PET fiber chip spot prices fluctuated up this week amid high cost. Semi-dull chips prices climbed up by 150yuan/mt to 9500yuan/mt by cash while bright chip prices edged up by 150yuan/mt to 9600yuan/mt by cash. In the first half week, PTA futures kept shivering narrowly and PFY sales ratios were sluggish. Although fiber chip plants cut productions further, downstream buyers remained sidelines. The transactions were thin. In the second half week, fiber chip trading sentiment warmed up somewhat pushed by increasing feedstock and upward PTA futures. Offers from major fiber chip plants were revised up by 100-150yuan/mt. But as downstream plants have built up some inventory in earlier stage, the warming of trading sentiment was limited. On Friday, fiber chip spot prices continued to move up, but downstream buyers have been inactive on chasing the high.
Market Update