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PTA Market Weekly (Dec 13-17 2010) |
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2010-12-20
| Price |
| Spot |
|
13-Dec |
17-Dec |
Weekly Average |
Trend |
| PX |
FOB Korea |
1362.5 |
1358.5 |
1360.2 |
→ |
| CFR China/Taiwan |
1377.5 |
1373.5 |
1375.2 |
| PTA |
China domestic market (Yuan/mt cash, ex-ship) |
9420 |
9420 |
9414 |
→ |
| Tawan origin ($/mt CIF China L/C 90 days) |
1175 |
1175 |
1176.6 |
→ |
| Korea origin ($/mt CIF China L/C 90 days) |
1160 |
1162 |
1162.8 |
→ |
| Contract |
|
Sep |
Oct |
Nov |
Dec |
| PX |
Asia ($/mt CFR Asia) |
950 |
1025 |
1220 |
1275 |
| Sinopec (Yuan/mt, delivery) |
Offer |
7600 |
8800 |
10200 |
10200 |
| Settlement |
7900 |
9600 |
10150 |
N/A |
| PTA |
Foreign producers ($/mt CIF China L/C 90 days) |
910 |
1020-1025 |
N/A |
N/A |
| Sinopec (Yuan/mt, delivery) |
Offer |
7600 |
8400 |
10200 |
9900 |
| Settlement |
7700 |
8600 |
9900 |
N/A |
| Imports(kt) |
August |
550.5 |
September |
610.3 |
October |
489.85 |
| Operating rate (%) |
|
Nov |
10-Dec |
17-Dec |
| PTA plant |
90.5 |
93.5 |
93.5 |
| Polyester plant |
84.7 |
84 |
82 |
| PTA Inventory |
PTA plant |
0-4 days |
Polyester plant |
10-25 days |
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| Market Roundup |
PTA market opened in a bullish note with prices up and then gradually stabilized. The transaction was still in deadlock.
Nov economic data was released last weekend and the central bank raised reserve ratio, not the interest rate, which was better than the market expectation. In early week, both stock and commodity futures market rebounded. The spot market also revived. In China domestic market, the prices soon increased to 9400-9450yuan/mt. In import market, most suppliers were reluctant to offer with few at $1180-1200/mt. The prevailing traded prices were pegged at $1175-1180/mt. The deals concluded higher were among traders. Korea goods were quoted at $1170/mt and traded at $1160/mt.
PTA market fluctuated at high in latter half of the week. The polyester producers showed little interest in chasing up due to sluggish sales, but the market prices were still maintained supported by the buying activities of traders. Taiwan origin goods were transacted at $1175-1180/mt and Korea goods were at $1160-1165/mt with some bonded goods at $1170/mt. |
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| Forecast |
| PTA market will still be in dilemma in the short term. On the one hand, some traders began to prepare for next year in anticipation of tight supply; on the other hand, the downstream producers remained cautious as the macroeconomic policy is still not clear and the sales of polyester products were dull recently. |
source:CCFGroup.com
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