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Chinese PTA spot prices continue to rebound
19
Jan '10
In the previous week, PTA spot prices continued to rebound amid shocks, mainly due to strong pick-up in prices of polyester products, while also being influenced by rumours of anti-dumping news.

Earlier in that week, most domestic offers lifted to 8,100 Yuan per ton, though counter offers from buyers remained at 7,900-7,950 Yuan per ton, while mainstream transaction level was at 8,000 Yuan per ton.

Buyer's inquiries for overseas spot were active, seller's offers were mainly more than US $970 per ton, and counteroffers of buyers were about $955-960 and actual level of discussions was at $960 per ton.

PTA futures continued to rise during the mid-week, combined with skyrocketing price of MEG along with prices of polyester products beginning to rise significantly.

Being impacted by the news that the central bank raised the reserve ratio, commodities futures, broader stock markets closed lower on Wednesday, but the market picked up again on Thursday under fundamental support.

From Thursday - Friday, domestic offers of PTA, spot rose to about 8,150 Yuan per ton, negotiations were around 8,050-8,100 Yuan per ton and some deals were made at about this level on Friday.

Offers for spot produced in Taiwan were few, a few trades was reported at $980 per ton or above, transaction level was at $970-975 per ton, offers for spot produced by South Korea was at about $970 per ton, while negotiation level was at about $960-965 per ton.

Fibre2fashion News Desk

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