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Purified terephthalic acid prices in Asian markets slipped in the first week of August amid bearish downstream polyester markets as end-users remained sluggish, expecting the lack of buying interest to pressurize spot prices through August. Hengli Petrochemical made an announcement midweek that it was shutting two of its PTA units in China.

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Purified terephthalic acid prices moderated in Asian markets as the spate plants issues subsided slowly and attention was turned towards waning demand for PET and polyester. Market plants expect spot prices to fall further if demand does not pick up over July and August.

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Prices of spun polyester yarns in China remained range bound in the week ended 12 June, while the transaction volume remained low. Mainstream offers rolled over previous week’s numbers for 32s while 45s saw moderate transaction. Some yarn makers reduced run rate during the wheat harvesting season.

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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.

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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.

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Until now the immediate impact of the fall in crude oil prices was mostly on the upstream products of the textile value chains. The very first oil derivative to react was naphtha and further down in the chain each layer had or do have a lag to absorb and pass on the cost reduction since their raw material inventory was built at the earlier high prices. The effect began quickly in the immediate downstream segment and percolating slowly at the end of the value chain, ceteris paribus.

Related Keywords: acrylic prices, naphtha prices, Nylon prices, oil prices, Polyester prices

Crude oil prices have retreated US$50-53 per barrel or US$360-390 a ton since its peak of June 2014. More than that, the first two weeks of December has already seen them falling more than US$11 a barrel, the fastest drop in a shortest period not heard in recent years. International benchmarks have touched new five-year lows on 12 December after the world's energy watchdog forecast even lower prices on weaker demand and larger supplies next year.

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The free fall in crude oil prices continued in the week of 5 December with both benchmarks hitting their recent lows. US crude oil closed at its lowest since July 2009 while Brent fell below US$70 a barrel in the week for the first time since 2010. The markets were grappling with oversupply resulting from the US shale gas boom and the recent decision by the OPEC not to cut output. US shale is highly scalable and most estimates peg the breakeven price in key regions of this unconventional supply at US$65 per barrel.

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Crude oil prices have lost US$14.23 since their recent peak of US$106.62 per barrel as of 20 June 2014. And this had a decelerating impact on naphtha and its derivatives. Naphtha prices have crashed from US$982 a ton to US$849 a ton over the same period. The polyester industry has trying to adjust to this massive change. As of last week of September, Brent crude for November delivery settled at US$97 a barrel while US November crude settled at US$93.54 a barrel. Both crude benchmarks remained on pace for a third straight monthly loss.

Related Keywords: crude oil prices, ethylene price, MEG price, mono ethylene glycol, naphtha price, paraxylene price, polyester chip, polyester fiber, polyester filament, Polyester prices, polyester spun, polyester yarn, PTA price, Purified terephthalic acid

In the week ended 5 September, crude oil prices climbed more than US$2 early in the week as the markets bounced off several month lows hit in the previous week. Also prospects for peace in CIS and a strong US data raised demand expectations. Weaker US$ and expectations of a decline in US crude stocks also supported prices. However, the oil complex settled lower on the week after a ceasefire agreement in Ukraine helped minimize risk premium, while concerns remain over the impact of Russian sanctions on European demand.