Even after the Chinese Holidays ended, demand for PTA did not pickup rapidly, as expected.
Hence, the buyers too could not raise their target bids.
Sources said that sellers managed to keep their target offers firm.
However, considering the sharp drop in the crude oil prices, PTA traders may be forced to lower their target offers.
Currently, PTA prices are pegged between the range US $850-860 per metric ton CFR.
Buyer bids are expected to fall to about $840 per metric ton CFR level, which will not be accepted by sellers because of the growing PET demand and strong February PX prices.
February contract prices for PX are as high as $990 per metric ton CFR.
marketing@alchempro.com
