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Polyester chain: poor confidence grips the chain

Polyester chain: poor confidence grips the chain Source:
Date: 02-10-2012
Visits: 257
Very Poor

Asian MEG prices were marginally up amid thin pre-holiday trading and sluggish market activity. Sentiments were weaker as pre-holiday buying faded. PTA prices also rose marginally, lifted by an end-week rally in feedstock paraxylene market. Downstream buyers had enough stock for consumption between mid and late October period. There will be also some demand for short coverings in the first week post National holidays in China.
The cost support remained firm for polyester chips makers but with upcoming National holidays in China, semi dull PET chip market was in a wait-and-see stance on weak demand. The market saw little changes this week. Super bright chip market in Jiangsu and Zhejiang mirrored SD chip market while CDP chip market in Jiangsu and Zhejiang were stable. Polyester filament yarn markets in Asia were quiet as sentiments failed to firm up amid sluggish activities and upcoming week-long National holidays in China in early October. Prices largely leveled off as downstream buyers mainly restocked in small volumes on rigid demand. Asian polyester staple fibre markets eased somewhat and the entire polyester chain showed poor confidence.
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