PTA spot moved in a narrow range in the just concluded week, as the market was waiting for contract settlement price to be released by the end of the month. Early in previous week, as the SEC's investigation against Goldman Sachs drove the global financial market into turmoil, most commodity markets in Asia opened sharply lower, PTA futures too fell.
PTA spot met light interest in the first day of the week due to the decline in stock markets and commodity futures markets. Offers for PTA spot ranged between 8,150-8,200 Yuan / ton, while negotiations were around 8,100-8,150 Yuan / ton, some high-quality stocks. Offers for Taiwan stock were around US $1,000 / ton, trading negotiations were in the range of $990-995/ ton, while, Korea produced spot was quoted at $965-970 / ton.
From the mid-week time, as market panic subsided, sales of polyester products were still good; market sentiment recovered slightly, stock quotations rebounded slightly. Prices for domestic stock rose to 8,200 Yuan / ton, while general buyers bid at about 8,100-8,150 Yuan / ton. Korean PTA was offered at $980/ ton; however, trading negotiations were at US $970-975 / ton.
Close to the weekend, mainstream providers introduced April settlement price around 8,350 Yuan / ton, the market stalled waiting for further direction amid uncertainty when spot market lacked following momentum,
China's March PTA imports, including QTA totaled to 567,200 tons, an increase of 118,200 tons over the 449,000 tons imported in February. PTA suppliers are expected to hold strong position for a while, the short side has less intention to suppress the market at current price level, therefore, short-term market conditions will maintain oscillation pattern, though limited to a certain range.
Fibre2fashion News Desk - China