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PTA spot market polarized on Tuesday

09
Dec '09
PTA spot market was sharply polarized on Tuesday. Futures fell sharply in the morning, polyester products moved lower, price trade sentiment in PTA spot was obviously insufficient, due to which, domestic offers fell back to 7,900-7,950 Yuan per ton, while buyer's intention was close to 7,800 Yuan per ton.

Overseas offers fell to US $955-960 per ton, but buyer's counteroffers were scarce, and a few bids were sealed at $945-950 per ton. PTA futures rebounded in the afternoon, spot market stabilized, domestic offers gradually moved up to about 7,850-7,870 Yuan per ton.

Counteroffers of overseas buyers stood at around US $950 per ton, inquiries also increased, mainstream transactions were made between $950-955 per ton.

A major supplier in Taiwan planned to shut down its No. 3 PTA plant (with 700,000 tons of capacity) for maintenance in a few days. Another PTA plant has also shut down its device for maintenance since late November. They both plan to resume operations in mid-December.

Jinling Petrochemical also plans to overhaul its PX plant (600,000 tons) from December 4 and maintenance time is estimated for 45 days and restarting time is scheduled around mid-January 2010.

PX spot quotes maintained at US $1150 / ton CFR, buyer's bids were around US $1140-1145 / ton CFR.

Fibre2fashion News Desk - India


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