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Surge in price of ethylene may not affect EG prices
Jan '09
Ethylene spot quotations crazily rose as high as 13 percent in one week, due to the reported news of bankruptcy and reorganization filed by LyondellBasell Industries, the world's third largest petrochemical plant, which might result in reduction of supply capacity.

Traders say that with weak market demand, the prices of ethylene glycol (EG) may find it difficult to rise in sync with ethylene market trends, which in turn also affects prices of polyester products in downstream markets.

According to spot prices quoted by PLATTS in Far East, ethylene price was quoted at US $655 per ton last week, up by $75 per ton from the previous week, an increase of nearly 13 percent.

EG was quoted at $500 per ton, down $25 per ton, Dimethylamino Benzene (PX) was quoted at $764 per ton, up US $60 per ton, Pure terephthalic acid (PTA) was quoted at $632.5 per ton, down 1.94 percent.

It is reported that operating rates of most of the fabric processing companies in Taiwan is generally below 50 percent, resulting in reduced orders of polyester products, including those for partially oriented yarn (POY), polyester fibre and drawn texture yarn.

Industry sources say that orders started increasing towards the fag end of December, due to which offer prices of PTA and EG rose $2-3 per kg, but market demand shrank again after January 10.

Fibre2fashion News Desk - China

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