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PTA Market Weekly (Nov 29-Dec 3 2010) |
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2010-12-6
| Price |
| Spot |
|
29-Nov |
3-Dec |
Weekly Average |
Trend |
| PX |
FOB Korea |
1266.5 |
1263 |
1263.8 |
→ |
| CFR China/Taiwan |
1281.5 |
1278 |
1278.8 |
| PTA |
China domestic market (Yuan/mt cash, ex-ship) |
9200 |
9220 |
9128 |
↘ |
| Tawan origin ($/mt CIF China L/C 90 days) |
1145 |
1162 |
1148.4 |
↘ |
| Korea origin ($/mt CIF China L/C 90 days) |
1132 |
1143 |
1134.6 |
↘ |
| 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 |
N/A |
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 |
26-Nov |
3-Dec |
| PTA plant |
90.5 |
97 |
99 |
| Polyester plant |
84.7 |
84 |
84 |
| PTA Inventory |
PTA plant |
0-4 days |
Polyester plant |
10-25 days |
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| Market Roundup |
PTA market kept fluctuating this week. The transactions were mainly concluded among the traders, while polyester producers were inactive due to low sales ratio. PTA market trend was largely affected by macroeconomic factors.
PTA market was in stagnation on Monday. The transactions were sporadic amidst dull trading sentiment. Taiwan origin goods were traded at $1145/mt and one deal was done at this level; Korea goods were traded at $1130-1135/mt and one deal was concluded at $1130/mt.
PTA futures and stock market both tumbled in Tuesday morning; the spot prices once fell to weekly low. The deals might be settled at 9000yuan/mt. Taiwan origin goods were traded at $1120-1130/mt and Korea goods were traded at $1110-1120/mt. But with the stock market rebounding, the sentiment stabilized in the afternoon. One deal of Taiwan origin goods was concluded at $1130/mt. One deal of bonded Korea goods was done at $1125/mt.PTA spot market sentiment improved on Wednesday, especially after PTA futures market rebounded. The buying interest from traders emerged and the prices in import market increased. Taiwan origin goods were quoted at $1140-1150/mt and Korea origin goods were traded at $1130/mt.
Crude oil and commodity futures market surged on good economic data and the speculative sentiment enhanced on Thursday and Friday. The traders were unwilling to sell. A few Taiwan origin goods were offered at $1170-1180/mt, while in China domestic market, the offers once increased to 9300-9350yuan/mt. More offers appeared in Thursday afternoon. Several deals of Taiwan origin goods were concluded at $1160-1165/mt. Korea goods were discussed at $1140-1145/mt. Polyester producers showed little interest in replenishing stock this week. |
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| Forecast |
| The buying enthusiasm weakened after the spot prices rebounded as polyester products sales remained weak. Although PTA futures market rebounded, no new funds entered the market. The direction remained unclear in the short term. Meanwhile, the sales ratio of DTY recovered to 100% after the price fell in midweek, but the POY's sales ratio was still dull. If the overall sales continue to increase next week is still uncertain, but the market confidence may not recover in the short term. The operating rate of weaving looms and twisting machines has been lowered due to great fluctuation of feedstock prices and expectation on lull season. |
source:CCFGroup.com
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