Asian spot MEG inched up US$5 a ton CFR China and CFR South East Asia in the first week of August. In China, offers for nearby-month cargoes rebounded during the week. Mono ethylene glycol prices in Asia were firm amid moderate transactions with buying interest for low-priced goods growing somewhat. However, prices weakened by the end of the week while transaction of forward-month cargoes was moderate.
Polyester staple fibre prices rise in India, China
Polyester staple fibre markets in June were up in China, however, downstream sentiment was relatively mute with a wait-and-watch mode.
In India, trading sentiment in PSF market improved slightly, while downstream spinners were still cautious to replenish inventories.
In Pakistan, PSF prices did not change on the month amid steady demand.
In China, 1.4D PSF was up US cents 3 a kg from May. In India, 1.2D PSF prices were up US cents 2 a kg from previous month. In Pakistan, prices in Karachi were down US cent 1 a kg on the month.
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Polyester filament yarn prices stable to up in Asia
Polyester filament yarn prices in June were seen climbing in China as MEG and polyester chips continued small upticks. However, uncertainties persisted as some dyeing factories were restarted after the environmental inspection.
In India, POY offers were generally stable, as the markets awaited the GST regime to set in from 1 July.
In Pakistan, selling indications for DTYs were almost stable in Karachi market.
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Polyester yarn becomes cheaper in India
In India, polyester yarn prices edged down in order to revamp depressed demand in the last week of June. With GST regime in place, yarn traders and intermediary agents were finding it difficult to implement the new tax system. Polyester yarn 30 knit yarn prices edged down INR1 a kg (down US cents 2 a kg due to weak INR) in Ludhiana market.
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PTA price inches up on rising paraxylene values
Asian PTA prices inched up US$2-5 a ton CFR China and CFR Southeast Asia in the last week of June. In China, offers for bonded goods picked up US$2 a ton and discussions for firm deals inched up on the week. Yisheng Petrochemical raised its self-lifting price by US$2 a ton. In India, CIF values rose US$5 a ton.
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MEG price moves up in Asia
Asian spot MEG regained US$22 a ton CFR China and CFR South East Asia in the last week of June. In China, offers for nearby-month cargoes were up US$25 a ton on the week.
Mono ethylene glycol prices moved up early in the week in Asian markets but weakened after midweek and started to fluctuate in a narrow range as trading sentiment was good in early week, and stagnated in the second half. Transaction for August deliveries was thin, and prices were lower than spot values.
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Blended yarn prices steady in Asia
In China, PC (65/35) 32s yarn prices were flat in Zhejiang in the last week of June, while 45s PC combed yarn prices were stable on the week. PV 32s were up US cents 2 a kg due to weak US$.
Blended yarn prices mostly rolled over across markets in China, India and Pakistan with fibre prices at firm levels and cotton making some upward move. In China, PV and PC yarn prices were stable in Yuan terms but rose in US$ terms, making export a bit uncompetitive.
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Polyester yarn market remains flat amid moderate sales
In China, offers for 32s polyester yarn in Shengze were flat in the third week of June. In Zhejiang, 32s weaving yarn prices were steady during the week.
Polyester spun yarn prices were stable in China as offers for 32s and 45s in Shengze rolled over and sales volume was moderate. There was heavy bearish mood due to fall in crude oil prices, and cost support from feedstock market moderated. Spinners were watching price trend raw material and the number of orders from downstream producers in coming weeks.
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PTA price sobers in Asia, Europe
Asian PTA prices sobered US$10 a ton CFR China and CFR Southeast Asia in the third week of June. In China, offers for bonded goods were down US$2 a ton, and discussions for nearby-month cargoes were down US$7 a ton on the week.
Purified terephthalic acid prices continued to inch down throughout the week in Asian market, posting a 30-week low. Cost support weakened as paraxylene values kept weakening while naphtha fluctuated with a slight drop, prompting PTA market to decline as well.
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MEG price tumbles on weak demand in Asia
Mono ethylene glycol prices declined sharply by 4% opening the third week of June on weak demand and Futures in China opening with a big drop following a limit down. However, prices recovered later but still posted a weekly fall. Prices may come under pressure in H2 of 2017 amid increased spot cargo availability, with the expected doubling of capacity in India.
European MEG spot prices were stable-to-soft as demand was deemed fairly flat for most part of the week. Hot weather across most of Europe may induce demand for MEG, also used in coolants.
