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Rising crude sees upward spiralling polyester prices

Polyester (PTA) markets moved up further in Asia during first half of January, as crude oil price continued to surge under the influence geo-political situation in Iran while paraxylene markets also rose on the back of growing demand. Asian PTA markers gained $29 with CFR China at $730-732 per metric tonne while in India, prices rose by $10 to $750 per metric tonne CIF. Mono ethylene glycol (MEG) prices had also risen to touch the $1,000 per metric tonne.

Polyester fibre grade (PET) chip prices moved up rapidly on support of rising cost of PTA and MEG in the first fortnight of January. Polyester staple fibre (PSF) prices marginally rose in China as crude oil and PTA-MEG cost began spiralling higher after the New Year Day holiday. Downstream mills and traders made larger procurement, leading to brisk transaction. The hike in fibre price is also backed by strong local currency. In India, producers’ price remained unchanged temporarily as raw material cost saw fresh rise this week.

Polyester filament yarn (PFY) prices were lifted in China following upward fluctuations in crude oil and PTA futures. Overall trading atmosphere was calm somewhat, as downstream mills were less active following the previous procurement. Trading atmosphere weakened, as downstream mills had covered their short positions. Acrylonitrile (ACN) markets warmed up a bit in Asia seeing supply a little tighter amid good demand from downstream. In India, ACN prices remained unchanged at $1,800-1,850 per metric ton CFR.

Acrylic staple fibre markets (ASF) prices being adjusted down at the upper end in China while benchmark offers of Taiwan origin ASF were lowered after 6 weeks of stability. In China, ASF producers sustained stable supply in fear of feedstock changes, as the ACN market warmed up this week. Demand remained healthy, as yarn makers stepped up buying at lower price levels.