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PX & ethylene decline, MEG stays steady
Nov '10
Paraxylene prices declined marginally in the Chinese spot market, where price was quoted in the range of US $1245-1250 / ton. PX imported from the Korean market was around $1240 / ton. Nomination of November contract price stood at $1270 / ton by Idemitsu Kosan and JX Nippon Oil kept it at $1260 / ton. The contract intention price of Exxon Standard Oil Company in November is $1280 / ton (CFR Asia).

PTA offers hovered around $1050 / ton but offers were mainly around $1055-1060 / ton in S E Asian market. In Korean region it was assessed at around $1050 / ton and in Chinese market, price was in the range of $1050-1055 / ton.

Ethylene market continued to move downwards with the ease of availability and today it went below the $1000 / ton mark and was assessed around $970 / ton in S E Asian market. In US market, price of ethylene was around 40 cents / pound. In European market, price was in the range of $1155-1160 / ton. In European domestic market, it was traded around €945 / ton.

MEG market remained more or less stable around $960 / ton, as buying sentiment turned slow. In S E Asian market, price stood in the range of $960-965 / ton. In the Chinese domestic market, price was in the range of RMB 7600-7650 / ton.

FGPET Chip was offered around $1260 / ton in the S E Asian market, which was traded in the range of $1225-1250 / ton. In Chinese domestic market, price was in the range of RMB 10700-10800 / ton. Speculators expect price hike of between RMB 100-200 in short-term future.

Overall, in November, the contract transactions are expected to settle on higher side, the overall market supplies are tight, and the quotations have a certain kinetic energy, but simultaneously, it cannot be neglected that, the price may possibly inch higher to limit the downstream demand.

Click here to view and compare daily price trends

Fibre2fashion News Desk-India

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