In China, medium-length fiber and cotton-type staple ASF prices surged US cents 47-141 a kg in the first week of February. Acrylic fibre markets in China saw some domestic majors released monthly settlement prices in advance, leading to a surge in spot prices after the Spring Festival.
Downstream mills will gradually resume operations next week, as some of them did not stock up materials amid sidelined stance, they are likely to purchase after restart. However, following this round of price hike, the upward momentum will recede. On the other hand, there will also be no downside potentials.
ASF prices in India and Pakistan generally rolled over and may take cue from China in coming weeks.
Courtesy: Weekly PriceWatch Report
