Zhengzhou PTA futures slightly softened on May 13, contract 1009 opened at 8,098 Yuan / ton, intraday highest was at 8,118 Yuan / ton, lowest at 8,020 Yuan / ton, and closed at 8,058 Yuan / ton, down 34 Yuan from the settlement price of May 12.
From a technical perspective, currently, PTA has successfully found support around the 8,000 Yuan per ton mark, as the PTA market has moved in a narrow range since the last five consecutive trading days.
Overall, PTA spot market was in stalemate, due to the impact of weakening cost support. Offers for domestic goods were few and around 7,850-7,900 Yuan / ton, actual discussion lowered by 50 Yuan / ton.
Offers for Taiwan supply and bonded goods were around US $960-970/ ton, offers for South Korean supply were at $940/ ton; firm offers were around $935-960/ ton.
There has been little change in the downstream polyester market, as the market is still in traditional sales season. However, the textile industry is under pressure of RMB appreciation, profit margins are lower, which could possibly reflect in PTA prices.
Looking at downstream consumption, PET bottle chip market - polyester chip market was dull. Offers of semi-dull chips in Xiao Shao market were mostly around 9,900-10,050 Yuan / ton with payment in cash or acceptance for 3 months.
Actual market negotiations were deadlocked around 9,850 Yuan / ton with payment in cash, some talks figured around 9,800 Yuan / ton with payment in cash and shipment to be made by buyers. Trading in super bright polyester chips too was in stalemate.
In the polyester staple fiber market, coupled with large shipments from some manufacturers at low cost in early week, ex-factory price from direct spinning factories adjusted to 10,400 Yuan / ton (cash payment) yesterday.
Price focus of most of polyester filaments was stable, but some offers were based on promotion. Mainstream offers for polyester POY, DTY and FDY150D were 11,000-11,300, 12,400-12800 and 12,300-12,600 Yuan / ton, respectively, with payment in cash.
Fibre2fashion News Desk - China
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