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Reopening after spring festival brings cheer to PTA market
09
Feb '09
The PTA market, which re-opened after the Chinese Spring Festival has steadily moved higher and the market atmosphere is slowly warming up. At present, cash offers in East China market are standing at 6,500 Yuan per ton, shipment made by buyer, and normal transaction prices at 6200-6400 Yuan per ton, an increase of about 700 Yuan. Offers in nearby overseas markets for spot goods are available at US $760-770 per ton, a rise of $80 per ton.

Downstream polyester market has turned warmer; with end product prices moving higher and the sales situation is relatively stable. Some polyester staple fibre manufacturers are ready to restart closed fibre manufacturing lines as demand for the PTA fibre rises, which is expected to bring more increases in PTA prices in near future, on lines witnessed by the petrochemical markets in the last few days.

The rise in raw material prices has played a greater role in promoting PTA market, post-festival. Prices of crude oil and naphtha are increasing, PX price is also rising, leading to a number of PTA foreign suppliers sealing offers as many buyers foresee a bullish outlook in the next few months.

On the other hand, some domestic PTA manufacturers have declared contract reduction, which sends bullish confidence to the industry, and pushes price up further. Looking at the supply situation, arrivals are limited and operating rates of domestic PTA factories have not risen significantly, as some plants are in midst of overhauling and maintenance, so currently supply and demand status is clearly favorable to the market.

In accordance with the current supply and demand situation, as well as the speculation of an increase in operating rates of downstream polyester plants, PTA market has all possibilities of moving slightly higher, but the rise may not be too high, since current economic situation is depressed and the basic trend of crude oil is still weak.

Fibre2fashion News Desk - China

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