May 6th, 2011 Daily Review on Polyester Prices

 

 

Upstream Market: On May 5th, the futures price of light crude oil delivered by June decreased sharply 9.17dollars to 99.80 dollars per barrel and its decreasing rate was 8.39% on the New York Mercantile Exchange (NYMEX). This is the first time that New York oil prices fell below 100 U.S. dollars per barrel since early March this year. Asian PX price fell 17 U.S. dollars to 1,556 dollars per ton FOB Korea, and European PX price fell 10 U.S. dollars to 1,640 U.S. dollars per ton FOB Rotterdam.

 

PTA Spot Goods: Today the domestic PTA spot market is weak, now the actual negotiating price is near by 10,150-10,200 Yuan per ton, and the actual negotiation is scarce. The overseas PTA market continues to slide down, the quotation of Taiwan cargo is about 1,320 U.S. dollars per ton, and the quotation of Korean cargo is near by 1,300 U.S. dollars per ton. The market transaction atmosphere is weakness.

 

MEG: Today MEG price goes weak, the offering price in East China domestic market is around 8,600 Yuan per ton and its major negotiating price is about 8,550 Yuan per ton. The leading quotation of ship-loaded cargo in the import market decreased to 1,110 U.S. dollars per ton.

 

Downstream Market: Today the polyester market continues to be weak, the major negotiated price of East China bottle chips decreased to 12,800-12,900 Yuan/ton. The major negotiated price of the semi-bright chips decreased to 12,750 Yuan per ton in China-Jiangsu-Zhejiang market. The polyester staple fiber price is still weak in the East China market, among them, the quotation of 1.4D*38mm spinning polyester staple fiber decreased to 13,300 Yuan per ton. While the quotation of polyester manufacturer continues to be down in China-Jiangsu and Zhejiang market, the scope is between 100-500 Yuan per ton. Now the major quotation of FDY50D/24F is around 16,600 Yuan per ton at six months acceptance.

 

Forecast: Now all commodities price decreased, and it is obvious to appear the bearish attitude, most of buyers just watching, and the seller shipped a strong intention, but they all do not know how to quote and only waiting for firm bid, if it is right that can be shipped. So it is expected that recently the polyester prices will continue to be weak.