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PTA spot offers on the rise
08
Sep '10
Zhengzhou PTA futures maintained a narrow range on September 7. Major contract 1101 closed at 7,926 Yuan / ton, down 18 Yuan, or 0.23 percent from the previous day, due to weak electronic trade of crude oil.

Improved external environment and strong PX prices created cost support to the market, stock hoarding preparation before traditional Mid-Autumn Festival and National Day increased demand.

But as PTA remains under "three high" fundamentals; high-margin, high operating rate and high inventories, PTA market outlook is expected to continue a consolidation trend.

PTA spot market rose in Asia, offers for Taiwan cargo rose to $915 / ton, holders were reluctant sellers, negotiation ranged in between $905-910 / ton, market inquiries were active and talking atmosphere was fair.

In the Chinese domestic market, price offers increased to about 7,450 Yuan / ton, however, mainstream discussion focused on 7400 Yuan / ton, trading atmosphere was good.

In spot market, Asian PTA spot market was light, offers for Taiwanese goods were $910 / ton, several inquiries were around $910 / ton, and negotiation was for around $905-910/ ton. Offers for Korean produce stood at $890 -895 / ton, firm offers were rare.

PTA market slightly fell in East China, offers in spot market were around 7450 Yuan / ton and mainstream discussion focused on 7400 Yuan / ton, firm offers were rare.

In downstream sector, exports of domestic bottle chips were stable. Ex-factory price was $1190-1200 / ton (FOB China main port), actual negotiation was around $1180 / ton and transactions were fair.

MEG markets rank into stalemate with caution, both buyers and sellers adhered to their own level, prices were basically unchanged, but, polyester fiber was still moderately tight. In this context, offers maintained 9600-9700 Yuan / ton, in terms of cash payment or to be delivered for short distance.

Fibre2fashion News Desk - China

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