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Polyester chain: no signs of improvement, paraxylene tank

Polyester chain: no signs of improvement, paraxylene tank Source:
Date: 01-04-2013
Visits: 297
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Price movements in Asian ethylene markets were diverged as cargoes continued to move from Northeast to Southeast Asia despite the price gap between them narrowing. In Europe, the April contract price for ethylene was fully settled down Euro 60 a ton on the month while the spot markets tumbled on low demand. In US spot ethylene slipped following the market talk of improving supply, which in turn was attributed to the recent restarts of petrochemical facilities in the US Gulf.

Paraxylene prices were at their lowest since 2 August 2012 in Asian markets while European spot prices tanked as global sentiment continued to decline. US spot paraxylene continued to be under pressure by lower US spot MX prices and weakening Asian prices.
Mono ethylene glycol prices slipped amid weak polyester demand while the markets scrambled for the psychologically-important level. MEG market was also weighed down by bearish sentiment early in the week. US MEG prices are set to move lower in April after MEGlobal had set its North American benchmark price for the month at a decrease from March. The plunging feedstock paraxylene has a adverse impact on purified terephthalic acid prices which sank to the lowest level since 30 August 2012. PTA prices accelerated their downward trend, with offers dwindling. In Europe, PTA producers continued to face weak demand for their product, as activity in downstream PTA stalled on expectation of price declines.
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