Home / Knowledge / News / Textiles / Adjustments likely due to high PTA supply
Adjustments likely due to high PTA supply
23
Aug '10
Zhengzhou PTA futures ended lower on August 20. The most active contract 1101, closed at 7,828 Yuan / ton, down 106 Yuan from the previous day. The stock market weakened early in the morning, depressing the sentiment in financial market, while PTA futures lost support from continued drop of international crude oil futures.

The spot price of PTA futures has maintained high level and also remains high in three other parameters (high-margin, high operating rate and high inventory). In addition, market concerns continue over tightening policy and market situation at home and abroad, therefore, PTA outlook is expected to follow a consolidation trend.

Crude oil futures at New York Mercantile Exchange (NYMEX) extended recent losses on August 20, the settlement price hit six-week low, higher dollar and lower stock market further pressured oil prices under the circumstances of gloomy prospects for economic recovery.

September light sweet crude oil futures at NYMEX fell by US $0.97 to $73.46 a barrel, down 1.3 percent. October contract settled down by $0.95 to $73.82 a barrel, down 1.3 percent. October Brent crude at ICE Futures Exchange fell $1.04 to $74.26 a barrel.

Weak economic data makes traders worry about future demand of oil. High crude oil supply exacerbates the adverse impact of weak global economic conditions on oil prices.

Paraxylene markets in Asia rose steadily in the previous week. FOB Korea closed at 914-915 / ton on Thursday, CFR Taiwan closed at $928.50-930.50 / ton, representing an increase of $14 and $15/ ton, respectively, from the previous Thursday.

Based on this support, PTA futures rebounded to a 3-month high point in the week, but the follow-up increase in prices, encountered resistance.

In addition, most polyester enterprises in Zhejiang Province have gradually shut down or have reduced capacity utilization due to the implementation of power quota policy.

While overall inventory pressure of polyester factories is not great, procurement demand for raw materials has reduced due to electricity outages. As operating rate of PTA plants remains at a high level, supply pressure on the market may gradually increase. Therefore, PTA market requires adjustment due to lack of demand support in the short term.

Fibre2fashion News Desk - China


Must ReadView All

OECD urges UK for close EU ties to meet Brexit challenges

Textiles | On 24th Oct 2017

OECD urges UK for close EU ties to meet Brexit challenges

The British economy has weakened following the decision to leave the...

Accord, Alliance to leave Bangladesh in 2018

Apparel/Garments | On 24th Oct 2017

Accord, Alliance to leave Bangladesh in 2018

Accord and Alliance, the two western buyers' platforms working to...

Gujarat govt announces bonus for cotton farmers

Textiles | On 24th Oct 2017

Gujarat govt announces bonus for cotton farmers

The Gujarat government has announced a bonus of Rs 100 per 20 kg for...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
76.1%
No
12.7%
Skip
11.3%

Total Votes: 71

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
28.2%
Skip
9.9%

Total Votes: 71

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.9%
No
9.9%
Skip
4.2%

Total Votes: 71

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
76.1%
No
11.3%
Skip
12.7%

Total Votes: 71


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search