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PTA Market Weekly (Nov 8-12, 2010) |
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2010-11-15
| Price |
| Spot |
|
8-Nov |
12-Nov |
Weekly Average |
Trend |
| PX |
FOB Korea |
1328 |
1223 |
1323.6 |
↘ |
| CFR China/Taiwan |
1343 |
1238 |
1338.6 |
| PTA |
China domestic market (Yuan/mt cash, ex-ship) |
10800 |
9400 |
10622 |
↘ |
| Tawan origin ($/mt CIF China L/C 90 days) |
1310 |
1160 |
1304 |
↘ |
| Korea origin ($/mt CIF China L/C 90 days) |
1295 |
1150 |
1288 |
↘ |
| Contract |
|
Aug |
Sep |
Oct |
Nov |
| PX |
Asia ($/mt CFR Asia) |
890 |
950 |
1025 |
1220 |
| Sinopec (Yuan/mt, delivery) |
Offer |
7150 |
7600 |
8800 |
10200 |
| Settlement |
7450 |
7900 |
9600 |
N/A |
| PTA |
Foreign producers ($/mt CIF China L/C 90 days) |
882 |
910 |
N/A |
N/A |
| Sinopec (Yuan/mt, delivery) |
Offer |
7350 |
7600 |
8400 |
10200 |
| Settlement |
7500 |
7700 |
8600 |
N/A |
| Imports(kt) |
July |
606.7 |
August |
550.5 |
September |
610.3 |
| Operating rate (%) |
|
Sep |
5-Nov |
12-Nov |
| PTA plant |
89.42 |
82 |
85 |
| Polyester plant |
82.49 |
85 |
85 |
| PTA Inventory |
PTA plant |
0-4 days |
Polyester plant |
10-25 days |
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| Market Roundup |
PTA market took rollercoaster ride this week and the prices fluctuated greatly.
In the first half of the week, PTA futures market hit limit-up continuously amidst speculative fever. In import market, traded prices of Taiwan origin goods increased from $1170/mt last weekend to $1380-1400/mt in midweek; Korea origin goods also jumped from $1160/mt to $1360-1380/mt. In RMB market, the traded prices hiked from 9600-9700yuan/mt last Friday to 11000-11500yuan/mt in midweek.
The short-term large increase in polyester products prices cause downstream resistance, so some PFY producers began to offer discounts in transactions. Meanwhile, bottle chip producers started to overhaul the units due to dull sales. Coupled with the slump in stock market and cotton futures on Friday, PTA market sentiment weakened apparently. PTA spot prices dropped over $200/mt and 1800yuan/mt in two days. Talked prices for Taiwan origin goods fell to $1150-1160/mt, but the transactions were rarely heard. In domestic market, major traders still insisted at 9500-9600yuan/mt, while some small traders intend to sell at 9300-9400yuan/mt. |
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| Forecast |
| The pessimistic sentiment spread on the market as the most products in domestic futures market declined to limit down and A share market also dropped over 5%. PTA spot prices fell below PTA futures prices, so the futures market may touch another limit-down next week. In the short term, the market is expected to trend down further. |
source:CCFGroup.com
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