Given the rapid changes in prices of polyester feedstock ethylene and paraxylene prices, their respective derivatives reflected similar trends year on year. Asian MEG markets fluctuated widely opening June and prices jumped in line with the ethylene and PTA market. They fell in the third week on short selling and bearish polyester markets as the peak season drew to a close. Prices, however, climbed again June-end on expanding downstream operating rates. Meanwhile, MEGlobal nominated Asian July contract price at a roll over. Asian spot was down 1.5% in June and 4.8% from a year ago.
European June contract price was settled up on tight supply amid bearish spot dynamics. MEG balance continued to tighten in May pushing spot truck prices up to on strong demand from polyester markets. Ethylene shortages and unplanned ethylene oxide outages plus utility problems had adversely affected MEG production in late May into June, tightening up balances even more. Spot fell Euro10 in June but were slightly up 0.7% year on year. Contract price for May was quickly settled at Euro1,080 a ton DDP and for June at Euro1,107 a ton DDP. US MEG price rolled over on stable expectations. Production was near to maximum with only a minor slowdown at one producer in early May. Demand was strong with sales reported above normal levels. US spot was down 6% from last year.
PSF prices were on a rise in China opening June as a fire at JX plant resulted in the shutdown of two paraxylene lines which supported PSF producers to raise offers immediately. However, prices declined later in the month as the support eased rapidly. In China, 1.4D PSF was pegged down US cents 4 from last month and 21% down from June 2014. In Europe, 1.7dtex PSF prices were down 17% in June 2015 compared to last year while in US 1.2/1.5D PSF was pegged 3.8% down in similar comparison.
Concluded
Courtesy: Weekly PriceWatch Report
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