Purified terephthalic acid saw its limelight stolen by monoethylene glycol this week as its lesser cousin soared, though stronger futures prices and an improvement in polyester sales in China and India led physical prices higher. The March contract on the Zhengzhou Commodity Exchange rose Yuan 152/mt on a weighted average basis on the week to close at Yuan 8,292/mt, even as China’s raising of banks’ reserve ratio on Wednesday — its latest step in curbing inflation — caused a fall in prices.
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