In Shengze, offers for 32s polyester yarn were stable in the second week of February. In Qiangqing, 32s weaving yarn was up US cents 9 a kg on the week.
Polyester spun yarn prices were up in China reflecting the surge in PSF cost. Offers in Shengze market were kept steady amid thin transaction while in Qiangqing offers were raised, with 45s selling better. Most producers are yet to resume operation completely while there were sporadic enquiries and transactions.
Asian PTA prices inched up US$10 a ton CFR China and CFR Southeast Asia in the second week of February. In China, mainstream offers mostly picked up US$5 a ton on the week.
Yisheng Petrochemical’s selling price surged US$5 a ton while Hengli Petrochemical raised self-lifting offers by US$5 a ton on the week.
Purified terephthalic acid markets in Asia were mainly in correction that week as paraxylene prices moved up quickly with two units in Japan and South Korea shutting down before holiday due to some reasons.
Asian MEG prices declined US$27 a ton CFR China and CFR South East Asia in the second week of February. Mono ethylene glycol prices fell in Asian markets sending cues to other regions. However, it saw support from tight avails on turnaround as margin sank ending two weeks of steady gains by falling sharply to the lowest level since 21 December 2016.
In China, MEG markets were under fluctuation. Taiwan's Nan Ya Plastics plans to restart its 360,000 a ton a year No. 2 MEG plant in Mailiao early March after annual maintenance.
In Qianqing, PC (65/35) 32s yarn prices were up US cents 5 a kg in the second week of February while 45s PC combed yarn prices were up US cents 2 a kg on the week.
In China, blended yarn prices were up back from New Year holidays. With PSF and VSF prices surging PC and PV yarn prices remained firm, although there was no change in cotton prices.
In Shengze, offers for 32s polyester yarn were stable in the first week of February. In Qiangqing, 32s weaving yarn was offered flat on the week. Offers for spun polyester yarn in Changyi were up as most producers remained down.
In India, the increase in PSF prices were reflected in polyester spun yarn pricing that week. Polyester yarn 30 knit yarn prices inched up INR1 a kg (up US cent 1) in Ludhiana market.
Asian PTA prices were up US$12 a ton CFR China and CFR Southeast Asia in the first week of February. The CFR India marker was up US$10 a ton on the week, based on tradable indications. Purified terephthalic acid spot prices increased further as paraxylene contract price for February was finally settled, lending strong support to PTA from the cost side.
After the week-long holiday, the resumption of weaving and knitting operation in China will drive demand. With healthy cost support, PTA markets are expected to stay firm in coming weeks.
Asian MEG prices inched up US$5 a ton CFR China and CFR South East Asia marker in the first week of February. Mono ethylene glycol prices were buoyed by both upstream feedstock prices and downstream in Asian markets. Ethylene prices surged US$70 a ton while downstream prices for PET leapt US$30 a ton.
European February MEG contract price settled at an increase of Euro119 a ton FD NWE. Bullish Asian market underpinned European contract price as imports from the Middle East were also lacking.
In Shengze, offers for 32s polyester yarn were steady in the last week of January. In Qiangqing, 32s weaving yarn was offered stable on the week. Polyester spun yarn offers were stable on the week in China as producers mostly shut down units for Lunar New Year holidays, so transaction was quiet. Markets are likely to open firm after the holidays as polyester raw material have gained over the week.
Asian PTA prices were up US$11 a ton CFR China and CFR Southeast Asia marker in the last week of January. The CFR India marker was also up US$11 a ton, based on tradable indications heard.
Purified terephthalic acid spot market activity in Asia was limited, with Chinese players mostly out for the Lunar New Year holiday, but price gains may continue into February. Meanwhile, prices rose on surging feedstock costs in India while Southeast marker tracked the Indian market up.
Asian MEG prices jumped US$35 a ton CFR China and CFR South East Asia in the last week of January. Mono ethylene glycol markets in China extended their gains early that week amid bullish market outlook post-Lunar New Year and concerns about tighter supply in February. Prices were up on the week although the market was quiet as the main Chinese market was off for the Lunar New Year holidays.
In US, MEG spot climbed to a fresh 18-month high as February contracts are expected higher with continued pressure from rising Asian pricing. Spot MEG rose US cent 1.25 per pound on the week.
