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PTA trends to remain at low level in short term

Jun '10
The most active contract 1009 at Zhengzhou PTA futures market maintained low-level shocks for most of the day on June 8, and finally ended at 7,116 Yuan / ton, up 0.11 percent.

As raw material prices collapse, downstream polyester and polyester filament markets slightly declined, PTA market lacked good news, and therefore, the market is expected to remain at low level in the short term.

Crude oil futures at the New York Mercantile Exchange (NYMEX) moved higher on June 8. July contract of light sweet crude at New York Mercantile Exchange rose 55 cents or 0.8 percent to US $71.99 a barrel. ICE Brent crude futures settled up 18 cents or 0.3 percent to US $72.30 a barrel.

Asian PX closed at 869.00-870.00/ ton (FOB Korea) and US $887.00-888.00/ ton (CFR Taiwan) on June 7, down $41 from the previous day.

The PTA spot market in East China was flat. Few offers were quoted at 6950-7000 Yuan / ton, market inquiries increased, actual negotiations were around 6900-6950 Yuan / ton, but firm offers were minimal.

Asian PTA market too was flat. Offers for Taiwanese goods were around $835-840 / ton, market inquiries increased, actual negotiations were about $825/ ton, talks for spot prices of PTA from Korea were around $805/ ton.

Semi-dull polyester chips in Jiangsu and Zhejiang Provinces remained sluggish, offers from mainstream factories were around 9,000 Yuan / ton (3-month acceptance) and mainstream talks for cash payment were around 8800-8900 Yuan / ton.

Polyester staple fiber market weakened, mainstream offers were around 9750-9850 Yuan / ton, and talks for shipment were at 9500-9600 Yuan / ton. Polyester filament market was under weak consolidation.

Currently mainstream talks for POY were around 10,200 Yuan / ton, polyester FDY was around 11,350 Yuan / ton, polyester DTY was around 11900-12000 Yuan / ton.

In plant news, the Far East Petrochemical in Shaoxing shut down PTA production line on June 4 for two-week routine maintenance, its production capacity is 600,000 tons / year, which was on full load operation before the close.

The maintenance is estimated to cost the company a loss of 25,000 tons in PTA production. In addition, the company also plans to close another PTA production line in June, but the time has not been determined yet.

Fibre2fashion News Desk

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