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MEG Market Weekly (Nov 29-Dec 3 2010) |
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2010-12-6
| Price |
| Spot |
|
29-Nov |
3-Dec |
Weekly Average |
Trend |
| |
WTI crude futures |
85.7 |
89.2 |
86.8 |
→ |
| Feedstock |
Naphtha ($/mt CFR Japan) |
812.8 |
836.8 |
821.6 |
→ |
| Ethylene ($/mt CFR NE Asia) |
1100.0 |
1169.0 |
1117.8 |
→ |
| MEG Spot |
China domestic (Yuan/mt cash, ex-tank) |
7890 |
8320 |
8056 |
→ |
| Import market ($/mt CFR China L/C 90 days) |
992 |
1034 |
1011.4 |
→ |
| MEG Contract |
|
Sep |
Oct |
Nov |
Dec |
| SABIC ($/mt CFR Asia) |
880 |
900 |
1020 |
1160 |
| SHELL ($/mt CFR Asia) |
870 |
900 |
1030 |
1160 |
| MEGlobal ($/mt CFR Asia) |
870 |
910 |
1030 |
1180 |
| Sinopec (Yuan/mt delivered) |
Offer |
6600 |
7900 |
9000 |
8500 |
| Settlement |
6800 |
8900 |
8750 |
N/A |
| Imports(kt) |
August |
560.7 |
September |
543.8 |
October |
495.1 |
 |
| Market roundup |
MEG market slightly rebounded this week. Some traders started to replenish the stock and some inclined to build stock after spot prices fell below 8000yuan/mt and $1000/mt. The enquiry was quite active. In import market, the highest and lowest traded prices were $1040/mt and $985/mt, while in China domestic market the prices were 8350yuan/mt and 7780yuan/mt.
MEG market was stable in early week, supported by active inquiry from traders. Most buyers' ideas were at $990/mt and 10,000-20,000 metric tons were concluded at this level. In China domestic market, the bids mostly at 7800-7900yuan/mt, but the selling interest was low.
MEG market turned vigorous as most traders actively enquired. Traded prices increased from $998/mt to $1008/mt and the turnover expanded evidently. Most traders were unwilling to sell. In China domestic market, the transitions were sporadic despite more bids. The traded prices were up to 8000yuan/mt. The transaction volume was close to 20,000 metric tons and most buyers were traders. |
| Inventory |
| MEG Inventory in East China Ports* (unit:10kt) |
| |
Last Week |
This Week |
| Zhangjiagang |
25 |
25 |
| Taicang |
7.5 |
6.5 |
| Jiangyin |
5 |
5 |
| Ningbo |
12 |
11.5 |
| Total |
49.5 |
48 |
| MEG Inventory |
Tank: high |
Polyester plant: moderate |
| *statistics available |
| Forecast |
| The turnover apparently expanded recently on traders' buying activities, but only a few polyester producers followed up due to dull sales. The macroeconomic policy remains unclear before the central economic working conference. The inventory of polyester products gradually increases as the price decline failed to stimulate the sales ratio. MEG market may continue to fluctuate next week. |
source:CCFGroup.com
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