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Polyester Chain: PFY softens while PSF gains [ 23 Aug, 2010]
Polyester upstream ethylene prices gained in Asian and USA markets pushed by rising feedstock naphtha values and tight market supply. Demand from downstream derivative markets was also buoyant, particularly from polyethylene markets. However, demand in Japan was seen dropping. Similarly, Asian paraxylene prices regained the previous week’s loss while European markets saw prices weakening following an uptrend last week. Based on ethylene strengthen and a low previous week’s base, Asian MEG market picked and prices regained their previous week’s losses. The inching up of paraxylene prices in a narrow band provided limited cost support to PTA markets in Asia. Prices gained marginally.
The Asian polyester chips markets however, were in stalemate as demand from China declined and cost support from upstream was limited. Mixed trends were seen in Asian polyester markets with prices of filament yarn going down and PSF becoming dearer. PFY prices weakened in China while the Karachi market of Pakistan reported strengthening of DTY numbers. Malaysia/Indonesia and Indian prices rolled over previous week’s numbers. Asian polyester staple fibre market sentiment was steady and prices moved up in China while they rolled in Taiwan/Korea, India and Pakistan.
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Source: YnFx.com
Saudi Kayan begins trial run of MEG unit, cargo not on-spec yet [ 12 Aug, 2010]
Saudi Arabia's Saudi Kayan Petrochemical Company has started its 537,000 mt/year ethylene glycol line at its new complex at Jubail Industrial City but has not yet achieved on-spec material, a source close to the company said Thursday.
"The MEG line is not running at 100% yet and is undergoing test runs,"
said the source. The source was unable to provide a timeline of when the first
MEG cargoes would be delivered.
The company started its MEG line and 350,000 mt/year polypropylene line
on August 4, according to a press release on its website.
The Saudi Arabian industrial group Sabic holds a 35% stake in Al Kayan
while the privately-owned Al Kayan Petrochemical Company owns 20%. The
remaining 45% is held by Saudi shareholders following an initial public
offering in 2007.
The complex in Jubail centers around a steam cracker with a nameplate
capacity of 1.35 million mt/year of ethylene, capable of producing a maximum
1.48 million mt/year ethylene. The olefins plant started trial operations
July 25.
Source: Platts
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