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Due to the sharp drop in international crude oil prices, Asian PTA prices fell below US$1,000/ton on Monday for the first time in 20 months, as the rapid decline in raw material prices has strongly pushed down the already very weak Asian PTA market. CFR China PTA prices fell 40 US dollars / ton or 4%, to close at 961 US dollars / ton. The sharp decline in Asia's PTA market may cause manufacturers to cut operating rates, market participants said. Since December 1, 2011, Asian PTA producers have been making negative profits. As PTA producers reduce operating rates, they may also cause spot PX prices to fall.
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