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PSF prices rise on support from upstream market
06
Aug '10
In the past seven days, the Chinese domestic market price of polyester staple fiber steadily rose, due to the rally in the raw materials market.

At present, production capacity of polyester staple fiber industry has slightly increased amid steadiness. Sales volume of pure polyester yarn declined slightly in the week.

Recently the US dollar has weakened and US crude inventories are expected to decline, which encourage continuous rise of international crude oil futures price.

The oil price has broken through US $80 mark and has stood at above $82 per barrel. Crude oil futures price too have exceeded the range of $70-80 per barrel.

PX market continued to rise, its current price level has surpassed $900 / ton in Asia, directly supporting the rebound in polyester raw material market.

PTA spot market weakened after a rebound. Market quotations for domestic stock were 7200-7250 Yuan / ton and discussing price for overseas supply was $895 / ton.

MEG market showed signs of adjustment, mainstream talks for domestic stock were 6400 Yuan / ton and offers for overseas supply stood at $780/ ton.

Fibre2fashion News Desk - China

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