Polyester markets faced downward pressure in June

YarnsandFibers News Bureau 2018-07-10 18:15:00 – Mumbai

Ethylene prices in Asian markets inched up in June on expectations of increase in Chinese demand in the coming period. In Europe, spot ethylene prices rose sharply this month on cracker issues as maintenance was been conducted on the western portion of the ARG ethylene pipeline. In US, spot ethylene prices fell amid the recent restart of crackers after turnarounds and the start-ups of new capacity. Prices rose 4.2% from May in Asia while European spot inched up 1.9% on the month. US spot prices slipped 1.5% during the month.

Paraxylene (PX) prices in Asia edged down on dampened market sentiment in June as buyers retreated to the sidelines amid weakening prices in the downstream. In US, spot paraxylene prices fell amid expectations of improved domestic supply levels. In Europe, paraxylene spot prices slipped taking cues from Asian markets. Asian marker, the CFR China was down 2.9% from previous month while European paraxylene dipped 0.7% on the month. In US, spot paraxylene also fell 4.1% during the month.

Mono ethylene glycol (MEG) prices in Asian markets tumbled down in June following sharp losses in China amid lingering concerns about the trade spat between US and China despite lower inventory. In US, MEG markets are facing downward pressure for July as plant maintenances are almost completed. In Europe, mono ethylene glycol prices were range-bound on persistent tightness in supply. MEG FOB SE Asia prices edged down 4.6% in June while European spot fell 0.7% on the month. US spot was stable during the month.

Purified terephthalic acid (PTA) prices in Asia firmed up in June amid healthy downstream demand and slightly low supply. In Europe, PTA contract prices were hiked this month as supply was blighted by production problems during the month. PTA CFR China prices rose 1.2% from May while European price was up 5.5% on the month.

Polyester chip (PET chip) prices in Asia slipped due to weak MEG prices amid dull trading atmosphere during the month. Offers for semi dull chips were down 4.1% and super bright chip dipped 4.7% on the month.

Polyester staple fibre (PSF) prices in June were down in China on insipid buying interest and as a result producers had to cut their offers to attract demand during the month. In Pakistan, PSF prices were revised up during the month. In India, PSF offers remained stable this month. In China, 1.4D PSF prices fell US cents 3 as compared to May. In India, 1.2D PSF prices were up US cents 2 a kg from last month.

Polyester filament yarn (PFY) prices in China were range-bound in June despite falling PSF prices and rigid downstream needs. Convertors could increase their procurement eventually if they operate at high rates in future. Prices in India were largely stable during the month. In China, POY 75/72 prices were down US cents 2 a kg in Shengze while Indian POY 130/34 prices climbed US cents 2 a kg. POY 75/72 prices in China jumped US cents 3 a kg at US$1.56-1.57 a kg in Shengze while Indian POY 130/34 prices rose US cents 5 a kg during the month.

100% Polyester spun yarn prices in June fell in China facing downward pressure from insipid polyester staple fibre market. In India, spun polyester yarn prices were kept firm on the back of decent demand during the month. In Pakistan, spun polyester yarn prices were held steady this month after reaching a record high in the past month. In Shengze, offers for 32s polyester yarn were down US cents 10 a kg from May. In India, 30 polyester knit yarns were unchanged in Ludhiana market.

Courtesy: Weekly PriceWatch Report

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