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Asian PTA trends strong, ethylene stays stable
03
Aug '10
Paraxylene price increased at a slow rate from US $895 / ton to $900 / ton. But, mainly deals were concluded around $895 / ton in S E Asian and Chinese market. Market speculators were still worried about overcapacity of the market and remained cautious while trading.

The current PTA offers in Chinese domestic market stood at RMB 7300 / ton but trading price was in range of RMB 7200-7250 / ton. Asian PTA spot market price was strong. Mainstream offer increased to $880 / ton but realized around $870-875 / ton. Offers in Korean spot market was around $855 / ton but transaction was inclined towards $845-850 / ton.

Ethylene prices were stable around $840 / ton in the S E Asian market, while offers in the European market were assessed in the range of $1000-1005 / ton. Price of Ethylene in the US market was in the range of 36-40 cents/pound for late August delivery.

MEG prices rebounded, due to replenishment and were quoted at $750 / ton, but were mainly traded around $735-740 / ton. MEG prices increased, as Formosa Plastics announced to contract customers that MEG supply will decrease by 15 percent.

PX Contractual Market updates:
Sinopec PX contract price for July was announced at RMB 7150 / ton, which is RMB 350 / ton higher than in June and its listed price for August was announced at RMB 7150 / ton. Japan's Idemitsu ACP for PX contract for August is $960 / ton and that of ExxonMobil is $950 / ton (CFR Asia).

Click here to view and compare daily price trends.

Fibre2fashion News Desk - India

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