MUMBAI (Commoditiescontrol) – In week ended 25 November, Asian ethylene price movement continued to remain diverse with NE Asia rising higher on healthy Chinese demand and falling in SE Asia. The NE CFR marker jumped US$40 on the week to US$1,040 a ton while Southeast CFR marker fell US$20 to US$900 a ton. Paraxylene markets were largely aided by mid-week rise in crude and mixed nominations for Asian contract price. Spot prices gained US$7.50 week-on-week to US$802 a ton CFR Taiwan/China and FOB Korea to US$72 a ton. S-Oil nominated December contract at US$840 a ton, US$20 lower than November while nominations of Idemitsu Kosan at US$870 a ton, SK Global Chemical at US$860 a ton and JX Nippon Oil at US$870 a ton were flat on the month.
Polyester raw material, MEG prices rose opening the week on short covering by traders while January MEG futures remained volatile. In China, MEG market moved up initially, and then moved down as market sentiment turned lackluster and on rumors that polyester producers postponed the listing of MEG futures. PTA markets were mixed amid higher upstream prices and sluggish demand. In India, polyester demand was hit by government's demonetization policy, sparking drop in retail sales, impacting converters and traders who supply them. Asian MEG marker rose US$7 on the week, with CFR China at US$732 a ton while CFR South East Asia marker closed the week at US$735 a ton. In China, negotiations rose from US$735 a ton early in the week and retreated to US$725 a ton later. Meanwhile, PTA prices inched up US$3 to US$604 CFR China and CFR Southeast Asia to US$616 a ton. The CFR India marker was at US$600 a ton.
PFY prices jumped in China on support of rising raw material costs though overall sales were inactive. Lately, spinning mills preferred to stay on sidelines, as prices were still inching up on short supply. In India, POY offers were largely unchanged, seeing buyers maintain a need-to basis purchase amid the fluctuations of crude oil and falling PTA. In Pakistan, DTY offers remained unchanged seeing downstream operate at stable or lower rates.
PSF markets were range bound as crude oil values fluctuated in a narrow range, while PTA and MEG prices picked up from last week. In China, prices of downstream products followed up slowly, and buyers cautious at high prices. In Pakistan, polyester was favoured by market and PSF prices remained firm, supported by rebound of crude oil prices and a rise in sales. In India, PSF prices rolled over as cotton markets gained strength amid poor cotton arrivals.
Spun polyester yarn prices were stable in China though there were limited enquiries and sales. Moreover, the environmental protection issue in Hebei had certain influence on texturing, printing and dyeing plants, which was unfavorable for downward buying of spun yarns. In Pakistan, polyester yarn prices rolled over since PSF prices remained firm, supported by rebound in crude oil prices. In India, polyester yarn prices remained stable on firm PSF numbers. However, sharp increase in US$ and consecutive fall in INR pegged yarn prices lower.
In Shengze, offers for 32s polyester yarn were at US$1.71-1.75 a kg and 45s at US$1.84 a kg. They were down US cents 1-2 on the week, due to weak Yuan. In Pakistan, 30s spun polyester prices rolled over at US$2.31 a kg while 60s were at US$2.76 a kg. In India, polyester yarn 30 knit yarn prices fell Re1 to Rs130 a kg (US$1.91 a kg, down US cents 2) in Indore while they were flat at INR131 a kg (US$1.97 a kg) in Ludhiana market.
(By Commoditiescontrol Bureau; +91-22-40015522)
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