Polyester markets close 2018 on a weak note

YarnsandFibers News Bureau 2019-01-02 12:00:00 – Mumbai

Polyester staple fibre (PSF) prices in December 2018 edged down in China and amid inactive buyers during year-end. In January 2019, producers may schedule turnarounds during the Spring Festival and thus may reduce supply in the market. Prices in India were down US cents 19 this month. In Pakistan, PSF offers were raised and hovered at high levels during the month.

Polyester filament yarn prices in December softened in China amid low PSF cost, ample supply, and low demand during the month. In India, PFY producers weakened in line with PSF cost this month. In Pakistan, PSF offers edged down this month. In China, POY 75/72 prices fell US cents 3 a kg while Indian POY 130/34 prices were down US cents 19 a kg. In Pakistan, 300/96 DTY prices fell US cents 5 a kg on the month.

Polyester intermediate, mono ethylene glycol (MEG) prices in Asian markets plunged in December amid dull trading activity which led to increased supply during the month. In US, MEG prices saw moderate decreases for the second month in a row amid bearish demand and supply fundamentals. In Europe, December contract prices settled down on the month. MEG FOB SE Asia prices were down 3.9% in December while European spot fell 10.8% on the month. US spot was down 15.1% for the month.

Polyester intermediate, purified terephthalic acid (PTA) markets edged down this month amid quiet market sentiment due to New Year holidays and thus, market players were mostly out of the market with no intention to operate later during the month. PTA CFR China prices fell 5.3% from November while European price down 7.8% on the month.

Polyester chip prices in Asia moved up a bit during the month. Offers for semi-dull chips jumped 0.6% while super bright chip inched up 0.7% a ton.

Ethylene prices in Asian markets dipped in December amid low energy prices and quiet market sentiment. In US, spot ethylene prices slipped this month in tandem with soft crude oil values. In Europe, spot ethylene declined taking cues from global markets during the month while Rhine water levels may continue to harm chemical logistics in January. Ethylene CFR SE Asia prices fell 11.3% from November while European spot was down 10.2%. US spot prices edged down 3.1% on the month.

Paraxylene prices in Asia fell sharply in December amid muted demand and expectations of improving supply sentiment in 2019. Prices were also pressured down by a year-and-a-half low crude oil value. In Europe, spot prices plunged amid improved supply during the month. In US, spot paraxylene prices tumbled down as markets were affected with a seasonal downturn. Asian marker, the CFR China was down 5.3% from the previous month while European paraxylene declined 5.5% a ton FOB Rotterdam. In US, spot paraxylene fell 13% on the month.

Courtesy: Weekly PriceWatch Report

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