Asian benzene was dearer in the last week, ended on 1st April 2016, amid stable crude while demand in US is yet to rebound. Asian benzene markers were up US$9-13 a ton on the week and rose 15.1 per cent on the month. In Europe, spot price was down on weak demand while monthly contract price was fully settled. In US, spot was pressured by excess supply while April contracts rose amid closed arbitrages to US. April settlement marked the third consecutive split settlement, in line with market expectations. In Latin America, spot benzene dipped, tracking USG pricing.
Caprolactum prices in Asia inched up on decent downstream demand, tight supply and stable feedstock benzene cost. In China, offers for liquid and solid caprolactum in spot market edged up. Mainstream values for East European goods went north. Sinopec and Fibrant (formerly DSM Nanjing) nominated April contract prices up on the month as spot was seen rising over the past month.
The bullish sentiment in the nylon chip market was extended on the week with an uptick in caprolactum prices and capped benzene upside. The high run rate at chip makers led to ample supply and slow liquidity, and with increased cost pressure and thin margins, chip suppliers kept running units at high level. Demand improved as downstream converters ramped up production, leading to increased consumption of nylon chips.
The past inventory built-up by NFY makers in Asia have restrained prices to go up in spite of firming caprolactum and nylon chips cost. Nylon yarn makers had ramped up operating rate with expectation that fundamentals will become favorable. With rigid demand for staple fiber, fishingâ€net yarn, monofilament and cord fabric, the outlook was still upbeat. In China, semi-dull FDY70D/24F prices increased US cents 4-7 a kg on the week while FDY40D rose US cents 3-7 a kg. Nylon DTY 70D/24F prices were also up US cents 5 a kg.
Courtesy: Weekly PriceWatch Report
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