East China Market PTA Prices Decline

As of the cutoff, PTA prices in the East China market have declined further, with talks around 6,670. For this week and next week, deliveries at main ports are quoted at a 05 discount of 45–60, and warehouse receipt discounts are around 40. Trades are concluded at around a 60 discount on the offers. For late April main-port deliveries, the delivery quote is a 05 discount of 40, and the offered prices are around a 50 discount. The U.S. president is willing to end the Iran war while the Strait of Hormuz remains closed; it is expected that geopolitical disputes will ease, and then the industry supply-and-demand imbalances will become clearly more prominent. In the morning, absolute prices slid lower again; the spot basis is broadly stable. Buyer interest remains sporadic and cautious, and negotiations remain subdued. (Unit: yuan/ton) (Longzhong Information)