Because of traders' cautious approach in buying, PTA market in China weakened on March 9. In North China, mainstream market price fell to 11,650 Yuan / ton and even downstream inquiries showed downward decline to11,500 Yuan / ton.
In East China, offers from holders fell to 11,550 Yuan / ton while downstream inquires were around 11,450 Yuan / ton and actual negotiated prices were around 11,500 Yuan / ton. As per market reports, some downstream manufacturers purchased at around 11,500 Yuan / ton.
Spot market of PTA imports too was slightly weak on March 9. Offers for Taiwan's shipment fell slightly to US $1510-1515 / ton while downstream counteroffers were at US $1505/ ton, while actual negotiated prices were around US $1505-1510/ ton.
Offers for South Korean goods too witnessed decline and price was US $1495-1500 / ton while downstream counteroffers were around US $1480-1485 / ton and actual negotiated prices were around US $1,490 / ton.
On March 9, trading atmosphere was very dull because of wait and watch policy from traders. Most of the traders are waiting for situation to improve.