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Ginners insist on asking levels, merchants almost out of market

Jan '07
GREECE: HECOT Weekly report 26/01/07. For several weeks in a row, we are experiencing a very silent market. Ginners, due to their high production cost as well as weak dollar, insist on asking the levels of 58-59 c/lb FOT.

There are only few Turkish spinners mostly close to the Greek Turkish borders who are following these levels and finally buy some quantities for hand to mouth. Apart from such small business we haven't heard of any new sale. Merchants are keeping a wait and see attitude and Egyptian spinners are considering these levels to be on the high side.

Quantity wise, the remaining available balance should be around 110,000 tons and it is sure that ginners will keep on waiting for the market to go higher in order to sell their stocks.

Referring prices please find on the below table some quotes for different qualities:
Quality : Price
Box 4 ½ HVI 41 : 59 c/lb
Box 4 ½ - 5 HVI low 41 good 51 : 58-58.50 c/lb
Box 5 HVI 51 : 57.50-58

Lastly, for 'on call' business ginners are asking levels which are close to the theoretical fix price, about 150 pts ON JLY 07 FOT for their good qualities.

Thrakika Ekkokistiria S.A.

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