Polyester intermediate prices, covering the polyester chain in Asia, including PX (paraxylene), PTA (purified terephthalic acid), MEG (mono-ethylene glycol), polyester chips, and polyester staple and filament, have continued rising in the very recent week, and are expected to further climb after Chinese holidays.
PTA futures have again risen in the last week in China, gaining 1.7 per cent over the week and 3.3 per cent in four weeks. This is a clear sign of the current upward trend of the PTA market. Spot PTA prices have gained $6 in the last week on the international market in Asia (+1 per cent) whereas glycol prices have risen $20 or 2.2 per cent.
MEG prices have surged 41 per cent in three months, reflecting the lack of available quantities in the Far East. Glycol stocks have dropped to very low levels whereas a new series of maintenance operations will negatively affect global production in the second quarter of the year. MEG prices could therefore rise to even higher levels after Chinese holidays.
At the same time, paraxylene and PTA markets will also experience a series of maintenance operations in a large number of plants in Asia, meaning that prices could continue rising until next June. Parxylene ACPs have been settled at $900 per metric ton CFR Asia, after an agreement has been found between largest Asian producers and their customers of the PTA industry.