China PET Fiber Chip Market Daily (Mar 17, 2011)

PET fiber chip market stayed flat on Thursday, transactions were still plain although PTA improved in the afternoon. SD chips were offered at 13800-14000yuan/mt 90 days payment. Talked level was around 13800yuan/mt 90 days payment or 13550yuan/mt by cash, ex-works. Some small and mediume volume deals were done at 13700yuan/mt 90 days payment, sold to buyers from Jiangsu.

Bright chip market was weak with talked level at 13300-13600yuan/mt by cash or acceptance. Trades were dull. A small-medium deal was concluded at 13350yuan/mt by cash. CDP chip maintained at 14500-14700yuan/mt 180 days payment, delivered.

Feedstock improved a little but downstream markets were still moderate; besides, financial markets were volatile and market confidence was low. Thus PET fiber chip market may keep consolidating in the short term.

$1=CNY6.57