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Polyester chain: dull week after holidays

Polyester chain: dull week after holidays Source:
Date: 18-02-2013
Visits: 322
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Asian ethylene prices remained unchanged as market participants in both Northeast and Southeast Asia were absent from the market for the Lunar New Year holidays. In Europe, ethylene prices moved up as feedstock levels remained elevated. US spot ethylene was down as most participants described markets as uneventful and quiet. Asian paraxylene prices rose posting a US$3 day on day gain supported by firm buying interest for March.

In Europe, paraxylene prices climbed US$3 day on day tracking the Asian increase, while some activity aimed at export was also heard in Europe.

However, they were down from a week ago. US spot paraxylene remained flat week on week as demand was steady against firm Asian PX demand.  Asian MEG markets were flat as assessments were brought forward.

European mono ethylene glycol market saw a marginal dip in prices on the back of dull demand. In US, MEG contract prices appeared set to rise slightly next month after MEGlobal set its North American Benchmark price for March with an increase of US cent 1 over February. PTA markets were rather quiet in Asia on the first day after the Lunar New Year holiday as futures market was closed and some traders were still absent from the market.
Polyester chip markets in Asia saw insipid liquidity and stable prices during the Lunar New Year holiday. Resuming business, on the first trading day after holidays, some producers remained on leave, with sporadic makers pegging offers. Polyester filament yarn markets went stable to marginally higher and some producers hiked their offers tentatively after the holiday.

In India, trading activity was thin while Pakistan PFY market went stable. Polyester staple fibre markets were quiet during the Lunar New Year holiday in Asia, with range bound prices. Citing tight supply, some PSF producers raised their offers in China.
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