Daily Market Update on 07-07-2014
After a recent sharp decline in the price of PX, it is trying to recuperate some of the losses by adding $7 to $1,382/ton. Limited supply of PTA continues to hold the price at $998/ton. Most producers would like to see the price not less than $1000/ton. MEG traded close to $1,000 failing to move above it and finally finished the session at $995/ton all FOB Shanghai.
Producers of PET Chips are in wait and see attitude. They are following well the polyester raw material market but they are not yet in a position to take any actions. Price has risen sharply over the past few weeks and it is still unclear how things will move forward. PX price was lowered last week but producers of PTA are controlling well the production and limiting the supply in order to keep the price high. Price of PET bottle grade SD type was unchanged at $1,310/ton and filament grade at $1,285/ton FOB Shanghai.
Overall sentiment in the PSF market remains positive but momentum is slowing. The product sold well in June but no one is sure in which direction the market will move in July. Foreign buyers are still sitting on the sideline and the rate continues to trade in a tight range of $1.37-$1.39/kg FOB Shanghai.