The main price of US crude oil fell by US $1.68 to $70.80 / barrel on Friday, as investors worried about economic growth prospects and global demand for energy caused by European sovereign debt.
Naphtha fell $6 to $673-676 / ton (CFR Japan); heterogeneous class MX dropped by $15 to $817-818 / ton (FOB Korea).
In Asia, Paraxylene plunged by $7 to $934-935 / ton (FOB Korea). In the European market it stood steady at $993-997 / ton (FOB Rotterdam) and in the US market it descended by $15 to $915-920 / ton (FOB US Gulf).
PTA spot market too turned weak. Offers in the Chinese domestic spot market were around 7,200 Yuan / ton, but most sellers were unwilling to sell below 7,300 Yuan / ton. Offers for Taiwan goods were light at $870 / ton.
The Chinese MEG market also declined and a wait and watch sentiment gripped the whole market. Offers for domestic goods remained at about 6,500 Yuan / ton, with negotiation levels at around 6,300-6,350 Yuan ton.
Offers for overseas MEG too fell significantly. Offers for small quantity were at $760-770 / ton, negotiation level was around $760 / ton, or even lower.
Polyester filament yarn in Jiangsu and Zhejiang extended its weak trend. Some factories reduced prices by 100-200 Yuan / ton. The prices of polyester staple fibre (PSF) from manufacturers in Jiangsu and Zhejiang fell 200 Yuan to 10,000 Yuan / ton (ex-factory price in cash payment).
marketing@alchempro.com
