In the fourth quarter of fiscal 2018, polyester markets were marked by slow recovery in the Chinese downstream market impacting delta in a firm intermediates price environment. PFY prices gained 4 per cent q-o-q while delta declined 12 per cent q-o-q to $ 274/MT. PSF prices improved by 5 per cent q-o-q and delta dipped 14 per cent q-o-q to $ 214/MT. PET markets however remained buoyant amidst expectations of good seasonal demand. PET prices gained 12 per cent q-o-q and margins firmed up by 28 per cent q-o-q to $ 206/MT.
"Polyester markets remained healthy and producers were able to pass on increase in cost to the downstream units. In fiscal 2018, PFY price increased 13 per cent y-o-y with delta firming by 14 per cent y-o-y. The Chinese ban on imports of recycled feed continued to support virgin polyester markets – as a result, PSF prices increased by 17 per cent y-o-y; with delta strengthening by 40 per cent y-o-y. Global PET markets remained tight due to shutdowns in western markets, which aided Asian players. In the reported period, PET prices firmed up by 14 per cent y-o-y and delta gained by 19 per cent y-o-y," RIL press release said.
Reliance polyester chain expansions have stabilised and are operating at optimal rates. In fiscal 2018, RIL polyester chain production increased by 25 per cent y-o-y reflecting commissioning of new capacities. Fibre intermediates production in FY18 increased to 9 MMT from 6.8 MMT and polyester production increased to 2.4 MMT from 2.2 MMT. RIL has successfully captured the upcycle in polyester industry with timely expansions across the chain.
Intermediate markets strengthened, tracking oil and naphtha markets. PX price was higher by 5 per cent y-o-y, however margins were weaker by 10 per cent y-o-y due to higher feedstock prices. PTA price firmed up 9 per cent y-o-y in line with the upstream prices, supported by tight supplies and firm demand. PTA delta firmed up 31 per cent y-o-y and remained above 5 year average. MEG markets also remained buoyant with tight supplies and strong demand. FY18 price firmed up 23 per cent y-o-y and delta was higher by 26 per cent y-o-y.
During the fourth quarter of 2018, fibre intermediate markets remained strong with robust downstream demand and tight supplies. PX prices gained 8 per cent q-o-q and delta firmed 19 per cent q-o-q to $ 371/MT. PTA prices gained 10 per cent q-o-q and margins strengthened by 19 per cent q-o-q to $ 150/MT. MEG prices firmed up by 8 per cent q-o-q and delta gained by 13 per cent q-o-q to $ 598/MT. (RR)
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