MUMBAI (Commoditiescontrol) – Polyester raw material, mono ethylene glycol and purified terephthalic acid prices firmed up in the week of 16 December in Asian markets. MEG prices moved up rapidly opening the week only to softened somewhat later in the week. In China, OPEC’s agreement on oil production cut influenced MEG futures on Monday and spot values were pulled up. Later, the price dwindled, and sentiment weakened by mid-week. With US FED raising interest rate, MEG values moved up gradually. Asian markers surged US$84 or 11 per cent week on week, with CFR China at US$843-848 a ton while CFR South East Asia at US$845-850a ton. In China, mainstream offers for nearby-month goods were at US$840-845 a ton.
In US, initial MEG contracts prices were up on strong export demand due to higher Asian prices opening the week. European December MEG contract and settlement stayed unconfirmed as producers contested rollover. Spot MEG in US gained US cent 1 (US$22 a ton) on the week, assessed at US cents 31.50-32.50 per pound. European MEG prices were up Euro10 at Euro660 a ton FCA NWE.
PTA markets were under strong fluctuation from last weekend till early in the week of 16 December. PTA values picked up marginally and were basically quiet later. Spot prices gained US$13 on the week to US$630-632 a ton CFR China while CFR Southeast Asia marker was assessed at US$637-639 a ton. In China, offers for nearby-month goods surged from US$620-625 a ton to US$630-650 a ton and then remained range bound.
In Europe, December net contract price of PTA was assessed up Euro10 at Euro640 a ton, reflecting a higher settlement of the paraxylene December ECP. In US, PTA December prices rose to a 15-month high of US cents 42.84 per pound (US$922.40 a ton), up US cents 1.01 on the week.
(By Commoditiescontrol Bureau; +91-22-40015522)
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