Demand for purified terephthalic acid in Europe was expected to continue weakening as downstream polyethylene terephthalate demand fell further. Prices for PET in Europe plummeted this week, reversing last month’s upward trend, as weak demand, expected declines in feedstocks, and low import offers put pressure on sellers. Market participants said they expected prices to continue falling over the rest of the year. Spot prices were assessed Eur40/mt lower week on week at Eur1,220-1,225/mt FD NWE Wednesday. Meanwhile, the European contract price for feedstock paraxylene was yet to settle at Friday’s close. Negotiations for the October PX Asian contract price ended with a major settlement at $1,470/mt CFR Monday. No settlement was reached for the September ACP. For the August ACP, the major settlement value was $1,440/mt CFR. Market participants now expected a decline in the European CP, particularly given the strength of the euro relative to the dollar. The September PX ECP was settled at Eur1,130/ mt FD NWE, up Eur30/mt on August. Sources also expected a rollover to a Eur20/mt decline, indicating PTA contract prices for October were likely to decline.
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