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Analysts expect PTA market to move higher

29
Mar '10
In the last week, Zhengzhou PTA futures closed higher amid volatility. The main contract 1009 opened at 8382 Yuan / ton, to touch a high of 8,582 Yuan / ton, low of 8,356 Yuan / ton to finally close at 8,564 Yuan / ton, up 182 Yuan, or 2.17 percent.

The introduction of March settlement price and April contract price of domestic PTA producers provided some cost support to PTA market, due to which downstream demand gradually recovered, leading analysts to aver that PTA market may move higher in short term.

The Paraxylene market in Asia closed weak on Thursday. FOB South Korea closed down US $2 per ton to reach $1,002-1,004 per ton, while CFR Taiwan closed down $1.5 per ton to touch $1,020-1,022 per ton.

Domestic market conditions of PTA spot maintained strong. Sporadic offers were around 8,100 Yuan / ton from sellers in East China, although actual market talks were firm at 8,000 Yuan / ton.

Offers for overseas supply too rose slightly. Taiwan goods and bonded goods were reported at $980-985 per ton. South Korean cargo was offered at $945 per ton, however, wait and watch sentiment was strong in the market.

Major domestic manufacturers of PTA introduced March settlement price at 8,150-8,180 Yuan / ton and April listing price at 8,200 Yuan / ton, unchanged from February settlement price and listing price, as PTA spot market provided some cost support.

Fibre2fashion News Desk - China


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