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PTA faces increasing callback pressures
Nov '10
PTA market increased in sync with rise in prices of similar commodities, as WTI rose by US $1.09 to $87.81 / barrel. In upstream product markets, naphtha rose $8 to $803-806 / ton (CFR Japan), heterogeneous class MX grew $1 to $1097-1098 / ton (FOB Korea).

Asian PX augmented by $11 to $1367-1368 / ton (FOB Korea). The spread between PX and MX stood at $270 / ton, due to which PX manufacturers are able to generate good margins. Based on the estimate of PX spot price, PTA cost would be roughly 8360 Yuan / ton.

PTA spot price decreased slightly by 50 Yuan to 11,200 Yuan / ton. Taiwan produced PTA rose to $1375 / ton, import cost was equivalent to 11,430 Yuan / ton, while Korean produced PTA ascended to $1360 / ton.

Zhejiang polyester market was influenced by high price, purchasing intention from downstream sector declined and the market was covered by wait-and-see mood.

The People's Bank of China has decided to raise RMB deposit reserve ratio of deposit-accepting financial institutions by 0.5 percentage points from November 16, 2010.

PTA fundamentals remain strong, but short-term increase is too large, while downstream products have started to feel pressures of PTA prices; therefore, PTA market faces increasing callback pressure.

Fibre2fashion News Desk - China

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