The article discusses the recent movements in the PX and PTA markets, along with broader economic and market conditions. With major global exchanges like the New York Mercantile Exchange, the London Metal Exchange, and the Asian PX market closed for Christmas, attention has shifted to U.S. political developments. The ongoing negotiations between Congress and the White House over the fiscal cliff remain unresolved, with a critical deadline set for December 27th. If no agreement is reached, the automatic spending cuts—known as the "sequester"—will kick in, creating uncertainty in the market.
Meanwhile, the spot price of PTA has been gradually rising, driven by active trading and reduced inventory levels among manufacturers. This upward trend is supported by strong demand from the textile sector, particularly in the third quarter, where chemical fiber and cotton spinning saw significant growth. However, some segments, like silk spinning, showed slower progress.
On the upstream side, pricing for PX has also increased. South Korea's S-Oil announced its January 2013 PX contract price at $1,670/CFR, a sharp rise from the $80/ton advocacy price in December 2012. Similarly, Japan’s Jinkun Nitrate (Nishishi Energy) set its price at $1,650/ton, up from $60/ton the previous month.
Looking at downstream demand, polyester filament prices in East China have seen partial increases. Current offers for POY150D/48F stand at 11,125 yuan/ton, FDY150D/96F at 11,650 yuan/ton, and DTY150D/48F at 12,650 yuan/ton. Production and sales in Jiangsu and Zhejiang have rebounded significantly, with POY showing gains of 150%–200%. Slicing prices are currently quoted between 10,600–10,750 yuan/ton for half-light chips, while light chips are around 10,550–10,700 yuan/ton. Demand remains steady, but overall market activity is still light.
In North China, the PTA market was quiet on December 19th, with offers hovering around 8,600–8,650 yuan/ton and bids from downstream manufacturers at approximately 8,550 yuan/ton. Actual transactions were around 8,600 yuan/ton. In East China, domestic trade remained sluggish, with offers around 8,600 yuan/ton and bids at 8,500 yuan/ton, leading to final deals near 8,550 yuan/ton. Import spot prices rose slightly, with prices near Taiwan at around 1,170 USD/ton, and actual deals settling between 1,160–1,165 USD/ton. South Korean suppliers offered around 1,160 USD/ton, with buyers negotiating around 1,150–1,155 USD/ton.
On the futures market, the Zhengzhou PTA1305 contract opened at 8,398 yuan/ton and closed at 8,460 yuan/ton, marking an increase of 110 yuan/ton or 1.32%. Trading volume reached 1.27 million contracts, with open interest rising by 56,468 contracts to 585.08 million. Despite overall bullish sentiment, traders remain cautious, with positions not exceeding 60% of total capacity. The recent breakthrough above the 8,400 yuan/ton level suggests continued support from cost factors, and the market may hold higher levels if fundamentals continue to strengthen.
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