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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.

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Fibre2fashion News Desk-India

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