The benchmark PTA Contract 'TA1005' wavered down on March 23. It opened at 8,188 Yuan, touched a high of 8,216 Yuan, a low of 8,126 Yuan, to finally close at 8,148 Yuan, down 40 Yuan, or 0.49 percent compared with the previous day.
Recently positions of Contract TA1005 have been transferred to Contract 1009, so its trade volume and positions have declined. The level of industrial production and marketing chain is still low; therefore, market consolidation is expected to continue.
In domestic market, PTA was offered at 7,950 Yuan / ton, down 10 Yuan / ton from the previous session, MEG was quoted at 7,600 Yuan / ton, down 50 Yuan / ton.
PTA offer for overseas supply stayed at US $953 / ton, unchanged from the previous session, while offer for overseas supply of MEG stood at $915 / ton, down $5 / ton.
Naphtha rose $8 to $727-731 / ton CFR Japan; heterogeneous grade MX fell $12 to $895-896 / ton FOB South Korea; Asian PX fell $8 to $1006-1007 / ton FOB South Korea.
In the downstream products markets, semi-dull polyester chips were quoted at 9,650 Yuan / ton, down 25 Yuan / ton and PET bottle chips remained unchanged at 10,500 Yuan / ton.
Polyester FDY150 was quoting at 11,650 Yuan / ton, while polyester staple fiber 1.4D was reported at 10,300 Yuan / ton, both which remained unchanged from that of the previous day.
Meanwhile, a PTA plant with production capacity of 1.5 million tons in Dalian has recently started operations and is currently operating at 87 percent capacity.
Fibre2fashion News Desk - China