Sluggish trading activity in domestic Chinese PTA market puts downward pressure on spot offer prices this week.
Several traders kept their RMB offers for PTA in the range of RMB 7800 to 7850 per metric ton.
The offers diminished downstream buyer's interest making them step back and watch market developments.
Bulk PET producers showed no interest in spot PTA markets.
They went in for feedstock PTA and MEG through contracts as they believed market developments to remain negative in future.
As far as industry was concerned, Sinopec Yangtse Petrochemical Co., Ltd. and BP Zhuhai Chemical Co., Ltd. (BPZ) quoted March PTA deliveries at RMB 8350 per metric ton.
Xianglu Petrochemical Company Ltd offered its March PTA delivery at RMB 8300 per metric ton.
marketing@alchempro.com
