Asian paraxylene prices underwent upward correction this week while European numbers regained its past week’s losses. The rise in naphtha and crude oil prices at the end of the week raised sentiments of paraxylene markets. Supplies in Asia are slated to increase as Urumqi Petrochemical\'s paraxylene plant construction was completed in July and is now under trial run. It is expected to come into commercial production in October.

Japan - JX shuts naphtha desulphuriser, paraxylene unit [ 30 Aug, 2010]

JX Nippon Oil and Energy Corp, Japan's top refiner and a unit of JX Holdings Inc, said on Monday it shut a 39,000 barrel per day naphtha hydro desulphuriser and 200,000 tonne per year No.2 paraxylene making unit at its Chita plant after a boiler fire on Sunday.

A company spokesman said it expects to restart both units this week.

Source: Reuters

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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