Indian producers of purified terephthalic acid (PTA), a key raw material for manufacturing polyester chips, have cause for cheer with the Finance Ministry imposing definitive anti-dumping duty (ADD) on its imports from China, Iran, Taiwan, Indonesia and Malaysia. This Revenue Department move-which came less than a month after the recommendation of the designated authority in the Commerce Ministry-is expected to come as a relief for Reliance Industries and Indian Oil Corporation Ltd (IOCL).
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Asia´s purified terephthalic acid (PTA) industry is expected to come under increasing pressure in 2016 as India adds 2.3 mt to its production capacity in the first half of 2016, industry sources said.
The global polyethylene terephthalate (PET) market will continue to be affected by upstream market volatility because of economic uncertainty. As PET pricing is partly driven by the upstream purified terephthalic acid (PTA) and monoethylene glycol (MEG) prices, margins are expected to remain thin.