The global prices of purified terephthalic acid (PTA) and mono-ethylene glycol (MEG) are likely to see a significant drop in the next one-two weeks.
Analysts tracking the sector said that PTA, which is priced at $550 per tonne at present, could see a drop of $100 per tonne in the next few weeks.
Similarly the MEG price which is currently estimated at $510 per tonne will also see a significant drop in the next few days, they predicted. Following the international trend, the prices of the materials will also come down in the domestic market.
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A senior executive at Reliance Industries Ltd told Business Standard that the drop in prices in the international market is due to the slowdown in demand in the SARS-hit China, which has been driving global prices.