Polyester intermediate prices have moved into different directions in the last days in China where PTA prices were this Monday recovering after paraxylene prices have bottomed out. The rise of crude oil prices is now supporting the polyester chain with fiber prices staying currently frozen, due to a lack of demand from spinners and filament weavers.
Paraxylene and PTA prices have stayed very firm in the past seven days in the Far East, over a sharp rise of crude oil prices.
In New York, the WTI futures have gained more than 4$ per barrel or 7.7%.
Paraxylene prices have followed the same way, although less significantly increasing.
Prices have gained 11$ per metric ton or 1%.
PTA prices have not changed in the last seven days on the international market, reflecting a fall of the market, followed by a rebound.
In China, PTA prices have begun recovering this Monday, probably due to stronger demand from polyester fiber producers.
Operating rates have returned back to high levels at PSF and filament plants, with a need to replenish material stocks.
PTA futures were also bottoming out this Monday on Zhengzhou’s market in China.
By contrast, MEG prices were today staying very weak, having fallen 18$ or 2.9% in one week on the international market and 135 yuan or 2.6% on China’s domestic market.
MEG futures have further fallen In Dalian where the nearby contract has lost 2.9% in a single week.
Contract prices are not reflecting this downward trend however, and MEGlobal has nominated its March ACP 20$ higher than in February.
Ethylene prices have sharply risen in the past days, which could offer a strong support to glycol producers.
Source: Emergingtextiles
