Asian MEG markers fell US$4 a ton CFR China in the last week of March. In China, offers for nearby-month goods fell to US$700 a ton, and trading values softened to US$695-700 a ton.
Mono ethylene glycol prices fell on the week on profit taking and weak futures. MEG prices have been climbing since early February and early week had stayed firm over US$700 a ton CFR China.
Most traders wanted to close out their positions and take profits to hedge against a likely correction in prices.
Asian PTA markers edged down US$1 a ton CFR China in the fourth week of March. Yisheng Petrochemical issued daily cash-based price for PTA which was unchanged on the week while Hengli Petrochemical issued self-lifting offer for bonded cargoes which was flat from the previous week.
Purified terephthalic acid prices opened and closed the week with decline in prices and recording one-day gain on Tuesday on firmer paraxylene cost. In China, domestic spot PTA market was weak and offers generally rolled over and discussions were slightly lower. On week end PTA market was mute.
In India, polyester yarn 30 knit yarn prices were up US cents 2 a kg in the fourth week of March in Ludhiana market while they rose US cents 6 a kg in Indore.
Spun polyester price in India rose INR6 on the week and 5% on the month due to recent hike in PSF prices. With INR having climbed against the US$, prices have even increased by 8.2% in US$ terms.
In Shengze, offers for 32s and 45s polyester yarn rolled over, but both were down US cents 2-3 a kg due to weak Yuan. In Qiangqing, offers for 32s were down US cents 3 on the week.
Asian MEG markers were down US$14 a ton CFR China in the fourth week of March. Sabic nominated its April Asia contract price which was up US$110 a ton from March.
Mono ethylene glycol markets in Asia rolled back the significant gains of previous week early in the week. However, they gained over the last two days of the week, limiting the weekly fall.
Sabic nominated April contract price significantly up from March seeing spot gaining over the past 10 weeks in a row up to the previous week.
In Qianqing, PC (65/35) 32s and 45s PC combed yarn prices were both down US cents 2 a kg due to weak Yuan in the fourth week of March.
Blended yarn prices stabilized in China, in line with a similar trend in fibre prices. PSF prices have slightly declined in the week while cotton prices continued dropping with the benchmark indicator falling 2% over the week. Viscose was progressing supporting PV markets.
In Pakistan, 24 PC (52/48) carded yarn further gained PakRe1 per pound (up US cents 2 a kg) on the Faisalabad market while 30s also gained PakRe1 per pound (up US cents 2 a kg).
In Shengze, offers for 32s polyester yarn were stable in the third week of March and 45s were up US cents 10 a kg on the week.
Offers for spun polyester yarns in China were stable, and producers were cautious to buy raw materials. Mainstream offers for 32s rolled over while 45s were dearer on the week. It will take some time for fabric makers to accept earlier price rise for spun yarns since PSF prices were down US cent 1-3 on the week.
Asian PTA markers were up US$17 a ton CFR China in the third week of March. In China, offers were at US$615-620 a ton or slightly higher, and buying ideas were at US$600-605 a ton or slightly lower, with discussions at US$605-610 a ton or slightly higher. Yisheng Petrochemical’s cash-based price surged US$12 a ton during the week.
Asian MEG markers surged US$17 a ton CFR China in the third week of March. In China, nearby-month goods were offered at US$725 a ton and bid at US$720 a ton. Forward-month goods were quoted at US$740 a ton, with bids at US$725-730 a ton.
Mono ethylene glycol prices rose in Asian markets on firmer futures in China rising crude values while plant issues tightened supplies.
In Qianqing, PC (65/35) 32s yarn prices were up US cents 2 a kg in the third week of March while 45s PC combed yarn prices were also up US cents 2 a kg.
Blended spun yarn prices moved in different directions in China, in line with the trends of different fibers and strengthening of the currency. The recent surge in PSF prices has pushed blended yarn prices on local markets. On the import market, prices are too high to compete with domestic suppliers.
In US, MEG market remained on upward trend in the second week of March reaching three-month high on tighter supply as maintenance activity provided pricing support. US spot MEG increased US cents 1.50 per pound FOB USG on the week.
In Europe, MEG spot prices were up on tight availability amid stable demand and limited imports. European MEG edged up Euro10 a ton FCA NEW on the week.
