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Spot import market gets mixed reaction
20
Jan '09
Spot import market of Glycol sees strong demand, due to the narrowing gap between domestic and overseas market. As US Dollar has strengthened its position in the market and RMB stabilizes, many traders have started purchasing raw materials. It has been observed that current situation has triggered huge inquiries in the market.

In Southern China market, mainstream quotation is at 4800-4900 yuan per ton. With the Spring Festival approaching, demand is not brisk, but holders are not willing to sell at cheap price; they intend to keep stocks over the Chinese New Year, therefore, prices are expected to go up.

On the other hand, spot import market of PTA appears insipid; market inquiries are scarce, only few polyester plants show urgent buying demand for recently arrived cargo, trading price stood at about US $645 per ton. Mainstream level of negotiations still remains at $635-640 per ton.

In East China, market sentiment of semi-dull slice is in the doldrums; downstream demand showed poor status; mainstream negotiation level is at $6050-6150 per ton. With cash or acceptance within 3 months, some transactions were concluded below $6000 per ton.

Fibre2fashion News Desk - China

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