Decline in PTA spot prices arrested
October 12, 2009 - China
On October 9, trading in PTA spot market was light in East China, market inquiries were poor and price level in mainstream talks was at 6,650-6,700 Yuan per ton.
Market price of glycol was slightly softer as a whole, downstream demand remained poor, initiative inquiries were light and overall trade volume was moderate.
Glycol price was steady amid weak atmosphere due to the decline of oil price after a rebound. Market mainstream quotes fell 50 Yuan to 5,750 Yuan per ton, but, overall trade volume was moderate.
But the decline in PX price in upstream sector was arrested amid stability and in the process, provided a certain cost support to PTA.
Production and marketing pressure of polyester manufacturing in downstream sector was still evident and pressures in purchasing power were noticeable, which curbed demand for PTA.