Weekly Report: PTA (Apr.16- Apr.20)
Author: Apr 23, 2012 10:31
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This Week, PTA market showed rising tendency mainly due to the better international economic situation. In the downstream market, the production-marketing of the polyester manufacturers increased under the periodical cover recently. Decreased inventories of some manufacturers inspired the market confidence. As for the spot market, the discussions in the domestic market increased to 8750 Yuan/ton. The market price also had a 10-dollar increase in the overseas markets; among which, Taiwan cargo grew to 1170 dollars and Korean cargo to 1165 dollars.
As for the futures market, ended by this Friday, contract 1209 of PTA futures in Zhengzhou Commodity of Exchange closed at 8684 Yuan/ton, which increased 134 Yuan/ton compared to the close price this Monday.
Resulted from the bad performance of American economic data and the drop of gasoline futures, the international oil price also slightly decreased. Ended by this Thursday, NY May futures closed at 102.27 dollars/bbl, which dropped 0.56 dollars within a week. Brent June futures closed at 118 dollars/bbl this Thursday. The PX market showed unstable situation. Within one week, Asian PX price accumulatively increasaed 8 dollars to 1537 dollars/ton FOB Korean, while European PX price slightly dropped 10 dollars to 1495 dollars/ton FOB Rotterdam.
Brought by the rigid demand in the downstream market, the production-marketing increased among the polyester manufacturers and some of the manufacturers even reported decrement of the inventories. However, the marketers are still cautious about the aftermarket as the demand in the terminal market has not turned better fundamentally. Therefore, the production-marketing is likely to turn weak and the polyester products are going to be stable if the run of cover finished. This week, the polyester bottle chips market kept stable. The leading discussions of the bottle chips were around 10900 Yuan/ton in East China and the higher quotation reached 11000 Yuan/ton. Semi-dull polyester chips slightly increased 200 Yuan/ton to 10400 Yuan/ton within this week.
At present, the growing PX market still gave strong support for PTA cost. Although the production-marketing of the polyester manufacturers increased, the manufacturers still focused on shipment and were not willing to increase the prices. Now the operating rate of PTA plants had dropped to 80% and the PTA market would be stable in a short term.
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Editor: emma From: 168Tex.com
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