Weekly Report: PTA (Mar.12- Mar.16)
Author: Mar 19, 2012 16:25
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PTA price continued to drop this week as its raw material, PX also followed the declining tendency. Moreover, the demand in both upstream and downstream markets was still weak, which was the most important factor that limited the PTA prices. Judged from the spot prices, the discussions on market decreased to 8700 Yuan/ton this week, lost 300 Yuan/ton within a week. The discussions of Taiwan goods dropped 30 dollars to 1165 dollars, down 2.51%. Discussions of Korean goods decreased to 1155 dollars, down 2.94%.
As for the futures, PTA futures also slumped this week. Ended by this Friday, Contract 1205 of PTA futures closed at 8758 Yuan/ton, which was 288 Yuan/ton less than the close price on Monday, down 3.18%.
Influenced by the news that U.S. and Britain might use strategic oil reserve, international oil prices fluctuated and dropped. Ended by Thursday, April Futures of New York oil decreased 2.29 dollars to 105.11 dollars accumulatively. April futures of Brent oil decreased 2.43 dollars/bbl to 123.55 dollars/bbl. The violence of oil price also led PX lack of supportive effect for PTA and showed dramatic decreasing tendency. The market price in Asian PX market dropped 58 dollars/ton to 1585 dollars on Thursday; PX price in European market dropped 50 dollars to 1511 dollars on Thursday.
The textile market was still as usual. The inventory of polyester manufacturers was still in large quantities and some of them even began to limit productions. However, to limit the production had little effect on improving the market as the orders in the terminal market had not yet returned to a historically normal level. This week, the polyester yarn market continued to be very mild in Jiangsu and Zhejiang, China. In this week, the decreasing range of polyester bottle chips prices was around 300 Yuan/ton. The quotations of polyester semi-dull chips also dropped 300-400 Yuan/ton.
PTA price was difficult to have upward movement as PX price continued to decrease and the downstream demand was still weak.
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Editor: emma From: 168Tex.com
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