Chinese PTA spot market in stalemate

05 May '10

2 min read

On the first trading day after May Day, buyers and sellers in PTA spot market still remained in waiting state, overall trading was relatively light. Offers for domestic supply were around 8,050-8,100 Yuan / ton, offers for overseas supply were scarce, actual negotiations were light.

Concerns over tightening liquidity in PTA market increased as the Central Bank raised bank reserves ratio again. In the Asian market, PX rose by US $5 to $1052-1053 / ton (FOB Korea); European market was stable at $1053-1057 / ton (FOB Rotterdam); US market too rose by $5 to $1025-1030 / ton (FOB US Gulf).

In MEG market, the first day after the Festival, some local traders were still at holiday, due to which market was light. Offers for domestic supply were around 7,400-7,500 Yuan / ton and negotiations for transaction were around 7,350 -7,400 Yuan / ton.

A single small volume trade was concluded at 7,450 Yuan / ton. Offers for overseas supply were light, some traders provided offers at $895 / ton, but no report of actual transactions was reported.

On May 4, WTI rose $0.04 to $86.19, Brent rose $1.5 to US $88.94 / barrel; naphtha rose $5 to $781-785 / ton (CFR Japan) and MX in heterogeneous class rose $8 to $933-934 / ton (FOB Korea).

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