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After spike, Asian PX market closes lower in past week

17
Aug '09
In the just concluded week, international crude oil market returned to US $70 per barrel. Asian PX and MX markets closed lower after achieving an increase earlier in the week.

At present, spread between PX and MX is 265.5 Yuan per ton. PX price rose by US $4 per ton on Monday to close at $1132.5 per ton FOB Korea and $1149.5 per ton CFR Taiwan / China.

Despite some rebound seen in lower reaches of PTA, PX market looked slow in the week. PX price grew by $1.5 by mid-week and closed at $1,134 per ton FOB Korea and $1,151 per ton CFR Taiwan.

Thus, rejecting to follow the bullish and higher trend set by PTA in the downstream sector. Price for Asian PX with shipment in the first half of October was quoted at $1,133 per ton CFR, down $5 from Tuesday.

Generally speaking, buying intention from buyers for September cargo was relatively strong, as they mainly took the advantage of current bullish trend of PTA.

It was reported that one cargo was traded at $1,170 per ton CFR on Tuesday for shipment in September and the spread between shipments in the first half of September and October was $20 per ton.

Towards the weekend, PX price fell by $5 to close at $1,129 per ton FOB Korea and 1,146 / ton CFR Taiwan / China. But traders kept watching, as demand from downstream demand of PTA from consumers fell.

Fibre2fashion News Desk - China


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