Ethylene prices declined sharply in the first week of March in Northeast Asia as demand dropped for downstream
styrene monomer while other derivatives like poly ethylene weakened significantly. The European ethylene market
was bullish as the material remained tight amid firm demand. Paraxylene prices declined in Asian markets amid
weakness in both up and downstream sectors. In the US, paraxylene spot was down as mixed xylene slipped.
European paraxylene contract price for March was fully settled at a roll over while spot declined on the week.
Mono ethylene glycol prices dived in Asian markets on urgent sales with sellers lowering offers to avoid
incurring port costs. In China, port inventories continued to swell while the supply in the domestic market was
abundant this week. European MEG prices also fell as demand softened and March contract price settling at a
rollover, thus ending the huge price increases. US MEG prices retreated from their 21-month, pushing the
assessment of its highest level since July 2, 2015.
Polyester staple fibre prices moved down further in China with raw material costs dropping continuously while
they remained stable in India and Pakistan. Polyester filament yarn prices declined in China while they rose in
Pakistan. In India, partially oriented yarn offers were generally held stable amid thin spot trades as
downstream buyers purchased on a need basis to maintain production.