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PX prices surge, PTA & ethylene remain steady
Aug '10
Paraxylene price has been affected by many PX plants shutting down production lines, mainly for maintenance, but the impact of excess supply, made it more difficult to break through. In S E Asian market, PX surged to US $955 / ton, while in Korean market too, PX prices increased to $942 / ton, while in Taiwanese market, price was around $955-960 / ton.

PTA price remained stable to firm in S E Asian market. Offers for PTA were in the range of $885-895 / ton. Cargoes imported from Taiwanese ports, were traded at $890 / ton and offers from S. Korea to China were in range of $870-880 / ton. It is expected that very soon PTA will cross the $900 / ton level.

Ethylene opened without any change, but market experts are still looking for a correction. Price of ethylene was around $980-985 / ton in Asian markets. In the European market, sentiment was bullish as price closed in between $1140-1140 / ton. In US market, ethylene was priced around 40.125 cents / pound.

MEG price went up at slow and steady pace. MEG was assessed around $800 / ton, but, buyers tended to accept price in the range of $790-795 / ton in the S E Asian market. In the Chinese market, price was in the range of RMB 6400-6450 / ton.

A significant decline in demand for FG PET Chips was witnessed as the market sentiment was in stalemate, and buyers continued to adopt stance of wait and watch. Even demand for slice was minor. Offers for chips were around $1200 / ton but deals were mainly concluded around $1175-1185/ton only.

According to forecasts, by 2010, China's total PTA production capacity will reach 16.6 million tons, which stood at 4.2 million tons in 2008.

Market experts forecast that 2010 crude oil prices per barrel would be around $78.63 and in 2011 it could be around $83.84 / barrel. Merrill Lynch analysts said, even if the price of oil temporarily dropped to $65 / barrel, key emerging markets would continue to support regional trends in oil prices next year.

Click here to view and compare daily price trends.

Fibre2fashion News Desk - India

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