In the last one week, price decline in polyester value chain is drastic because of, interest rate hike by the Chinese central bank.In the last one week, price decline in polyester value chain is drastic because of, interest rate hike by the Chinese central bank. Earlier it was predicted that Central Bank of China, would go slow on change in the interest rates.

Moreover, the unemployment data of USA turned better. Also tension in the oil-producing regions, and further price hike in crude oil added bearish undertones in the market as downstream buyers stayed aside as they could not pass the price hike to their clients.

In the last few days in fiber market, PTA and MEG spot prices fell and semi-dull polyester chips, large bright polyester chip prices too declined, while CDP chip prices stable, PET bottle chip prices faced minor correction.

For S D PET Chip, the mainstream price was at RMB 13,450/ton, bright PET Chip was at RMB 13400/ton. PET bottle chip markets in general witnessed transaction price of RMB 14100/ton.

PTA spot market imports recorded flat and subdued trading atmosphere, Taiwan cargo was offered at $1,530 / ton, negotiations were $1510-1515 / ton, while sales concluded around $1,520 / ton. Talks for Korean goods stood around $1500-1510 / ton.

The Chinese market underwent a small holiday season and limited power supply added fuel to the sluggish demand. Coupled with bearish upstream PX, PTA prices fell as supply side turned normal. Speculators also held their decision, as market outlook was confused.
POST: 2024-11-24