With the news of delay in PX plant expansions, Asian market bounced back. In S E Asian market, PX was assessed in the range of US $840-845/ton. In Korean market, price was $840-835/ton and in Chinese and Taiwanese market, price stood at around $850/ton.
PTA spot market prices in Asia rose in tandem with positive upstream sentiment. Prices mainly assessed in the range of $845-860/ton Taiwanese goods were offered around $860/ton but traded around $855/ton. Korean spot offers were around $845/ton, but traded around $835/ton.
The current excess of ethylene production capacity in Asia is expected to suppress the profit margins of the petrochemical industry, along with dropping ethylene prices. In N E Asia, it was around $845/ton while in S E Asian market it was around $790-800/ton.
MEG market sentiment remained light, due to thin trading volume. In S E Asian market, price went down below $700/ton and was assessed around $695/ton.
In May 2010, US new orders for manufactured goods fell 1.4%, the highest registered in the past few months.
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Fibre2fashion News Desk - India
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