Formula-driven April US Terephthalic Acid Price Was Heard Set Monday at 61.57 Cents/lb

The formula-driven April US terephthalic acid price was heard set Monday at 61.57 cents/lb ($1,357/mt), a 4.98 cents/lb decrease from March after the settlement of the US paraxylene contract, industry sources said.

US PTA contracts are based on a formula that includes the PX contract price and other energy-related variables. The US PX contract settled at 72.25 cents/lb, down 7.25 cents/lb from March, sources said.

Market players had anticipated a decrease for the price of PTA, a key feedstock for polyethylene terephthalate, as spot prices for PX dropped throughout the month. Spot PX prices were last assessed Friday at $1,380/mt, down $50/mt week on week, and down $185/mt since March 1.