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PSF market displays weak consolidation
Mar '11
In the previous week, Chinese domestic polyester staple fiber market showed a weak consolidation due to continued light trade activities.

Polyester staple fiber market price fell about 200-300 Yuan / ton and sank below 15,000 Yuan / ton mark, as PTA and US cotton futures markets fell in the week before.

Although cotton and PTA futures markets began to sharply rebound in the week under review, transactions in polyester staple fiber market did not improve.

Lack of transactions has become the biggest obstacle to polyester staple fiber price. Sales of polyester staple fiber were in the doldrums, due to which, inventory pressure increased.

Recently, price of international crude oil futures market went up and NYSE oil futures topped $100 / barrel mark, a record high in two years.

At the same time, PX price was flat and rose marginally. Offers for domestic goods were 11750-11800 Yuan / ton and offers for overseas goods were about US $1,530 / ton.

MEG market also adjusted, mainstream offers for domestic goods were 9950-10000 Yuan / ton and offers for overseas goods were at US $1,270 / ton.

Currently, Chinese mainstream market price of polyester staple fiber 1.4D ranged between 14,800-15,000Yuan / ton (cash or acceptance), down 200 Yuan/ ton from its previous week.

Pre-offers of March PSF contract from SINOPEC for 1.4D half-light is 15,300Yuan / ton, 1.2D semi-dull 15,350 Yuan / ton and 1.2D bright 16,300 Yuan / ton.

Pre-offers of March polyester chip contracts from SINOPEC for semi-dull, bright and industrial yarn chips are 14,000 Yuan / ton, dull-class chips are at 14,800 Yuan / ton.

Polyester chip market has maintained an adjustment phase and mainstream spot market price is about 13,900-13,950 Yuan / ton.

Fibre2fashion News Desk - India

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