Asian MEG prices jumped further US$24 a ton CFR China and CFR South East Asia in the first week of November. In China, trading values surged during the week too.
Mono ethylene glycol spot prices surged again in Asian markets on bullish futures and short covering. During the second half of the week, several futures and financial traders were heard buying Yuan-denominated swaps on the futures market to cover short positions for H2 November and H1 December.
In Qianqing, PC (65/35) 32s yarn prices edged down US cent 1 a kg in the first week of November while 45s PC combed yarn prices were flat on the week. 32s PV (65/35) rolled over on the week.
Blended yarn prices fell on China's domestic market, with import prices more sharply dropping, and therefore opening opportunities to foreign goods. Fibre prices were too dropping, thus giving yarn makers some room to maintain margins.
Asian MEG prices surged US$18 a ton CFR China and CFR South East Asia in the last week of October. In China, trading values surged US$10 a ton on the week.
Mono ethylene spot prices in Asia surged week on week to six-month highs as import pricing surged nearly 10% since late September. In China, MEG market fluctuated following an uptrend that week driven by PTA futures initially, and then softened due to sustained drop in crude oil prices. Later MEG market fluctuated upward and rebounded by weekend.
In Qianqing, PC (65/35) 32s yarn prices rolled over in the last week of October while 45s PC combed yarn prices were stable on the week. 32s PV (65/35) were down US cents 2 a kg during the week. Blended spun yarn prices moved in different directions, depending on the specs. Viscose blended yarn prices in China retreated to lower levels, in line with the current fall of VSF prices.
In Shengze, offers for 32s polyester yarn were up US cents 2 a kg in the third week of October and 45s climbed US cent 1 a kg on the week. In Qiangqing, offers for 32s weaving rose US cent 1 a kg on the week.
Spun polyester prices rose 0.8-1.5% in Qianqing following the rise in OSF pricing. The benchmark 1.4D PSF gained 1.15% in the week, reflecting higher raw material costs but also a slightly stronger demand from spinners. Offers for spun polyester yarns in partial specs in Shengze market were also raised, as sales volume was moderate.
Asian PTA markers fell US$4 a ton CFR China and CFR Southeast Asia in the third week of October. Purified terephthalic acid prices edged down amid volatility in futures market despite active trading in Chinese domestic market. End-users were seeking goods to meet year-end demand.
In China, offers for nearby-month goods were range bound on the week. PTA market was relatively quiet in H1 of the week as PTA futures values inched up, while the trading atmosphere in spot waned since polyester producers showed weak interest to buy high-priced goods.
Asian MEG prices surged US$24 a ton CFR China and CFR South East Asia marker in the third week of October. Mono ethylene glycol prices in Asian markets hit a 6-week high on firmer sentiment as CFR China assessment rose steadily throughout the week gaining roughly 6.5% since third week of September.
In China, trading values jumped US$20 a ton on the week. MEG market was under fluctuation influenced by the listing on Dalian Commodity Exchange. There were favorable factors, like rising crude oil and strengthening bulk commodities amid healthy run rates of polyester units.
In Qianqing, PC (65/35) 32s yarn prices were up US cents 2 a kg in the third week of October while 45s PC combed yarn prices rolled over on the week. 32s PV (65/35) were stable during the week.
Blended yarn prices jumped that week in China on stronger demand, as usual in this period of the year. Margins rebounded at spinning mills, as cotton prices weakened post National Day holidays. However, rising PSF prices remained a major cost support.
Asian MEG price rose US$2 a ton CFR China and CFR South East Asia in the second week of October. In China, trading values surged US$10 a ton on the week.
Mono ethylene glycol prices in Asian markets were relatively steady amid stable fundamentals and supply demand seen balanced. There were many favorable factors that week in Asian MEG markets, including significantly rise in crude oil values, reducing inventories, healthy run rates of downstream polyester units and rumours about problems on Shell Singapore’s unit.
In Qianqing, PC (65/35) 32s yarn prices were up US cents 3 a kg in the second week of October while 45s PC combed yarn prices rolled over on the week. 32s PV (65/35) were steady during the week.
Blended yarn prices in China, particularly regular count of 32s PC, were up while others were steady at firm levels. Competition from foreign imported limited increase in yarn prices, which are at the same level or slightly higher than import in Yuan terms.
