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Chinese PTA spot market turns sluggish
23
Dec '09
Sales of polyester products slumped on Tuesday, spot market witnessed very low buying intentions from downstream sectors and combined with drop of PTA futures, PTA spot market looked even weaker.

Most domestic offers of PTA fell to 7,650-7,700 Yuan per ton, but buyers displayed intentions to buy around 7,600-7,650 Yuan per ton. In the morning, one deal was made at 7,650 Yuan per ton in Jiangsu market, one deal of spot goods (2000 tons) was made at 7,600 Yuan per ton in the afternoon.

Overseas offers further declined following the trends in the domestic markets and offers from suppliers of Taiwanese inventory fell to about US $930 per ton, firm offers for PTA from South Korea plunged to $920 per ton.

In Zhejiang market, one transaction was made at $925 per ton for bonded spot goods produced by Taiwan. Negotiation level of overseas offers is expected to be around $920-925 per ton on Wednesday as the market is holding a strong wait and watch attitude.

According to customs statistics, China's PX imports reached 188,000 tons in November 2009, down 61,000 tons from the previous month; import price was US $907.1 per ton. Total PTA imports achieved 470,000 tons, an increase of 72,000 tons from the previous month; import price was $837.7 per ton.

Fibre2fashion News Desk

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