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2003-4-18 8:51:00
Polyester prices continued falling in China in the past seven days, as a result of a dramatic decline in raw material costs and a low level in demand from textile industry.
Polyester prices again lost a few hundred yuan per ton in China last week, depending on products. The most important fall was observed for polyester staple fibers, down about 600 yuan per ton at approximately 8,000 yuan.
By comparison, PSF prices nearly reached 11,000 yuan by mid-February. This is a 25% decrease in less than two months with prices progressively returning to the low level experienced until last November.
The current fall in prices in China is mainly due to lower demand from spinning and weaving industries. Iraq war and more importantly SARS epidemic apparently resulted in a slowdown in exports to the EU and the US.
The very high level in cotton prices is adding to difficulties met by fiber processors.
The fall in polyester prices is also the result of lower intermediate prices.
After resisting the current downward trend, MEG prices finally plunged last week in Asia, with average prices down US$140 per ton in the week to 11 April in China.
PTA prices also dramatically fell in the past week, down about US$70 per ton in the Far East at US$590 per ton.
Such as polyester prices, MEG and PTA prices are progressively returning to the levels experienced in November.
The fall of PTA prices is also due to the current rise of capacities in China with new facilities due to become operational in the coming weeks.
PSF prices could rapidly bottom out, however, as the fall in prices will convince spinners to order more polyester staple fibers and less cotton.
In addition, crude oil prices are far from falling these days. After the decrease experienced at the end of March, oil prices no more declined after OPEC members announced a possible reduction of their production. In addition, Iraqi output will not be back on the market before weeks and possibly months, therefore limiting oil availability.
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