The US purified terephthalic acid price for June decreased 0.84 cent to 42.14 cents/lb ($929.02/mt) from the May level, market sources confirmed Friday.
The settlement in the formula-based price came after a fall in feedstock contracts. The June US paraxylene contract fell 1.25 cents to 40.75 cents/lb ($898.37/mt), sources said.
The June PTA price is the lowest contract price since September 2016 when it was 40.99 cents/lb, according to S&P Global Platts data.
US paraxylene contracts typically settle retroactively, with the formula-based US PTA price following.
PTA is the primary feedstock for polyethylene terephthalate.
