In Shengze, offers for 32s polyester yarn fell US cents 2 a kg in the second week of August, and 45s were down US cents 2 a kg on the week. In Qiangqing, 32s weaving also fell US cents 2 a kg during the week.
Spun polyester yarn offers in China were lowered somewhat, and the sale was lackluster as a whole. 32s spun polyester yarn was mainly offered down US cents 2 a kg in Qiangqing and Shengze markets. Mainstream offers for 45s were down but saw higher sales volume.
Asian PTA markers inched up US$2 a ton CFR China and CFR Southeast Asia in the second week of August. Purified terephthalic acid prices rose in Asian market in line with paraxylene cost, giving support to sentiment. Supply dearth continued as Mitsubishi Ningbo 600,000 ton a year PTA plant remained shut and restart was unclear after it was shut unexpectedly in early July. Meanwhile, OPTC plans to permanently shut its old PTA unit in 2017.
Asian MEG marker rose US$7 a ton CFR China and CFR South East Asia in the second week of August. In China, offers were raised US$8 a ton during the week, and central values followed up as well. However, sellers showed low selling interest.
Mono ethylene glycol prices gained by the late week short-covering activities of major futures traders, as they had oversold when crude was down in past weeks, and were reportedly caught that week by the sudden rebound in crude. In China, MEG prices picked up slightly as tank inventories reduced significantly that week.
In Qianqing, PC (65/35) 32s yarn prices rolled over in the second week of August while 45s PC combed yarn prices were stable on the week. 32s PV (65/35) were flat on the week.
Blended yarn prices moved in different directions in Asian markets, largely moved by the cotton markets. In China, polyester cotton and polyester viscose yarn prices remained unchanged although cotton and PSF were cheaper. However, next week may reflect this downtrend.
In Shengze, offers for 32s and 45s polyester yarn rolled over in the first week of August. In Qiangqing, 32s weaving were stable on the week. Offers for spun polyester yarns in China were stable amid modest enquiring and selling sentiment. Since traders and spun yarn producers had stocked up raw materials, coupled with weak sentiment in polyester market, they will continue to purchase to meet rigid demand.
Asian PTA markers were assessed down US$9 a ton CFR China and CFR Southeast Asia in the first week of August. In China, offers remained at US$605-610 a ton, and counter offers were between US$590-600 a ton, on the back of flat discussion and transaction.
Purified terephthalic acid prices in Asian markets moderated as market participants expect the bearish outlook to prevail in the mid-term, given the oversupply in China. With paraxylene contract price confirmed, the conversion cost for PTA recovered somewhat.
Asian MEG marker edged down US$5 a ton CFR China and CFR South East Asia. Mono ethylene glycol prices slipped in Asian markets on negative outlook and low futures despite seeing some gains weekend. September MEG futures fell on Huaxicun as traders sold H2 August swaps. Shell nominated August MEG Asian contract price flat from July.
In US, MEG contracts rolled over from July to August, typical movements not seen this year while spot prices were assessed up on the week, pushed up upstream cost. US spot MEG prices were up US cent 0.50 per pound on the week.
In Shengze, offers for 32s polyester yarn were unchanged in the last week of July and 45s were stable on the week.
Polyester spun yarn prices were stable in China, India and Pakistan that week, although cotton yarn prices surged significantly. In Shengze, markets were stable and offers for spun polyester yarn 32s and 45s were flat amid moderate demand.
In India, prices of polyester yarn were kept steady that week in spite of lackluster sales situation. Polyester yarn 30 knit yarn prices were flat in Ludhiana market and steady in Indore.
Asian PTA markers were down US$3 a ton CFR China and CFR Southeast Asia in the last week of July. In China, offers fell gradually to below US$610 a ton, and counter offers fell below US$600 a ton, with discussions stalemated.
Yisheng Petrochemical’s offer were at US$610-615 a ton while Hengli Petrochemical issued self-lifting offer were at US$630-640 a ton.
Asian MEG prices edged down US$4 a ton CFR China and CFR South East Asia in the last week of July. In China, offers for nearby-month were pegged at US$620-625 a ton, and counter offers were at US$615-620 a ton. Bonded goods and forward-month were US$5 a ton higher over nearby-month goods.
Mono ethylene glycol spot prices and futures declined on profit taking, despite spot cargoes traded up opening the week and peaking on Thursday before retreating by weekend. In China, MEG markets were in fluctuation that week, with domestic and import cargo prices down from previous week.
