Demand for purified terephthalic acid was heard weakening, on a bearish outlook for the remainder of the year, as consumers planned further cut run rates. Downstream, demand for polyethylene terephthalate was on a downward trend as price pressure from imports gave producers more incentive to cut rates. One PET producer said they were currently running at around 70%, but would cut production further in November, possibly to as low as 50%. Upstream, European buyers and sellers fully settled the October paraxylene contract price at Eur1,108/mt ($1,503/mt) FD NWE, market sources confirmed Monday.
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