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PET Market looks bearish
05
Sep '08
Fall in PTA and MEG prices has affected its downstream product PET, which is quite evident from the fact that when PET prices in the European region slipped down due to bearish market sentiment despite better demand from the buyers.

According to market analysts such fall in prices were due to plunge in crude prices. In the month of August, prices fell by at least Euro 50 per ton because of lesser demand. However, PTA prices in August gave sellers some flexibility on pricing but demand was extremely poor.

It is expected that there will be a drop of around Euro 50 per ton for September contracts after the initial monoethylene glycol (MEG) contract fell by Euro 75 per ton and on talk of falling paraxylene and PTA prices.

In the European market, settlement price for August contract for MEG, is expected to settle at Euro 950 per ton and hence speculators were hopeful for Euro 875 per ton price for September MEG contract settlement. In this region, everyone was playing blind game right now. Demand for MEG for September was weak and selling competition was cut throat.

Industry insiders are of the opinion, due to ample supply there was little need for additional volumes to Europe. However, increased volumes from the Middle East and Asia had contributed to weakness in the overall market in recent months.

This downward trend was global, with lower levels also noted from the US and Asia.

In the Chinese market, price was settled at $985 per ton which was marginally down by $5 per ton compared to closing of last fortnight. Prices for MEG surged to the level of around RMB 7550 per ton in the Chinese domestic markets.

Fibre2fashion News Desk - India

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