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PX trends sluggish, MEG price stable
Aug '10
Paraxylene price opened with sluggish outlook. Price hovered around $925 / ton in Korean market but mainstream counter-offer was still in the range of $880-890 / ton. In Taiwanese spot market, PX prices stood at around $860-865 / ton, due to which, sellers did not turn into active participants.

PTA imported from Taiwan was offered at $890 / ton, counter offer for which ranged between $880-885 / ton, while in Korean market price was around $870 / ton, which was traded around $860-865 / ton. Market sentiment was sluggish and firm offers were absent.

Ethylene prices were unchanged despite poor upstream support. Downstream buyers adopted stance of wait and watch as polyester market was not optimistic about current sales situation. Ethylene price oscillated in between $865-870 / ton in F E Asian market. In S E Asian market, price was around $860 / ton.

MEG price was stable, but buyers adopted firm stance of wait and watch. In the Chinese domestic market, MEG price was in the range of RMB 6600-6700 / ton. Trading price in MEG market was $770-775 / ton, while selling offers for bonded goods were at $780 / ton.

The Chinese Ministry of Commerce has made a final determination after investigation of PTA imports. The probe has come to a conclusion that, PTA originating from South Korea and Thailand has caused substantial damage to PTA industry in China and accordingly has imposed anti-dumping duties on PTA imports from these two countries.

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Fibre2fashion News Desk - India

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