In the past few days, the Chinese domestic polyester staple fiber market has stabilized under the influence of external factors. Prices have increased slightly and trade conditions have also improved marginally.
The global oil market rebounded since last weekend and market confidence has been restored, due to which price of polyester staple fiber reversed from the declining trend. At present, polyester staple fiber industry is maintaining a high operating rate.
There is a semblance of a certain profit margin, inventory remain in normal range, which may basically last for 7-10 days. Prices of crude oil futures rebounded several times in the week, sending the market into repeated volatility, but fluctuation was not large.
While crude oil prices increased, PX prices declined, current level of Asian price was close to US $800 per ton, which could not give support to any increase in prices of PTA.
Currently, PTA spot market continues on a weak trend, offers for domestic goods maintained around 7,050 Yuan / ton, while offers for overseas products were $850 / ton.
MEG market was also weak, transaction atmosphere was moderate, negotiation price for domestic supply was 5,800 Yuan / ton and negotiation price for overseas supply was $700 / ton.
Fibre2fashion News Desk - China