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Margin money on PTA imports from Korea & Thailand

05
Feb '10
Recently, the Ministry of Commerce announced extension by six months of the anti-dumping investigation of PTA imports from Thailand and South Korea. This was reportedly done as it could not be finished in the previous 12 months.

Along with extending the probe by another six months, the government has also imposed a deposit to be paid to the General Administration of Customs, equivalent to the anti-dumping duty levied on the notified PTA exporting companies.

In recent years, China's imports of PTA have been relatively large, a major proportion of which mainly emanates from Taiwan, South Korea and Thailand. In the last two years PTA imports from South Korea have averaged 186,756 tons per month.

Imports from South Korea made up for 44.8 percent of all PTA imports in the preceding two year, while on the other hand those from Thailand averaged 52,023 tons per month, representing 12.4 percent of total PTA imports.

Therefore, the deposit to be paid by countries exporting PTA from these two countries is bound to reduce imports from these two countries in the period of the investigation, but it is unknown to what extent it can reduce the import volume.

The industry believes that the current anti-dumping case will have little impact on domestic market, because of China's current PTA production capacity. In 2009, China's domestic PTA production was 11.77 million tons.

Net imports were 6.13 million tons; apparent consumption was 17.9 million tons, while 2009 actual consumption was 17 million tons, leaving a balance of 900,000 tons.

Taking into account the balance of about 400,000 tons of raw material inventory of PX in upstream sector, which can be converted into about 600,000 ton of PTA, this means current PTA inventories are 1.5 million tons.

It is hard to digest such a large inventory in the short term, as the festival is approaching.

The implementation of the anti-dumping case can offset part of the inventory to a certain extent, so PTA futures market will not be much influenced by the case.

Fibre2fashion News Desk - China


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