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PTA deals face stalemate
Jul '10
On June 30, in the Chinese PTA spot market, mainstream level of trade price for domestic supply was 7,050 Yuan / ton, cash payment, shipment to be made by buyer.

Taiwanese PTA spot good were quoted at US $855 / ton FOB, cash payment and that of Korean spot PTA was $830-835 / ton FOB, cash payment.

Offers for Taiwan spot was scarce, sellers were cautious, generally buyers held obvious wait and watch attitude. Some buyers tested at $845-850 / ton.

Individual offers for Korean cargo was heard around $835-840/ ton, a few counteroffers declined to $820-825 / ton. However, deals faced stalemate.

In the short term, market faces different movements; therefore, short-term trend is still subject to overall trend of stock market and commodity futures.

On the contract side, China Petroleum & Chemical Corporation introduced July prices of PX, PTA and MEG at 7,400 Yuan, 7,400 Yuan and 6,200 Yuan / ton, respectively.

Fibre2fashion News Desk - China

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