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PX & PTA prices shoot up, MEG stable
Jan '11
Paraxylene price bolstered high in S E Asian region at level of US$ 1655/ton as downstream demand revived. Price hovered in the range of US$ 1650/ton to US$ 1660/ton. PX price in Korean market was marked around US$ 1650/ton. In Chinese market, PX price hovered in the range of US$ 1650/ton to US$ 1665/ton.

Asian PTA market shot up too and price went up in the range of US$ 1415/ton to US$ 1425/ton. Price of PTA in F E Asian region was quoted at US$ 1420/ton. In Chinese domestic market, PTA increased in the range of RMB 11100/ton to RMB 11200/ton. In Indian market, PTA was around US$ 1430/ton.

Ethylene price was stable in the global markets. In S E Asian market, prices were assessed in the range of US$ 1135/ton to US$ 1140/ton. F E Asian price was in the range of US$ 1235/ton to US$ 1240/ton. In European international and domestic markets price was stable at US$ 1355/ton and € 1075/ton, respectively. In U.S.A market price was around 43.20 cents/pound.

MEG price was stable in the global markets. In S E Asian region, MEG prices hovered in the range of US$ 1200/ton to US$ 1205/ton. In Chinese markets, price of MEG was around US$ 1195/ton. In the Chinese domestic market MEG price was in the range of RMB 9500/ton to RMB 9600/ton.

BGPET Chips opened with bullish sentiment in S E Asian region; it hovered in the range of US$ 1685/ton to US$ 1695/ton. Price in Chinese domestic market moved in the range of RMB 13000/ton to RMB 13150/ton. In Chinese markets offers from traders was in the range of US$ 1690/ton to US$ 1695/ton for the goods imported from Korean ports but no deals were concluded.

FGPET Chips prices in Chinese markets were observed in the range of US$ 1650/ton to US$ 1655/ton. Price in Indian market was assessed in the range of US$ 1660/ton to US$ 1680/ton.

Market Note:
PX prices continued to rise early this year, providing the main driving force to promote PTA price increases. So weakening of PX prices in future may lead to fall in price of PTA too. PX prices which have soared since early this year also carry a high risk of falling. Therefore, a hike or fall in prices of either of these two key raw materials could impact the price of the other.

Present hurdles:
§ With the Spring Festival approaching, weaving factories have cut operating rates, as a large number of workers are going on leave.
§ After the holiday period, textile and garment enterprises will continue to face difficult labor problems.
§ Short-term demand will be difficult to lift the PTA price after Chinese Spring Festival.

Click here to view and compare daily price trends.

Fibre2fashion News Desk - India

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