China : PTA likely to stay volatile at high levels - experts

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PTA likely to stay volatile at high levels - experts

29
Sep '10

Zhengzhou PTA futures remained in high-level consolidation on September 28. The main contract 1101 closed at 8,246 Yuan / ton, up 0.37 percent from the previous day.

As upstream PX rise sharply, lifting costs, it will be easier for PTA prices to rise, but difficult to fall. In addition, the upcoming fall season also increases demand for PTA. However, experts point out that, PTA may be volatile at higher levels.

Asian PX closed at US $1044.50-1045.50/ ton FOB Korea, and $1059.50-1060 .50 / ton CFR Taiwan on September 27, up $19 from the previous day.

In the spot market, Asian PTA appeared firm, a few offers for Taiwan goods were around $970 / ton, discussion over cargoes focused on $960-965 / ton, and discussion over South Korea produced goods was around $945 / ton, trading atmosphere was good.

In East China, PTA market remained strong, price for small amount of spot goods was around 8,000 Yuan / ton, downstream plants were actively seeking for goods, sellers were reluctant to sell at cheap price, mainstream talks were around 7950 Yuan / ton.

In downstream polyester filament market, in Jiangsu-Zhejiang region, manufacturers quoted higher by 100-200 Yuan per ton, individual goods rose by even 300 Yuan per ton.

FDY from a major plant rose 200 Yuan per ton, DTY rose 100 Yuan per ton, and POY rose 100 Yuan per ton. Mainstream factories in Xiaoshan and Shaoxing areas generally increased DTY price by 100-200 Yuan per ton and POY by 200 Yuan per ton.

Polyester staple fiber market rose, mainstream market quotation was around 12300-12510 Yuan / ton, transaction focus increased to 12200-12400 Yuan / ton, demand was strong, trade volume increased.

Fibre2fashion News Desk - China

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