in the month, as per Platts. Indian Oil Corp. plans to shut for about ten days, its 553,000 tpa PTA plant in Panipat for repairs. The plant's operating rate was lowered at the end of April due to a catalyst problem. Reliance shut its 700,000 tpa No. 3 PTA plant in Hazira this week for four days of repairs, while MCC PTA plans to shut its 800,000 tpa No. 2 PTA plant in Haldia from around July 20 for about three weeks of repairs. CFR India PTA price was assessed at US$961/mt last Friday, up US$21/mt week on week. This week, it is hovering around the thousand dollar mark due to limited local supply. It is the first time since May 27 that the CFR India price has hit the four-digit level.