PTA futures in Zhengzhou Futures market rose across the board on March 17; the most active contract 1005 jumped higher at the opening, but midway the pace slowed down.
The daily K-line closed higher at 8,218 Yuan / ton, up 180 points, or 2.24 percent, compared with March 16.
Analysis point out that raw material price of Paraxylene continued to decline, short-term demand was difficult to improve, PTA fundamentals looked still bearish.
However, more maintenance has been planned by Asian PTA plants, so the market is expected to extend gains in short term.
Market supply of Asian Paraxylene continued to increase, but the market lacked in demand. FOB South Korea closed down by $15.5 to $1,013-1,015 per ton on Tuesday and CFR China went down by $16 to $1,031-1,033 per ton.
PTA spot price increased in domestic market and overseas market on rebound of international oil prices overnight.
In East China, several offers were quoted at 8,000 Yuan / ton, however, actual negotiations were at 7,950 Yuan / ton, buyers appeared cautious in inquiry, actual transaction was light.
Offers for Taiwan goods and bonded goods stood at $970 per ton, offers for South Korean cargo were at $930 per ton.
Downstream production and marketing of polyester market was still poor and inventory pressures of polyester plants were greater.
Fibre2fashion News Desk - China