Paraxylene prices have been on a downward slide ever since the crude oil prices started falling and more recently because of CNY devaluation. However, paraxylene prices moderated in the second week of August in Asian markets.
Paraxylene price falls in the initial period of August
Paraxylene markets in Asia tracked declining upstream as mixed xylene prices fell in the first week of August while Hengli has decided to shut its Dalian PTA plants. In US, spot paraxylene assessments dropped week over week amid quiet demand and arrival of shipment arrivals from Asia adding to supply. The MX-PX spread was better, but still unattractive.
In Europe, paraxylene prices were down on week while MX premium over Aug gasoline fell amid steady downstream PTA market. No August contract prices were settled yet.
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Polyester pricing softening across the value chain
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Polyester pricing has been on a sluggish mode ever since crude oil price began to dwindle with occasional peaks and troughs. In the week ended 19 June, polyester upstream feedstock, ethylene markets in Asia gave back earlier week’s gains as prices were dragged down by rising regional and deep-sea supplies. However, the price drop was limited by cracker shutdowns. Asian markers fell US$5-10 a ton week on week. Prices were down Euro14 a ton both on FD NWE and CIF NWE basis.
Sluggish trend continues in polyester as markets seek direction
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Ethylene market was assessed flat as sluggish trading continued but prices were up in the week ended 12 June 2015 and the diverge trend continued between NE and SE Asia. European spot prices fell as bearish sentiment worked on both supply and demand while derivative, particularly LDPE saw its first fall in three months. In US, ethylene spot slipped as Dow resumes production at Louisiana facility.
Paraxylene prices drop for second consecutive week on weak demand
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Paraxylene prices dropped for the second consecutive week in Asian markets in the week ended 22 May. However, prices were lifted week end as upstream and downstream prices were firmer. Meanwhile, JX nominated its June contract price at US$960 a ton. During the week, orthoxylene prices fell US$31 a ton CFR China and FOB Korea on weaker demand and alongside lower co-product. This led to Sinopec lowering its OX price by 200 Yuan a ton.
Polyester chain pricing is under weak correction
Asian ethylene prices stayed flat amid weak PE market and turnarounds. Polyethylene prices were seen softening on a combination of weaker LLDPE futures, tapering agricultural demand and falling domestic prices in China. In Europe, ethylene spot also remained flat as market awaited production restarts. In US, ethylene spot slipped after restarts of two US Gulf Coast producers’ plants while Evangeline in-service date was expected by 15 June.
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Polyester pricing up in April on production disruptions and surging crude
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Production disruptions caused by fire at major PTA and MEG plants in China pushed up Asian raw material prices in April, triggering an immediate response in polyester chain. The surge was largely for margin protection rather than market fundamentals, but prices moved aggressively, rallying every day. It was also all over again, beginning with crude pricing with fire a spontaneous trigger. Crude oil prices rose week after week in April and gained US$3-6 on the month.
Polyester chain witnessed another bout of cost-push price advances
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The polyester chain witnessed another bout of price advances in the week ended 24 April, with polyester staple fibre and filament yarn prices zooming past or almost at par with its previous high seen in the last week of November 2014. This time prices the push came from the demand side rather than cost side. Also helping came from the rounds of maintenance shutdown in the upstream industry. Added to these factors was a couple of fire breakout at petrochemical plants in China that feed the polyester industry.
Polyester pricing may see hikes in April and May, but fall later
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Everything in synthetic fibre markets, especially polyester, has been revolving around crude oil price, and hence the US$. The first signs of policy change in US, expectation of a hike in interest rates, have led to a flight to the US$, supported by other currencies being devalued. And with world powers reaching a framework agreement with Iran to curtail its nuclear program, the stage has been set to end the sanctions that have restrained Iran’s exports.
Polyester pricing moderates across the value chain
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In the week ended 20 March, prices of polyester chain moderated a bit after generally rising earlier on cost support. While crude oil prices were up as US$ weakened on US interest hike uncertainty, Greece issue and report of a new four-year low in the number of rigs drilling oil in US, the impact was otherwise on the downstream derivatives. US crude jumped 4 per cent week end and European Brent snapped two straight weeks of losses as Iran struggled to reach a nuclear deal with world powers.
