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Chinese polyester value-chain round up

29
Jun '10
Zhengzhou PTA futures declined after opened slightly higher on June 28, but finally closed with a marginal increase. Main contract1009 opened at 7,468 Yuan / ton, intraday highest touched 7,478 Yuan / ton, and low of 7,412 Yuan / ton, to finally close at 7,426 Yuan / ton, up 30 or 0.41 percent from the previous day.

PTA spot market slightly increased, downstream polyester plants held low inventory, market prices held up. Overall, both upstream and downstream performed better, PTA fundamentals showed warming trend.

NYMEX August light and sweet crude settled down 61 cents to US $78.25 a barrel, down 0.8 percent. Intraday volatility of the contract was in $77.72-79.38 per barrel, reaching the highest intraday level since May 6. ICE August North Sea Brent crude fell 53 cents to $77.59 a barrel, down 0.7 percent.

In spot market, Asian PTA spot market showed slightly stable atmosphere, offers for Taiwanese goods were around $865-870/ ton, some offers were at $860 / ton; negotiation intention was around $860-865/ ton. Negotiation intention for South Korean supply was around $835-840 / ton, firm offers were rare.

In East China, PTA market sentiment stabilized, some offers were around 7,250 Yuan / ton, downstream market was little interested in following higher price movement, negotiation focus was around 7150-7200 Yuan / ton, and firm offers were scarce in the market.

Market prices of polyester chips remained stable, polyester filament market moved sideways, export market of domestic bottle chips was still stable, offers from factories still mainly concentrated at $1,180-1,190/ ton FOB China main port, discussion was maintained at $1160-1170/ ton FOB, trading climate was as usual.

Offers of Korean bottle slices were $1180-1200 / ton FOB. Market sentiment of PTA, MEG was fair with light inquiries, prices rose slightly; polyester fiber market continued to ascent.

Due to lack of good push, polyester bottle slice market in East China continued shocks, most ex-factory prices maintained 9600-9900 Yuan / ton for cash payment, mainstream talks were around 9600-9800 Yuan / ton, stock state was mixed with individual factories.

Staple fiber market in Zhejiang was stable. Major manufacturers offered at 9700-9800 Yuan / ton, higher level at 9,950 Yuan / ton, negotiated contract level maintained 9600-9750 Yuan / ton. Mainstream discussion level of Polyester POY was around 11,200 Yuan / ton, polyester FDY was around 12,250 Yuan / ton, polyester DTY was around 12600-12700 Yuan / ton.

From downstream perspective, recently, cyclical purchase of the terminal market has improved sales of polyester market, some enterprises see tight inventory status, suggesting that PTA demand will rise in the short time, thus giving some support to PTA price.

Fibre2fashion News Desk - China


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