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PriceWatch Report - 12 May 2013
Polyester Staple Fiber Price Trends
With PTA and MEG prices ticking up a bit, prices of polyester staple fibre gained and then remained range bound in the week. On the back of rising oil prices after the May Day holiday, PET chain saw demand picking up, and PSF producers raised their offers opening the week, amid higher buying interest and favorable fundamentals.
Polyester Filament Yarn Price Trends
Activity in the Asian polyester filament yarn markets remain at low ebb, as downstream buyers largely replenished on need basis. In Shengze, PFY makers held offers flat mainly while in Changyi, Shandong, prices for PFY were maintained generally, with some offers fluctuating in small ranges, exerting little influence to the whole market.
Purified Terephthalic Acid Price Trends
Asian purified terephthalic acid prices rose this week, lifted by strong demand and a rebound in the downstream polyester market. However, the rise was cushioned by the rising tensions in a tug of war over PX-PTA prices due to the absence of a major contract price settlement for May paraxylene.
Paraxylene Price Trends
Paraxylene prices in Asian markets rose week on week, lifted by end-week short covering for June. In Europe, NWE spot prices were assessed firmer on Asian and US sentiment. Trade was described as thin as the focus of European market participants this week was focused on contract price.
Polyester Chips - Fiber Grade Price Trends
Asian polyester chip markets were generally on a stable run this week and stepping into May witnessed a significant improvement in transaction, buoyed by external sentiment as interest-rate cut was successively announced in Europe, Australia and South Korea. Beginning of the week saw decent transaction atmosphere but overall sentiment began to fade as the week progressed.
Monoethylene Glycol Price Trends
Mono ethylene glycol prices in Asian markets increased week on week, tracking rising futures for fellow fiber intermediate purified terephthalic acid. However, the market saw lukewarm corrections this weekend. In Europe, MEG truck and barge spot prices remained unchanged week on week, reflecting ongoing business concluded at that level.
Ethylene Price Trends
Ethylene prices were up in Asian and US markets this week, but declined sharply in Europe. Asian ethylene prices were firm on the back of stronger upstream prices while the US spot ethylene recovered most of the ground lost in the late April.
100% Cotton Yarn
Cotton yarn prices did not yet fully follow the recent decline of cotton fiber prices, offering larger margins to spinners, especially in India and Pakistan. In contrast, cotton prices in China remained at very high level on the domestic market while import prices were falling, offering good margins to spinners.
100% Polyester Yarn
Spun polyester prices fell less strongly this week, while the markets remained range bound with prices inching up in early week in China. Seeing better margins, yarn makers picked up their confidence, and may continue to purchase on rigid demand next week, if bullish factors are absent then.
100% Viscose Yarn
Spun rayon yarn market saw slow liquidity this week and the downtrend in prices. Trading volume for spun rayon yarn was normal, and prices weakened. VSF prices inched down. In China, prices for scattered medium-end were at around 13.30 Yuan a kg (US$2.14 a kg), with high-end goods were traded at 13.40-13.60 Yuan a kg (US$2.16-2.19 a kg).
Polyester/Cotton Yarn
Polyester-cotton yarn prices remained unchanged in China while prices for a few specs of polyester-viscose yarn also slipped. In Pakistan, blended yarn pries were under pressure, as suppliers were interested to sell large quantities and yarn processors are slow in lifting already settled contracts.
Naphtha
Price Trends
Asian naphtha cracks continued to rise this week, with the CFR Japan H1 July crack against July ICE Brent assessed at US$91.35 a ton - the highest since 1 April 1. The US Gulf Coast heavy naphtha cargo market was assessed 14.25 cents higher Thursday, put at lowest RVP gasoline minus US cents 36 a gallon. Full-range cargoes were put up US cents 7.25 to gasoline minus US cents 36 a gallon.
Crude
Oil Price Trends
Crude oil ended the week up, rebounding as the US dollar weakened and on late news reports that more oil would flow through BP Plc\'s Whiting, Indiana, refinery. The week marked the third weekly rise in crude oil prices. Prices were also supported by reports of unrest in Libya as some traders began buying oil not wanting to get caught short on the weekend after reports of bombs exploding outside two police stations in Libya\'s eastern city of Benghazi.
Wool
Price Trends
After dropping in the previous week, wool prices regained this week as the markets were positive over both days of sale with the EMI gaining Aus cents 26 to close at Aus$9.92. In US$ term, the index was at US$9.97, up US cents 6. North index gained the most US cents 12, while West was up US cents 4.
Cotton
Price Trends
Cotton futures declined on Friday following the US government\'s monthly supply/demand report revealing its projections for a jump in the record amounts of excess supply to be carried over at the end of the current crop year as well as the next. It was expecting next year\'s ending stocks to go to China, leaving a shortage in cotton inventories for the rest of the world.
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