Asian ethylene markets were on the bullish note in the week ended 23 May as spot supplies tightened amid a lack of regional supply, supporting prices to rise. The markers rose US$12 a ton CFR Northeast Asia while South Korea marker was up US$5 a ton. Meanwhile European spot ethylene market tracked increase in naphtha values and ended at a six-week high, up Euro12.50 a ton FD NWE on the week. In US, spot ethylene prices recovered US cent 0.75 per pound despite thin trade while the market discussed producers preparing for third-quarter turn around.
Paraxylene prices surged in Asia on the back of firm prompt demand and slightly tightening supplies. Even European paraxylene spot market rallied in a long-awaited rebound while in US paraxylene spot climbed tracking the Asian surge. Asian paraxylene markers surged US$57.50 a ton FOB Korea and CFR Taiwan/China. European paraxylene spot market rallied US$30 a ton FOB ARA.
These rise in feedstock provided ample support to polyester intermediates, PTA and MEG. Asian MEG prices inched up also on rising Asian PTA futures. PTA prices surged in Asian markets on firmer futures on the Zhengzhou Commodity Exchange and jump in feedstock paraxylene prices. Buoyed by both production limit and the settlement of contract prices, PTA futures and spots both saw an increase. In US, PTA price was discussed lower based on the fall in US paraxylene prices. Asian MEG prices inched up US$4 a ton CFR China CFR Southeast Asia while PTA jumped US$29 a ton CFR China and FOB Korea/Taiwan.
Polyester filament yarn markets saw improved production and sales performance. PFY producers in China raised offers slightly to pass on rise in PTA and MEG prices. However, downstream textile industry was cautious due to unfavorable market conditions and weak demand. In China, POY 75/72 was traded at US$1.50-1.51 a kg in Shengze market, up US cents 2 while 75/36 was at US$1.51-1.53 a kg, also up US cents 2 from last week. In India, POY prices were stable amid modest trading with POY 130/34 prices at INR 111.24 a kg or US$1.90 a kg. The polyester staple fiber market sentiment also improved while prices were supported by raw material cost but downstream spinning market was still weak. PSF prices in India and Pakistan rolled over. PSF 1.4D direct-melt-spun PSF prices were at US$1.40-1.42 a kg in Jiangsu and Zhejiang. Indian PSF prices were steady at US$1.70 per kg. In Pakistan, PSF prices in Karachi were steady at US$1.54-1.59 a kg.
Courtesy : Weekly PriceWatch Report and Daily Textile Prices
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