MUMBAI (Commoditiescontrol) – Polyester intermediate, MEG and PTA prices were up in the week of 25 November providing cost support to polyester filament and staple fibre producers.
MEG prices in Asian markets gained opening the week on short covering by traders while January MEG futures remained volatile in China. Asian markers rose US$7 on the week, with CFR China at US$732-737 a ton while CFR South East Asia up at US$735-740 a ton. In China, MEG market moved up initially, and then sobered as sentiment turned lackluster on rumors that polyester producers postponed the listing of MEG futures. In Europe, MEG prices were buoyed by the increase in Asia and subsequent arbitrage to Asia. The MEG FCA NWE was pegged at Euro640 a ton as against Euro620 last week. In US, MEG prices rose to seven-month high of assessed at US cents 30.50-31.50 per pound as firmer China applied upward pressure. US producers also sought increase in December price.
In China, PTA market moved up in a notable range as futures market picked up with an increase on the position. Prices inched up US$3 week on week to US$604-607 CFR China while CFR Southeast Asia marker was assessed at US$616-618 a ton. In Europe, November contract price held steady at Euro630 a ton, with fundamentals largely stable as normal deliveries resumed from PKN Orlen earlier in the month. In US, November PTA price remained unsettled although spot paraxylene declined week on week.
Polyester chip markets were on a strong range‐bound note, although offers were down previous weekend. Early in the week, mainstream offers for semi dull chips were raised and trading followed up with buyers covering short positions. As PTA futures jumped, offers and prices started picking up amid decent replenishing demand. Super bright chip market fluctuated in a narrow range and despite firm intermediate, trading prices were still insipid. CDP chip market was stable this week amid limited enquiries and lusterless trading. Semi dull chip markets will be strong compared with super bright in coming week.
Semi dull chip offers gained IS$10 on the week to US$970-980 a ton, while super bright chip offers inched up to US$960-970 a ton. CDP chip prices were flat at US$1,085-1,090 a ton. Asian marker for semi-dull continuous spinning fibre grade chip, the FOB Taiwan/Korea was stable at US$1,110-1,160 a ton.
(By Commoditiescontrol Bureau; +91-22-40015522)
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