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PX trends sluggish, ethylene price surges
Aug '10
Paraxylene price opened with sluggish outlook, in tandem with bearish upstream. Price plunged down by US $20 / ton to $900 / ton in S E Asian market. In U.S.A market, closing prices fell by $5 to $905-910 / ton. In European market, prices remained stable at $930 / ton in Rotterdam market.

In PTA market, trading volume decreased today as speculators were busy in calculation of impact of anti-dumping notice issued by China. Taiwanese produced goods found sporadic inquiry at level of $875-880 / ton and a few deals were confirmed at $880 / ton. Cargoes imported from Korea were offered around $865 / ton.

Ethylene prices surged increased today. Downstream buyers from polyester industry adopted stance of wait and watch. In the S E Asian market price hovered in the range of $870-875 / ton. In European market, price was quoted in the range of $1010-1020 / ton and in U.S.A, ethylene was traded around 34 cents / pound.

MEG sentiment was reluctant in tandem with allied PET raw materials in S E Asian market. Sellers offered in the range of $765-770 / ton. Trading price in MEG market was mainly below $770 / ton, while selling offers for bonded goods was at $775 / ton but no counter offers were received. In Chinese domestic market, price was around RMB 6250 / ton.

FGPET Chips in S E Asian market opened with weak sentiment. Selling offer hovered in the range of $1080-1085 / ton but counter trade offer was prevailing around $1070-1075 / ton only, with expectation of minor correction in near future. Offers for PSF were assessed around $1220 / ton.

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Fibre2fashion News Desk - India

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