Ethylene prices in Asian markets jumped in March supported by strong demand amid the heavy steam cracker turnarounds. In US, spot ethylene fell to a nine-year low on weak sentiment as production from new capacity has overtaken consumption amid downstream disruptions. European ethylene spot prices were almost flat for the month.

Paraxylene prices in Asia edged down in March amid weak sentiment in the Chinese commodities market. In Europe, spot paraxylene prices edged down on the back of softer pricing in Asia markets during the month. In US, spot paraxylene prices inched up this month while imports in March fell by 16% year on year. Asian marker, the CFR China was down 1.4% from last month while European paraxylene declined 1.7% on the month. In US, spot paraxylene was up 0.6% on the month.

Mono ethylene glycol prices in Asia dropped in March amid thin trading activity and ample inventory during the month. European mono ethylene glycol spot prices were slightly weak amid an increasingly bearish market, following the steep falls in Asia. In US, mono ethylene glycol markets were up with not large movement in prices while domestic consumption was balanced. Asian MEG prices were down 11% in March while European spot fell 1.2% on the month. US spot MEG rose 2.5% on the month.

Purified terephthalic acid prices were range-bound amid balanced supply in the market. In Europe, PTA market was steady during the month. Asian PTA prices were up 0.8% from February.

Polyester chip prices in Asia edged down on softer feedstock and insipid market fundamentals during the month. Supply is likely to increase as some PET chip units restarted this month. Offers for semi dull chips slipped 1.9% and super bright chip fell 0.6% on the month.

Polyester staple fibre prices fell in China while demand was decent, leading to smooth liquidity. Prices in India were firm during the month. In Pakistan, PSF prices were revised up over a strong demand from the yarn producers and a new fall of the rupee.

Polyester filament yarn prices in March declined in China on cost pressure from upstream raw materials market during the month. Demand was lackluster as downstream spinning mills were slow to ratchet up production owing to limited labor force. As a result of piling inventory, producers tended to offload goods with some discounts. Prices in India and Pakistan rolled over during the month. In China, POY 75/72 prices fell US cents 2 a kg in Shengze while Indian POY 130/34 prices was down US cent 1 a kg. In Pakistan, 300/96 DTY prices were down US cent 1 a kg on the month.

Polyester spun yarn prices in March fell in China in tandem with the persistent fall in polyester staple fiber prices during the month. In India, spun polyester yarn prices was slightly weak taking cues from overall polyester market sentiment internationally. In Pakistan, polyester yarn prices edged down during the month. In Shengze, offers for 32s polyester yarn fell US cents 6 a kg from February. In India, 30 polyester knit yarns were stable in Ludhiana market. In Pakistan, 30s spun polyester was down US cents 5 on the month.

Courtesy: Weekly PriceWatch Report