The European purified terephthalic acid market was faced with the reality of large increases in feedstock prices this week despite a weak PTA market. The European paraxylene contract for August was initially settled Monday at Eur1,130/mt FD NWE, up Eur135/mt from the July ECP. Market participants on the buy and sell side appeared pleased with the price, which was likely to be the final settlement level; this followed the Asian settlement of $1,365/mt CFR the previous Wednesday.
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