Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
IssueNo.1011thMarch2011
CONTENTS
NotestoPriceWatchReport
ConfidentialityStatement.
ExecutiveSummary
POLYESTERCHAIN
PolyesterStapleFibre.
PolyesterFilamentYarn.
PolyesterChips.
10
PurifiedTerephthalicAcid
11
MonoEthyleneGlycol..
12
Paraxylene
13
Ethylene..
14
NYLON CHAIN
NYLONCHAIN
15
NylonFilamentYarn
16
NylonChips
18
Caprolactum..
19
Benzene..
20
ACRYLICCHAIN
21
AcrylicStapleFibre
22
Acrylonitrile.
23
Propylene
24
VISCOSECHAIN
25
ViscoseStapleFibre
26
ViscoseFilamentYarn.
27
WoodandCottonPulp
28
Cotton.. 29
Wool.. 30
SpunYarn..
31
100%CottonSpunYarn..
31
100%PolyesterSpunYarn.
32
100%ViscoseSpunYarn..
33
Polyester/CottonBlendedYarn..
34
Polyester/ViscoseBlendedYarn
35
SpandexYarn.
36
Naphtha.. 37
CrudeOil. 38
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MARKETTERMS
FOB
FreeonBoard
CIF
Cost+insurance+Freight
C+F/CNF/CFR
Cost+Freight
FDorDelivered
Freedeliverywithin300sq.km
Mainstreamoffer
Mainmarketoffer
Spot
Mainmarketcashtransaction
Local
Localmainmarketpricesinclusiveofallfederalandlocaltaxes
Contract
Producers'nominatedpriceforensuingmonth
Exwork
Exfactoryprice
FarEastAsia
SouthEastAsia
MARKETSBYREGIONS
S.WestAsia
Europe
USA
USGulf
China
Thailand
India
Rotterdam
Korea
Malaysia
Pakistan
ARA
Taiwan
Indonesia
Japan
Phillipines
Singapore
CONVERSION RATE
CONVERSIONRATE
4Mar 11Mar
2.204
Pounds/kg
6.567
6.575
7.33
Barrels/Ton
IndianRs
45.210
299
Gallons/ton
PakRs.
ChinaYuan
6.727
6.591
6.600
85.412
37.32
Kgs/Maund
Australian$
1.067
0.992
0.993
0.983
0.997
355.60
Kgs/Candy
Euro
0.759
0.729
0.733
0.722
0.724
NOTEStoReport
Pricequotecoveredinthisreportrelateto"Low"ofthe"Low/High"pricerange
TheBaseofBenchmarkisthemajorsupplyingregioninthefibrechain
Value chain pricing intensity is the relation of the product under review with its upstream raw material segment and with its
close substitutes. It is also a conversion cost indicator. For example, naphtha is produced from crude oil, paraxylene from
naphtha, PTA from paraxylene, MEG from ethylene, POY from PTA/MEG, DTY/FDY from POY. Similarly substitute are like viscose
to cotton, acrylic to wool. Another example is the blending of cotton with polyester. In this report value chain pricing intensity, we
have,tothebestofourknowledgecrosslinkedthevaluechaintotheimmediateupstreamandtotheclosestmarketterm.
ConfidentialityStatement
This document is confidential and has been made available to the individual to whom it is addressed on the understanding that its
content and copyrights will not be misused. Reproduction of any part of this work by any process whatsoever without written
permissionofYNFX.comisstrictlyprohibited.
All prices in this PriceWatch Report are indicative prices and may vary according to the type of fiber, quality level required.
Information contained in this report is obtained from sources believed to be reliable, however YNFX.com will accept no
responsibilityorliabilityforcommercialdecisionsclaimedtohavebeenbasedonthecontentofthereport.
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ExecutiveSummary
Weekshighlights;
MassiveearthquakepoundsJapan,crudepricesdeclinessign
Fibreintermediatemarketsmixed
Cottonpricesdowninexpectationofhigheracreage
MassiveearthquakeinJapanclampsdownoilprices
Crude oil prices futures ended lower this week end after a massive earthquake pounded Japan, raising worries of lower oil
demand in the world's third largest oil consumer. A security clampdown in the Saudi capital of Riyadh kept protests muted on a
planned "Day of Rage," and police action in Kuwait and Bahrain neutralized activists, helping keep the oil price from going up. In
China, the inflation rate for February topped forecasts, at 4.9%, and a further climb could lead to more monetary tightening. US
President Barack Obama said oil prices have been driven up by market uncertainty and stronger world growth, rather than a
severe dent in supply due to fighting in Libya. He declined to spell out what price thresholds would trigger a release from U.S.
strategicoilreserves.
On the New York Mercantile Exchange, crude for April delivery settled at US$101.16 a barrel, down US$3.26 or 3.1% for the week,
the biggest weekly percentage loss since the week to 11 February, when prices fell US$3.45, or 3.9%. In London, ICE Brent crude
for April settled at US$113.84 a barrel, down US$2.13 or 1.8% for the week, dropping for the first time in seven weeks. It was the
biggest weekly percentage loss since the week to 19 November 2010, when prices fell 2.3%. Thus, the April Brent/WTI spread
endedatUS$12.68.
PolyesterChain:Upstreamuncertain
The earthquake followed by Tsunami that hit Japan late in the week generated waves up to 10 metres high, and swept inland,
destroying
y g buildings
g and infrastructure and p
paralysing
y g refiningg and p
petrochemical operations.
p
The p
petrochemical complexes
p
in
Ichihara, Chiba prefecture, and Sendai, Miyagi prefecture, were on fire. Reuters reported that Maruzen shut its two naphtha
crackers at Chiba with capacities of 480,000 and 690,000 tons of ethylene per year, respectively while JX Holdings shutting its
404,000tpy Kawasaki naphtha cracker near Tokyo. Mitsubishi Chemical also reported halting of operations of two naphtha
crackers at Kashima after power outage. In paraxylene, JX Nippon Oil & Energy shut its paraxylene facilities in Kashima, with a
combined capacity of 600,000 ton/year, and in Kawasaki with a combined capacity of 350,000 ton/year. In Asia, paraxylene
market reaction was swift and prices surged over US$50 a ton. Downstream Asian MEG and PTA markets saw downward
corrections in prices. Demand from polyester producers was mute as they cut run rates given poor performance in spinning sector
and some regions in China began power rationing forcing production cuts. The cost support to polyester chips markets eased with
the downward correction in PTA and MEG prices. In China, the chips markets were quiet in expectation of a rise in the deposit
reserve rate. The polyester filament prices in Asia made some upward movement, despite the losing support of PTA and MEG.
Asian polyester staple fibre markets were stalemated and prices basically softened somewhat. After shortcovering last week,
downstream restocking intention weakened coupled with lackluster sentiment in the PTA and MEG markets. The cotton market
wasalsodroppedvehementlythisweek.
NylonChain:Benzenemarketquicktoreact
Asian benzene market reacted quickly to the massive earthquake that struck the east Japan on Friday. The rise also helped
stopping the recent slump in Northwest European benzene prices, with a US$33 a ton rise in the Asian market briefly pulling
European levels US$10 a ton higher in early trading. Caprolactum markets in Asia were stable to soft as demand weakened and
upstream benzene prices descended both in Asia and Europe. The cost pressure on nylon chip makers was still high and they
raised their offers on the back of low inventory. However, downstream converters only consumed stocks, preventing prices from
rising. Nylon filament yarn prices firmed up on support of the still high caprolactum and nylon chip values. Inventories with nylon
fiber producers were low and the sentiment was expected to flatten off given suppressed demand for nylon textile yarns and
cautiousfollowupfornylonnontextileyarns.
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AcrylicChain:ASFmarketsrangebound
Asian propylene markets were stable to firm as oil prices remained highly volatile giving ample support to downstream
derivatives. The initial chemical grade propylene settlements in US were heard at US cents 71.0 per pound for March. European
producers raised their prices for the third month in a row with the contracts settling with an Euro 80 a ton increase over previous
month. Acrylonitrile markets were range bound in Asia and prices gained on back of tight supply and continuously climbing
propylene values. Firming up of prices in Europe and USA also helped Asian numbers to climb. Acrylic staple fibre markets in Asia
saw healthy movements amidst favorable trading sentiment. Downstream spinning segment also saw uptrend, but trading prices
werestable.
ViscoseChain:Marketsflat
Prices of wood pulp were up across Europe and USA while they remained stable in Asia. The NBSK Index value was up US$11.88 a
ton (down Euro 1.14) on the European market while the same in US market gained US$19.36 a ton from weeks numbers. In
China, the BHKP Index closed the week losing US$1.98 a ton from last weeks level. In the dissolving pulp markets, new offers
were yet to emerge while reports indicate the offers would be as high as US$3,000 a ton. Viscose staple fibre prices inched up in
Asia while producers no longer showed interest in hiking their offers given the decline in cotton prices. Faced with uncertain
future, market players chose to wait, weakening purchasing intentions and transactions were hard to secure, but some spinning
mills were still fulfilling earlier orders. Viscose filament yarn producers in China hiked their nominations on the back of higher
feedstockvalues.However,downstreambuyinginterestwaslowatthishighvalueswhiletradingpriceswerelaggingbehind.
Cotton:Pricessurgesonceagain
The cotton markets were mixed with cotton futures putting up wild performance, with oldcrop deliveries finishing in the red
after soaring to new alltime highs and newcrop contracts posting gains. Cotton Futures for May delivery lost US cents 7.76 a
pound on ICE Futures in New York. Cotlook A index too lost US cents 6.60 per pound. East and West Texas cotton were cheaper
by US cents 8.25 per pound. In China, the Cotton Index (328) closed up by 195 Yuan a ton. In Pakistan, the Karachi cotton
association rate jumped PakRs 700 per maund while Indian cotton was cheaper. Benchmark Shankar6 variety moved down by
`1,300acandyattheendoftheweek.
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PolyesterChain
February11
Asia(CFR)
Europe(Del)
US$/Ton
Euro/Ton
US$/Ton
Euro/Ton
low
high
low
high low
high
low
high
713
CrudeOil
Naphtha
728
Paraxylene
1,642 1,642
522
758
533
697
USA(Del)
US$/Ton
Euro/Ton
low
high
low
high
555
649
475
510
776
568
1,722
1,262 1,262
940 1,506
1,513
1,104 1,109
1,090
1,101 799
1,285
1,500 1,736
1,513
1,513
Ethylene
PTA
1,469 1,474
MEG
Polyesterchips
1,713 1,713
807
1,109 1,109
923 1,070
1,070
1,446 1,446
1,284
1,274 941
2,027
1,400 1,500
1,980
2,050
1,451 1,502
934
PSF
1.2/1.5DSF
1,900 1,938
2,660
1,700 1,970
2,336
2,380
1,712 1,744
6Dsolid(fiberfill)
1,750 1,850
2,540
1,650 1,880
2,116
2,160
1,550 1,583
75DPOY
1,950 1,950
1,429 1,429
2,711
2,755
1,986 2,019
PFY
75Dtextured
2,985 3,065
2,187 2,246
3,284
3,703
2,406 2,713
150DPOY
2,000 2,100
2,430
1,700 1,800
2,491
2,535
1,825 1,857
150Dtextured
1,900 1,900
3,240
2,100 2,400
2,799
2,997
2,051 2,196
1000Dconventional
2,150 2,350
3,380
2,050 2,500
3,152
3,482
2,309 2,552
Benchmarkratio:Asia=100
PTA
1.00
1.00
0.76
0.87
1.03
1.03
MEG
1.00
1.00
0.85
0.85
1.02
1.01
1.2/1.5DSF
1.00
1.00
1.21
1.37
1.23
1.23
75DPOY
1.00
1.00
1.39
1.41
PETchip/PTA+MEG
1.13
1.14
ValueChainpricingintensity
1.75
1.81
1.35
1.37
POY/PTA+MEG
1.16
1.15
1.56
1.59
POY/Polyesterchip
1.14
1.14
1.18
1.20
1.37
1.34
DTY/POY
1.53
1.57
1.23 1.33
1.12
1.18
2000
2000
2000
US$/MT
US$/MT
1500
3000
3000
EUROPE
EUROPE
1500
1500
2000
2000
1500
1500
500
500
500
500
500
MEG
PSF
WeeklyPriceWatch11thMarch,2011
FORPRIVATECIRCULATIONONLY
POY
PTA
PTA
MEG
MEG
PSF
PSF
POYPOY
J
F
MF
M
A
M
A
J
MJ
AJ
S
J
O
A
N
DS
J
O
F
M
N
A
D
M
J
1000
1000
JJ
FF
M
MA
M
A
J
M
J
AJ
SJ
O
A
N
D
S
J
OF
M
N
DA
M
JJ
1000
1000
PTA
USA
USA
2500
2500
1000
J
F
M
A
M
J
J
A
S
O
N
D
J
US$/MT
ASIA
US$/MT
US$/MT
2500
3000
3000
2500
2500
3000
PTA
PTA
MEG
MEG
PSF
PSF
POY
POY
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PolyesterStapleFibre
2.5
2.0
1.5
1.0
PolyesterStapleFibre
0.5
US$/Kg
The Asian polyester staple fibre markets were stalemated this week and prices
basically softened somewhat. After shortcovering last week, downstream re
stocking intention weakened coupled with lackluster sentiment in the PTA and
MEG markets. The cotton market was also dropped vehemently this week.
Downstream demand was the key factor to PSF market this week though
prices were under pressure from upstream, they were still supported by
downstream. In coming weeks, probably prices may trend down, but downside
willbelimited.
J
F M A M J
1.4D/38mmTaiwanFOB
2010
D
2011
(US$/Kg)
Market
ProductSpecs
1.4D/38mmSD
1.4D/38mmSD
1.2DSD(GradeA)
1.5D/38mmSD
1.4D/38mmSD
China
Taiwan/ROK
Pakistan
Pakistan
India
Term
Last12mths
Min
Virginfibre
Del
FOB
Local
Local
Local
Max
1.37 2.99
1.76
1.15 2.20
1 47
1.47
1.55 2.34
1.79
1.50 2.23
1.73
1.45 2.53
1.75
Prev6wks
Min
Max
2.26 2.28
2.26 2.24
51.1
2.20
2.20
63.0
2.34 2.34
49.5
2.22
2.22
42.0
2.53 2.52
62.8
1.83
1.83
29.8
0.42
0.43
0.43
0.44
2.27
1.80 2.20
2 00
2.00
2.22 2.34
2.30
2.22 2.23
2.22
2.30 2.53
2.38
Recylced
3dimensionalcrimphollow615D EastChina
Main
1.35 2.34
1.55
1.78 1.83
1.81
ValueChainpricingintensity
0.35 0.73
Taiwan/ROK1.4D/38mmSD/CotlookAindex
0.56
0.43 0.86
India1.5D/38mmSD/CotlookAIndex
0.66
0.35 0.48
0.41
0.43 0.50
0.46
Figureinitalicisaveragefortheperiod
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PolyesterFilamentYarn
The polyester filament markets in Asia made some upward movement, despite
the losing support of PTA and MEG markets which were under downward
correction. In China, the sale/production ratios has been falling constantly in
recent weeks and market players held waitandsee stance due to poor
external market conditions. Some varieties of PFYs were seen gaining prices. In
India, prices were stable after rising last week, while in Pakistan prices rolled
overpreviousweeksnumbers.
2.50
PolyesterPOY
2.00
1.50
1.00
US$/Kg
0.50
F M A M
75DPOYMalaysiaFOB
2010
N D
2011
(US$/Kg)
ProductSpecs
POY75D
POY75D/36F
POY75D/72F
POY114/108
POY130/34
POY250D/48F
FDY50D/24F
FDY63D/24F
DTY75/24/0
Market
Malaysia&Indonesia
Shengze
Shengze
India
India
Malaysia&Indonesia
Shengze
Shengze
Pakistan
Term
FOB
Local
Local
Local
Local
FOB
Local
Local
Local
FDY75D/36F
Changshu
Local
FDY150DSD
Malaysia&Indonesia
FOB
FDY150D/96F
Changshu
Local
Last12mths
Min
Max
1.40 2.30
1.64
1.71 2.70
2 10
2.10
1.73 2.68
2.13
1.70 2.74
1.95
1.64 2.60
1.89
1.35 1.95
1.54
2.04 3.40
2.49
1.90 3.11
2.38
2.14 2.83
2.42
1.82 3.17
2.19
1.20 2.05
1.58
1.68 2.61
1.92
Prev6wks
Min
Max
1.95 2.30
53.3
2.62
2.63
50.9
2.63 2.66
51.0
2.74
2.73
46.9
2.58 2.60
45.9
1.95
1.95
34.5
2.83 2.86
40.4
2.71
2.73
39.7
2.78 2.79
25.4
2.66
46.5
2.05 2.05
51.9
2.25
32.2
2.13
2.59 2.63
2 61
2.61
2.61 2.65
2.63
2.33 2.74
2.47
2.50 2.60
2.54
1.85 1.95
1.90
2.80 2.86
2.83
2.70 2.73
2.71
2.78 2.79
2.78
2.64 2.66
2.66
2.65
1.75 2.05
1.90
2.23 2.27
2.27
2.25
Figureinitalicisaveragefortheperiod
contd/
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PolyesterFilamentYarn(contd..)
ProductSpecs
Market
Term
DTY75D/36F
Shengze
Local
DTY75/48/0
Pakistan
Local
DTY75D/72F
Shengze
Local
DTY75D/144F
Changshu
Local
DTY150D/48SD
Malaysia&Indonesia
FOB
DTY150/48/0
Pakistan
Local
DTY150/48/INT
Pakistan
Local
DTY150D/288F
Changshu
Local
DTY300/96INT
Pakistan
Local
DTY300D/72F
Malaysia&Indonesia
FOB
DTY300/96/0
Pakistan
Local
1000D/192Fhighstretch,low
shrink
ChinaMainPort
FOB
1000D/192Fhighstretch
Shanghai
FOB
1000D/192Fhighstretch,low
shrink
Shanghai
FOB
WeeklyPriceWatch11thMarch,2011
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Last12mths
Min
Max
1.96 3.03
2.38
1.98 2.83
2.35
2.23 3.23
2.60
2.26 3.21
2.64
1.55 2.20
1.80
1.85 2.50
2.09
1.93 2.83
2.23
1.95 2.67
2.22
1.78
1 78
2.53
2 53
2.03
1.52 2.20
1.77
1.70 2.40
1.96
1.68 2.70
2.05
1.60 2.50
1.90
1.78 2.70
2.09
Prev6wks
Min
Max
2.97 3.03
51.9
2.79
2.78
40.2
3.15 3.18
41.8
3.20
3.21
42.2
2.20 2.20
33.3
2.50
2.50
34.8
2.68 2.68
38.7
2.64
2.65
31.9
2.53
2 53
2.52
2 52
42 2
42.2
2.20
2.20
29.4
2.39 2.40
41.2
2.57
2.57
29.8
2.42 2.42
34.4
2.57
30.5
3.00
2.73 2.79
2.76
3.13 3.18
3.16
3.18 3.21
3.20
1.90 2.20
2.05
2.39 2.50
2.45
2.52 2.68
2.60
2.62 2.65
2.64
2.34
2 34 2.53
2 53
2.44
1.85 2.20
2.03
2.27 2.40
2.33
2.40 2.57
2.51
2.25 2.42
2.36
2.40 2.57
2.57
2.51
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PolyesterChips
2,000
With PTA and MEG markets undergoing downward price corrections, the cost
support to polyester chips markets eased. In China, the markets were quiet in
expectation of a rise in the deposit reserve rate. The softening of PTA futures
and earthquake in Japan, the Asian markets were uncertain on the future
trend. Many factors are now mixed, including the expectation of hike in
deposit reserve ratio, Japans earthquake, downstream demand weakening,
creatinggreatuncertaintieswithmarketfuture.
PolyesterChips
1,500
1,000
US$/Ton
500
D J
F M A M
TaiwanFOB
A S O
2010
N D
2011
(US$/Ton)
ProductSpecs
Market
Term
Contpolymerised(SD,filgrd)
China
Local
Superbright,filgrade
China
Local
CDP
China
Local
Semidull,fibregrade
Taiwan/ROK
FOB
Last12mths
Min
Max
1,318
Max
1,471
1 471
2,400
2 400
1,712
2,117
2,114
44.3
2,086
2,086
2,084
42.2
2,208
2 208
2,205
2 205
46 2
46.2
1,900
1,900
54.5
2,058
2,170
2 170
2,208
2 208
2,189
1,900 1,650
1,314
2,117
2,083
2,189 2,035
1,582
1,100
Min
2,117 2,035
1,590
1,309
Prev6wks
1,900
1,775
ValueChainpricingintensity
1.07 1.33
TaiwanKoreaSDchips/KoreaFOBPTA
1.24
1.21 1.58
TaiwanKoreaSDchips/KoreaFOBMEG
1.40
1.37 1.67
ChinaSDfilgrchips/ChinamainstreamPTA
1.50
1.53 1.96
ChinaSDfilgrchips/ChinamainstreamMEG
1.71
1.11 1.29
1.25 1.26
1.20
1.29 1.53
1.51
1.53
1.42
1.37 1.41
1.39 1.40
1.39
1.59 1.70
1.68
1.70
1.65
Figureinitalicisaveragefortheperiod
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PurifiedTerephthalicAcid
1,700
The Asian PTA market was also amid weak corrections, as the recent PTA
futures in China dropped after the rise in earlier days, and spot market also
corrected weakly. Since spot supply was relatively short, sellers generally held
tight on firm offers, and the downtrend was slower. Upstream paraxylene
prices kept inching up, providing strong cost supports for PTA values. The
overall demand somewhat weakened given the downtrend in downstream
markets and the power rationalization in some regions in China. In coming
weeks,PTAmarketwillpossiblygointoweakcorrection.
PurifiedTerephthalicAcid
1,400
1,100
800
US$/Ton
500
F M A
Korea/TaiwanFOB
N D
2010
2011
(US$/Ton)
ProductSpecs
Offers
Goodsinbondedareas
Importedgoods
Market
Korea/Taiwan
China
China
China
Domesticproducers
China
Term
FOB
CIF
CIF
Main
Local
Last12mths
Min
Max
845
1,510
58.1
1,520
1,520
1,510
55.7
1,500
1,500
1,500
57.1
1,510
1,510
1,500
56.3
1,789
1,734
46.1
1,483
1,794 1,734
1,284
1,520
1 476
1,476
1,510 1,460
1,054
1,019
1,520
1,495
1,500 1,455
1 049
1,049
835
Max
1,484
1,520 1,475
1,065
835
Min
1,520 1,430
1,071
835
Prev6wks
1,794
1,769
ValueChainpricingintensity
0.85 1.04
KoreaFOB/KoreaFOBparaxylene
0.94
0.83 1.01
Chinamainstream/Chinaspotparaxylene
0.92
0.88 0.92
0.92 0.91
0.90
0.87 0.91
0.91
0.90
0.89
Figureinitalicisaveragefortheperiod
WeeklyPriceWatch11thMarch,2011
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MonoEthyleneGlycol
2,000
MonoEthyleneGlycol
1,500
1,000
500
US$/Ton
F M A
Taiwan/KoreaFOB
2010
N D
2011
(US$/Ton)
ProductSpecs
Market
Term
Frontmonthoffer
Korea/Taiwan
FOB
Goodsinbondedareas
China
CIF
Buyingideas
China
CIF
Mainstream
China
CIF
MEGlobal'snomination
Asia
CFRAsia
Shell'snomination
Asia
CFRAsia
Sabic'snomination
Asia
CFRAsia
Last12mths
Min
Max
700
1,285 1,245
690
1,270
1 270
1,260
1,245
33.9
1,285
1,260
1,245
33.2
1,250
1 250
1,240
1 240
36 3
36.3
1,255
1,240
34.8
1,380
1,380
1,380
25.5
1,360
1,360
23.6
1,400
1,400
33.3
1,327
1,360
1,317
1,400 1,230
1,040
1,275
1,253
1,360 1,230
1,049
1,270
1 270
1,249
1,380 1,220
1,048
850
1,235
1 235
1,275 1,240
931
850
1,280
1,260
925
840
Max
1,254
942
695
Min
1,280 1,230
944
700
Prev6wks
1,400
1,343
ValueChainpricingintensity
0.64 1.14
KoreaFOB/KoreaFOBethylene
0.86
0.65 1.10
ChinamainstreamCIF/NEAsiaCFRethylene
0.84
0.94 1.01
0.95
0.97
0.92 0.97
0.93
0.93
0.94
Figureinitalicisaveragefortheperiod
WeeklyPriceWatch11thMarch,2011
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Paraxylene
The massive earthquake followed by a Tsunami devastated Japan and forcing
many petrochemical plants to shut down. JX Nippon Oil & Energy shut its
paraxylene facilities in Kashima, with a combined capacity of 600,000 ton/year,
and in Kawasaki with a combined capacity of 350,000 ton/year. In Asia,
paraxylene market reaction was swift and prices surged over US$50 a ton.
South Korean bids also flooded the market. Japan is South Korea's top
paraxylene source, accounting for more than 50% of its total import volume in
January. European markets were unclear of what impact would the event have
ontheEuropeanprices.
2,000
Paraxylene
1,500
1,000
500
US$/Ton
The Asian benchmark, Korea FOB numbers ended the week at US$1,651 a ton,
up US$5 from previous weeks numbers. Similarly, CFR Taiwan and SE Asia
numbers were up US$6 at US$1,671 a ton and US$1,680 a ton respectively. In
China, the mainstream spot values were pegged at US$1,670 a ton, gaining
US$5 from last week. The European price, although remained the highest
globally,atUS$1,782atonFOBRotterdam,wasdownUS$13fromlastweek.
F M A
KoreaFOB
2010
N D
2011
(US$/Ton)
ProductSpecs
Exxon'snomination
Market
Term
Korea
FOB
Europe
FOB
China
Spot
SEAsia
CFR
Taiwan
CFR
Asia
Contract
Last12mths
Min
Max
830
845
1,685
1 685
1,160
845
890
1,643
1 643
1,651
64.3
1,795
1,795
1,782
73.9
1,685
1 685
1,665
1 665
1,670
1 670
63 7
63.7
1,695
1,675
1,680
63.1
1,665
1,671
63.8
1,750
1,750
62.0
1,674
1,685
1,664
1,750 1,680
1,171
1,645
1,668
1,685 1,643
1,169
1,665
1,744
1,695 1,653
1,179
Max
1,644
1,795 1,620
1,153
855
Min
1,665 1,623
1,154
860
Prev6wks
1,750
1,715
ValueChainpricingintensity
1.29 1.91
KoreaFOB/JapanCFRnaphtha
1.50
1.33 1.94
SEAsiaCFR/JapanCFRnaphtha
1.54
1.87 2.76
EuropeFOB/Rotterdamnaphtha
2.13
1.62 1.91
1.62 1.63
1.77
1.65 1.94
1.65
1.66
1.81
2.50 2.76
2.66 2.65
2.65
Figureinitalicisaveragefortheperiod
WeeklyPriceWatch11thMarch,2011
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Ethylene
The earthquake that hit Japan late this week caused a tsunami that generated
waves up to 10 metres high, and swept inland, destroying buildings and
infrastructure and paralysing refining and petrochemical operations. The
petrochemical complexes in Ichihara, Chiba prefecture, and Sendai, Miyagi
prefecture, were on fire. Reuters reported that Maruzen shut its two naphtha
crackers at Chiba with capacities of 480,000 and 690,000 tons of ethylene per
year, respectively while JX Holdings shutting its 404,000tpy Kawasaki naphtha
cracker near Tokyo. Mitsubishi Chemical also reported halting of operations of
twonaphthacrackersatKashimaafterpoweroutage.
2,000
Ethylene
1,500
1,000
US$/Ton
500
The Asian benchmark, NE Asia CFR numbers ended the week at US$1,329
1,331 a ton, down US$20 from previous weeks numbers while the SE CFR
numbers lost US$55 at US$1,2851,287 a ton. European prices gained with CIF
numbers ending the week at US$1,5631,567 a ton, up US$40 from last week
while FD values were at Euro 1,1951,200 a ton, up Euro 40 from previous
week.
0
D J
F M A
KoreaFOB
M J
A S O
2010
N D
2011
(US$/Ton)
ProductSpecs
Market
Term
NWEurope
CIF
NWEurope
FDSpot
USGulf
FDPhy.
NEAsia
CFR
SEAsia
CFR
Korea
FOB
Last12mths
Min
Max
939
661
1,590
1 590
969
799
1,523
1,563
42.1
1,651
1,600
1,651
42.2
1,171
1 171
1,176
1 176
13.2
13 2
1,349
1,329
15.6
1,340
1,285
15.9
1,546
973
1,179
1 179
1,118
1,349
1,319
1,340 1,140
1,050
1,563
1,463
1,349 1,264
1,105
795
Max
1,651 1,498
1,259
849
Min
1,563 1,370
1,137
1,090
Prev6wks
1,340
1,260
1,320 1,271
1,320
1,320
1,077
ValueChainpricingintensity
1.04 1.47
KoreaFOB/JapanCFRnaphtha
1.23
1.19 1.72
SEAsiaCFR/JapanCFRnaphtha
1.39
1.91 2.80
NWEuropeFDSpot/Rotterdamnaphtha
2.36
1.23 1.47
1.24 1.23
1.35
1.27 1.45
1.32
1.27
1.36
2.31 2.45
2.37 2.45
2.35
Figureinitalicisaveragefortheperiod
WeeklyPriceWatch11thMarch,2011
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NylonChain
February11
Asia
Europe
Euro/Ton
Euro/Ton
US$/Ton
US$/Ton
low
high
low
high low
high
low
high
713
522
758
555
CrudeOil
Naphtha
728
Benzene
697
533
857 1,391
Caprolactum
3,460 3,485
2,535 2,554
PolyamideChips
3,738 3,750
2,739 2,748
USA
Euro/Ton
US$/Ton
low
high
low
high
649
475
776
510
568
1,393
1,019 1,021
1,295
1,296 949
949
7,714
7,427
5,652 5,442
NFY
POY15D
7,494
8,045
5,550 5,950
DTY15D
9,940 10,535
7,350 7,800
DTY40Dhoseiry
40Dwarpknit
6,215
6,744
4,600 5,000
POY70D
6,215
6,744
3,600 3,850
5,201
3,600 3,850
5,620
5,730
4,118 4,199
6,414
7,097
4,750 5,250
7,273
7,824
5,329 5,733
70Dweavingtube
3,900 4,000
DTY70D/68F
70D/24Fweaving
4,000 4,100
2,931 3,004
IndlYarn840D
3,800 5,100
5,268
3,450 3,900
5,620
5,951
4,118 4,360
4,121
5,466
3,050 4,050
3,659
5,620
2,681 4,118
BCF1200D
0.69
0.70
0.87
0.91
1.00
1.00
840D,Industrial
0.68
0.86
0.83
0.89
1.00
1.00
ValueChainpricingintensity
70DNFY/CPL
1.13
1.15
4500
4000
ASIA
3500
3000
2500
2000
1500
1000
J F M A M J J A S O N D J F
CPL
PAchips
NFY
WeeklyPriceWatch11thMarch,2011
FORPRIVATECIRCULATIONONLY
3500
EUROPE
3000
US$/Ton
2.98
1.08
US$/Ton
2.96
1.08
US$/Ton
CPL/Benzene
Chip/CPL
3500
2500
2500
2000
2000
1500
1500
1000
1000
J F M A M J J A S O N D J
CPL
NFY
15
USA
3000
F M A M J
CPL
J A S O N D J
NFY
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NylonFilamentYarn
Nylon filament yarn prices firmed up on support of the still high caprolactum
and nylon chip values. Inventories with nylon fiber producers were low and the
sentiment was expected to flatten off given suppressed demand for nylon
textile yarns and cautious followup for nylon nontextile yarns. Nevertheless,
nylon textile yarn producers still saw passable profit margins given stable
downstream demand. With the expectation of a tighter monetary policy in line
withhighinflationarypressure,demandisexpectedtostaystable.
6.00
NylonFilamentYarn
5.00
4.00
3.00
2.00
US$/Kg
1.00
F M A
M J
70D/24FChinalocal
2010
N D
2011
(US$/Kg)
ProductSpecs
POY20D/1Bright
POY20D/1SD
DTY 30D/10F SD
DTY30D/10FSD
DTY70D/24FSD
FDY40D/12FSD
Market
Term
Local
India
India
Local
China
Local
Local
China
Local
China
Last12mths
Min
Max
5.79 6.18
5.97
5.79 6.18
5.97
4.69 6.46
5.24
3.96 5.63
4.46
4.13 6.17
4.70
Prev6wks
Min
Max
5.96 6.05
0.5
6.05
6.02
0.5
6.40 6.46
37.9
5.56
5.63
42.3
6.17 6.16
49.1
6.00
5.96 6.05
6.00
6.03 6.46
6.29
5.28 5.63
5.47
5.88 6.17
6.00
ValueChainpricingintensity
1.50 2.23
IndiaPOY20DSDLocal/SEAsiaSDchipsCIF
1.99
1.38 1.61
ChinaDTY70D/ChinaSDchiplocal
1.48
1.69 2.51
IndiaPOY20DSD/SEAsiacaprolactumCFR
2.18
1.50 1.75
ChinaDTY70D/Chinacaprolactummainstreamoffer
1.62
1.50 1.68
1.53 1.50
1.58
1.39 1.43
1.39
1.39
1.40
1.69 1.78
1.70 1.69
1.72
1.50 1.58
1.56
1.58
1.55
Figureinitalicisaveragefortheperiod
WeeklyPriceWatch11thMarch,2011
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NylonFilamentYarn
ProductSpecs
Market
Term
DTY28D/12Fsemidull
China
Local
DTY30D/10Fsemidull
China
Local
DTY70D/24Fsemidull
China
Local
DTY70D/48Fsemidull
DTY100D/36Fsemidull
DTY140D/48Fsemidull
DTY200D/72Fsemidull
DTY30D/24Fsemidull*
POY35D/10Fsemidull
POY86D/24Fsemidull
China
Local
China
Local
China
Local
Local
China
China
Local
China
Figureinitalicisaveragefortheperiod
WeeklyPriceWatch11thMarch,2011
FORPRIVATECIRCULATIONONLY
Local
China
Local
(US$/Kg)
Last12mths
Min
Max
Prev6wks
Min
Max
4.79 6.40
5.23
4.69 6.55
5.24
5.73 6.40
6.13
6.18 6.55
6.40
3.22 5.03
4.97 5.03
4.30
3.66 5.18
4.75
3.37 5.18
4.77
3.96 5.86
4.56
4.10 5.94
4.66
6.01 7.31
6.69
4.03 5.63
4.54
3.59
3 59 5.18
5 18
4.08
32.14
32.1
6.55 6.54
39.5
5.03
5.02
55.7
5.18 5.17
41.2
5.18
5.17
53.5
5.86 5.86
48.0
5.94
5.93
44.6
7.31 7.30
21.5
5.63
5.63
39.7
5.18
5 18
5.17
5 17
44 1
44.1
5.00
5.12 5.18
5.15
5.12 5.18
5.15
5.20 5.86
5.59
5.35 5.94
5.70
7.08 7.31
7.22
5.05 5.63
5.40
4.60
4 60 5.18
5 18
4.94
*Nylon66
17
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NylonChips
4,500
4,000
3,500
3,000
2,500
2,000
NylonChips
1,500
US$/Ton
1,000
F M A
SEAsiaFOB
M J
A S
2010
N D
2011
(US$/Ton)
ProductSpecs
Market
Term
SDhighspeedspinning
SEAsia
CIF
ConventionalSpngChips
(European)
China
CIF
SDhighspeedspinning(Taiwani)
China
CIF
SDhighspeedspinning
China
Local
ConventionalSpngChips
China
Local
Nylon66wetchips(EPR27)
HenanShema
Exwork
Nylon66drychips(FYR27D)
HenanShema
Exwork
Last12mths
Min
2,650
Max
2,520
2 520
4,050
4 050
3,026
3,057
4,102
4,000
48.1
4,000
3,950
4,000
47.1
4,050
4 050
4,000
4 000
4,050
4 050
51 7
51.7
4,760
4,721
4,760
41.3
4,462
4,487
38.0
5,025
5,019
22.4
5,025
5,019
20.2
4,672
4,487
4,411
5,025
4,912
5,095 4,748
4,626
3,950
3,842
5,025 4,748
4,567
4,175
3,500
3 500
4,487 4,280
3,588
4,000
3,817
4,760 4,491
3,708
Max
3,817
4,000 3,550
3,033
3,173
Min
4,000 3,550
3,032
2,650
Prev6wks
5,025
4,912
ValueChainpricingintensity
1.05 1.19
SEAsiaSDchip/SEAsiacaprolactumCFR
1.09
0.93 1.12
ChinaSDchiplocal/Chinacaprolactumofferprice
1.07
1.06 1.12
1.11 1.12
1.09
1.02 1.08
1.02
1.03
1.05
Figureinitalicisaveragefortheperiod
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Caprolactum
Asian caprolactum markets were stable to soft this week as demand weakened
and upstream benzene prices descended both in Asia as well as in Europe.
Prices were stable in early this week but went soft midweek due to the dip of
feedstock values. Inquiries were few, so the liquidity was weak. Buyers
adopted waitandsee stance. However, market supply was still tight, as
Taiwans CPDC has been close units for a planned turnaround and Ubes unit at
Spain met force majeure. Given the feedstock making corrections and modest
downstream demand caprolactum market is expected to make corrections in
thecomingweeks.
4,000
Caprolactum
3,500
3,000
2,500
2,000
US$/Ton
1,500
The Asian benchmark, FE and SE Asian CFR numbers closed the week at
US$3,5603,580 a ton, rolling over previous weeks numbers. Goods from East
Europe were offered at US$3,5503,600 a ton CIF China while those from
Japan were pegged at US$3,5003,550 a ton. Goods made in China were
peggedatUS$4,3504,380aton,sameaspreviousweeksnumbers.
F M A
M J
A S O
2010
SEAsiaCFR
N D
2011
(US$/Ton)
ProductSpecs
Market
Term
FEAsia
CFR
SEAsia
CFR
FromJapan
China
CIF
FromEastEurope
China
CIF
China
Mainstr
eamoff
CFRAsia
Contract
DSMNomination
Last12mths
Min
Max
2,298
2,320
2 320
3,500
3 500
2,708
2,803
3,018
3,200
3 200
3,560
45.7
3,560
3,560
3,560
45.4
3,500
3 500
3,500
3 500
3,500
3 500
44 0
44.0
3,550
3,550
3,550
43.7
4,355
4,350
47.7
4,416
4,441
47.2
3,455
4,355
4,214
4,441 4,039
3,441
3,560
3,350
4,355 3,994
3,370
3,560
3,493
3,550 3,220
2,744
Max
3,493
3,560 3,350
2,775
2,250
Min
3,560 3,350
2,771
2,318
Prev6wks
4,441
4,224
ValueChainpricingintensity
2.60 3.41
SEAsiaCFR/SEAsiabenzeneFOB
2.97
2.55 3.32
FEAsiaCFR/TaiwanbenzeneCFR
2.91
2.95 3.03
3.03
3.00
2.93 3.00
2.99
2.97
Figureinitalicisaveragefortheperiod
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Benzene
The Asian benzene market reacted quickly to the massive 8.9 magnitude
earthquake that struck the eastern parts of Japan on Friday. Following the
initial rise, the market then cooled down. The rise helped halting the recent
slump in Northwest European benzene prices, with a US$33 a ton rise in the
Asian market briefly pulling European levels US$10 a ton higher in early
trading. Bids for March rose as buy interest reopened a backwardation to
April,withnextmonthseenatalowerrange.
1,500
Benzene
1,000
500
US$/Ton
FOB Korea, the Asian benchmark price was assessed at US$1,174 a ton, US$5
lower than previous weeks closing. The US price was assessed at US cents
441.20441.29 a gallon FOB US Gulf, up by US cents 17.25 from last week. The
European benzene price was the highest globally at US$1,240.50 a ton CIF ARA
while Rotterdam FOB numbers were at US$1,249.50 a ton, down US$127 from
lastweek.AprilbidwasheardatUS$1,2301,245atonCIFARA.
F M A
M J
KoreaFOB
2010
S O
N D
2011
(US$/Ton)
Market
ProductSpecs
Term
Korea
FOB
USGulf
FOB
Rotterdam
FOB
ARA,Europe
CIF
Taiwan
CFR
SEAsia
FOB
Last12mths
Min
Max
763
1,330 1,253
823
1,424
1 424
1,048
1,250
1 250
1,179
1,174
30.1
1,268
1,319
35.9
1,424
1 424
1,377
1 377
1,250
1 250
27 6
27.6
1,409
1,367
1,241
28.0
1,352
1,191
1,191
1,172
1,176 1,128
930
1,330
1,365
1,191 1,143
950
751
1,183
1,295
1,409 1,241
1,038
768
Max
1,171
1,014
813
Min
1,183 1,160
948
784
Prev6wks
1,176
1,173
1,160
ValueChainpricingintensity
1.39 1.72
KoreaFOB/AsiacrudeCFR
1.56
1.37 1.68
SEAsiaFOB/Asiacrude
1.54
1.41 1.88
USGulfFOB/USLightcrude
1.63
1.48 2.19
RotterdamFOB/EuropeanBrent
1.69
1.48 1.67
1.50 1.48
1.59
1.49 1.67
1.49
1.60
1.51 1.81
1.51 1.56
1.65
1.48 1.94
1.64
1.48
1.75
Figureinitalicisaveragefortheperiod
WeeklyPriceWatch11thMarch,2011
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AcrylicChain
February11
Asia
Europe
Euro/ton
US$/ton
Euro/ton
US$/ton
low
high
low
high low
high
low
high
713
CrudeOil
Naphtha
728
522
758
533
697
Propylene
1,382 1,384
Acrylonitrile
USA
US$/ton
Euro/ton
low
high
low
high
555
649
510
475
568
776
1,497
1,092 1,097
1,544
1,553
1,131 1,138
2,872 3,027
2,125 2,240
2,273
2,362
1,666 1,731
2,500 2,600
1,490
1,550
1,092 1,136
ASF
ASF1.53.0D
3,125 3,225
3,510
Benchmarkratio:Europe=100
Propylene
0.93
0.92
1.00
1.00
1.04
1.04
Acrylonitrile
1.00
1.00
0.79
0.78
ASF1.53.0D
0.92
0.95
1.00 1.04
0.44
0.46
ACN/Propylene
2.02
1.47
1.52
1.18 1.16
0.66
0.66
0.25
0.26
0.27 0.28
0.12
0.12
ASF/ACN
3000
2500
3500
US$/Ton
3500
US$/Ton
US$/Ton
ASF/WoolAus.EMI
3000
2500
2000
Asia
1000
Europe
ACN
WeeklyPriceWatch11thMarch,2011
FORPRIVATECIRCULATIONONLY
ASF
USA
1000
500
500
J F M A M J J A S O N D J F
2500
1500
1500
1000
500
3000
2000
2000
1500
3500
J F M A M J J A S O N D J
ACN
ASF
21
F M A M J
ACN
A S O N D
ASF
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AcrylicStapleFibre
Acrylic staple fibre markets in Asia saw healthy movements while inventories
were at reasonable levels. Supported by strong costs negotiations were firm
amidst favorable trading sentiment. Given the strong cost support as well as
stable buying interest, trading sentiment was healthy. Downstream spinning
segment also saw uptrend, but trading prices were stable and would remain so
inthecomingweeks.
4.00
AcrylicStapleFibre
3.50
3.00
2.50
2.00
1.50
1.00
US$/Kg
The Asian benchmark reference number, Taiwan FOB was pegged at US$3.45
3.55 a kg at the end of this week, rolling over previous weeks values. Last
week, it had gained significantly by US cents 30 a kg. In China, 1.5D/38mm ASF
was pegged at US$3.883.95 per kg, up by almost US cents 12 from last week.
Prices in Pakistan were stable at PakRs.325 a kg (US$ 3.80) while Indian prices
wereat`180akg(US$3.98).
F M A
1.5D/38mmTaiwanFOB
2010
D
2011
(US$/Kg)
ProductSpecs
1.5D/38mm
1.5D/38mm
1.5D/38mm
0.9D
1.2D
3Dtow
3Dwetspin
Market
China
Taiwan
India
India
India
India
China
Term
Mainstr
eamoff
FOB
Local
Local
Local
Local
Mainstr
eamoff
Last12mths
Min
Max
2.98 3.88
3.36
2.60 3.45
2.89
3.09 4.00
Prev6wks
Min
Max
3.59 3.88
18.7
3.45
3.45
21.1
3.94 4.00
4.00 3.98
24.8
3.94 4.00
4.00
3.98
24.8
3.94 4.00
4.00 3.98
24.8
3.94 4.00
4.00
3.98
24.8
3.53 3.85
3.72 3.85
19.4
3.70
3.05 3.45
3.23
3 37
3.37
3.09 4.00
3.37
3.09 4.00
3.37
3.09 4.00
3.37
2.93 3.85
3.31
3.65
ValueChainpricingintensity
1.34 1.74
1.5D/38mmChina/NorthChinaACNselflifting
1.49
1.20 1.39
1.5D/38mmTaiwan/NESEAsiaACNCFR
1.28
1.41 1.44
1.42 1.44
1.42
1.24 1.30
1.30 1.28
1.27
Figureinitalicisaveragefortheperiod
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Acrylonitrile
3,000
Asian acrylonitrile markets were range bound this week and prices gained on
back of tight supply and continuously climbing propylene values. Firming up of
prices in Europe and USA also helped Asian numbers to climb. Sellers were
seen pushing prices up but downstream sectors lagged in following up and
some buyers were prudent to purchase highpriced feedstock, spot liquidity
was hard to improve. In coming weeks, acrylonitrile market will hold positive
factorsandspotnegotiationswillseeaslightspiraltrend.
Acrylonitrile
2,500
2,000
1,500
US$/Ton
1,000
D
F M A
M J
ChinaCFR
A
2011
S O
N D
2010
Far East CFR, the Asian benchmark numbers closed the week at US$2,649
2,651 a ton, up US$40 from previous weeks close. In China, self lifting
numbers, however, remained stable at US$3,2303,260 a ton while the CFR
values were pegged at US$2,7002,750 a ton, up US$50 from last week. The
USG FOB numbers further gained US$40 at US$2,6702,680 a ton while
EuropeanCIFnumbersgainedUS$95atUS$2,6152,620aton.
(US$/Ton)
ProductSpecs
Market
Term
NorthChina
Self
lifting
China
CFR
USGulf
FOB
Europe
CIF
Last12mths
Min
2,583
Max
Prev6wks
Min
3,266 3,045
2,700 2,500
2,254
1,895
1 895
2,670
2 670
3,228
3,224
10.6
2,700
2,650
2,700
20.0
2,630
2 630
2,670
2 670
19 0
19.0
2,520
2,615
19.1
2,600
2,375
2 375
2,217
1,840
3,228
3,147
2,871
1,950
Max
2,670
2 670
2,517
2,615 2,395
2,208
2,615
2,480
ValueChainpricingintensity
SEAsiaCFR/SEAsiapropyleneCFR
ChinaCFR/ChinapropyleneCFR
Europe/NWEuropepropyleneFD
USGulf/USApropylenespot
1.64 2.32
1.61 2.32
1.57 2.10
1.57 1.66
1.57
6.46
7.31 8.67
8.67
10.58
Figureinitalicisaveragefortheperiod
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Propylene
2,000
Propylene markets in Asia were stable to firm this week as oil prices remained
highly volatile giving ample support to downstream derivatives. Naphtha prices
jumped over US$1,000 a ton mark and continued to remain firm the entire
week. The initial chemical grade propylene settlements in US were heard at US
cents71.0perpoundforMarch.Europeanproducersraisedtheirpricesforthe
third month in a row with the contracts settling with an Euro 80 a ton increase
on top of the previous months increases of Euro 35 a ton and Euro 110 a ton
in February and January. Spot propylene prices in Europe moved higher by
Euro15atonsincethebeginningofthismonth.
Propylene
1,500
1,000
500
US$/Ton
The Asian benchmark number, South Korea FOB ended the week at US$1,510
1,512 a ton, gaining US$10 from last week. In the preceding week prices had
increased US$31 a ton. The same week also saw prices in NW Europe in the
range of Euro 1,1601,165 a ton, while in USA the offers were in the range of
UScents66.8867.13perpound.
F M A
M J
KoreaFOB
S O
2010
N D
2011
(US$/Ton)
ProductSpecs
Market
Term
Korea
FOB
Japan
FOB
Taiwan
CFR
SEAsia
CFR
China
CFR
Chemicalgrade
NWEurope
FD
Chemicalgrade
NWEurope
CIF
Chemicalgrade
USA
Spot
Last12mths
Min
Max
1,014
1,054
1 054
1,515
1 515
1,240
1,054
1,089
1,088
1,490
1,490
1,515
1 515
1,515
1 515
1,430
1,430
1,525
1,525
1,487
1,607
1,607
1,527
1,579
1,579
1,505
1,705 1,474
1,330
1,510
1,390
1,579 1,442
1,190
1,500
1,481
1,607 1,471
1,252
999
1,457
1 457
1,525 1,462
1,242
1,510
1,426
1,430 1,360
1,188
Max
1,431
1,490 1,373
1,192
1,034
Min
1,510 1,332
1,206
1,004
Prev6wks
1,579
1,474
1,516
ValueChainpricingintensity
1.78 2.28
SEAsia/AsiacrudeCFR
1.99
1.36 1.95
NWEurope/EuropeanBrent
1.55
0.08 0.13
USA/USlight
0.10
1.82 1.96
1.82
1.90
1.38 1.50
1.38
1.44
0.09 0.11
0.09
0.10
Figureinitalicisaveragefortheperiod
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20.9
ViscoseChain
February11
Asia
Europe
US$/ton
Euro/ton
US$/ton
Euro/ton
low
high
low
high low
high
low
high
Secondcutlinters
1,897 1,897
1,390 1,390
Cottonpulpstaplegr
3,143 3,143
2,303 2,303
Woodpulpstaplegr
2,592 2,592
1,899 1,899
1.5D/38mm
4,182 4,182
3,064 3,064
USA
Euro/ton
US$/ton
low
high
low
high
Cottonpulpfilgr
VSF
VFY
120DBright
7,866
5,764
120DDull
7,838
5,743
300DBright
6,497
4,761
300DDull
6,574
4,817
Woodpulpstaplegr
1.00
1.00
1 5D/38mm
1.5D/38mm
1.00
1 00
1.00
1 00
Benchmarkratio:Asia=100
ValueChainpricingintensity
VSF/Woodpulp
1.61
1.61
VSF/Cottonpulp
1.33
1.33
VFY/Woodpulp
3.04
VFY/Cottonpulpfigr
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ViscoseStapleFibre
5.00
ViscoseStapleFibre
4.00
3.00
US$/Kg
2.00
1.00
D J F M A M J
1.5D/38mmChinalocal
A S O
2010
N D
2011
ProductSpecs
Market
Term
Last12mths
Min
Max
1.2Dbrightbleached
India
Produce
rsoffer
2.59 3.40
1.2Ddull
India
Produce
rsoffer
2.70 3.51
1.52.0Dbrightbleached
India
Produce
rsoffer
2.55
2 55
1.52.0Ddull
India
Produce
rsoffer
2.64 3.45
1.52.0Dspunshades
India
Produce
rsoffer
2.55 3.36
1.5D/38mm
China
Local
1.5D
Pakistan
Local
2.82
2.93
3.36
3 36
2.78
2.87
2.82
2.54 4.63
3.28
2.84 3.85
3.30
Prev6wks
Min
Max
3.22 3.40
30.3
3.51
3.49
29.1
3.36
3 36
3.34
3 34
30 9
30.9
3.45
3.43
29.9
3.36 3.34
30.9
4.30
4.30
46.2
3.74 3.75
31.6
3.29
3.33 3.51
3.40
3.18
3 18 3.36
3 36
3.24
3.26 3.45
3.33
3.18 3.36
3.24
4.07 4.30
4.22
3.62 3.75
3.69
ValueChainpricingintensity
1.69 2.99
1.5D/38mmChinalocal/Secondcutlinters
2.44
1.38 2.11
1.5D/38mmChinalocal/Importedwoodpulp
1.80
1.86 2.02
1.90 1.98
1.92
1.38 1.49
1.45
1.49
1.43
Figureinitalicisaveragefortheperiod
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ViscoseFilamentYarn
7.00
Viscose filament yarn markets in Asia saw producers in China hiking their
nominations on the back of higher feedstock values. However, downstream
buying interest was low at this high values. Meanwhile, trading prices were
lagging behind offers as converters still has some stock and sales were poor in
downstream sectors. On the other hand, sentiment was healthy in VFY export
market on steadily increasing demand. Prices in India rolled over previous
weeksnumbers.
ViscoseFilamentYarn
6.00
5.00
4.00
US$/Ton
3.00
F M A M J
300DChina
A S O
N D
2010
2011
(US$/Kg)
ProductSpecs
100Dbright
150Dbright
150Dbright
300Dbright
300Dbright
300Ddull
WeeklyPriceWatch11thMarch,2011
FORPRIVATECIRCULATIONONLY
Market
India
India
China
India
China
China
Term
Local
Local
Local
Local
Local
Local
27
Last12mths
Min
Max
6.29 7.89
Prev6wks
Min
7.60 7.89
6.77
5.36 6.98
7.89 7.85
24.8
6.98
6.95
29.4
7.77 7.82
57.0
6.81
7.55 7.82
6 10
6.10
4.67 5.01
7.71
6.70 6.98
5.84
4.98 7.82
Max
7 68
7.68
4.84
4.25 6.81
5.23
4.25 6.87
5.25
6.43 6.81
6.79 6.81
60.4
6.85
61.8
6.61
6.51 6.87
6.87
6.68
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WoodandCottonPulp
3,000
The wood pulp prices were up across Europe and USA while they were almost
stable in Asian markets this week. The NBSK Index value at US$961.81 a ton
was up US$11.88 (Euro 689.12, down Euro 1.14) on the European market
while the same in US market was at US$979.36 a ton, gaining US$19.36 from
weeks numbers. In China, the BHKP Index closed the week at US$743.63,
losingUS$1.98fromlastweekslevel.
WoodPulp
2,500
2,000
1,500
1,000
US$/Ton
500
In China, pulp producers hiked their offers significantly, influenced by the pulp
meeting held last weekend. Offers for staple grade pulp were offered at
US$3,285 a ton up US$11 from last week. Bamboo pulp offers soared to
US$2,890 a ton as well. Bolstered by the cotton pulp market, offers for
dissolving pulp soared. In the dissolving pulp markets, new offers were yet to
emergewhilereportsindicatetheofferswouldbeashighasUS$3,000aton.
F M A
M J
WoodpulpImported
StapleGradeChinaCIF
N D
2011
2010
(US$/Ton)
ProductSpecs
Secondcutlinters
Cottonpulpstaplegrade
Importedwoodpulpstaplegrade
Woodpulpstaplegrade
Market
China
China
China
Brazil
Term
CIF
CIF
CIF
CIF
Last12mths
Min
1,099
Max
1,980
1,962
73.9
3,285
3,274
3,285
69.9
2,600
2,600
2,600
67.7
2,600
2,600
73.3
2 595
2,595
2,600 2,400
1,915
1,980
3,194
2,600 2,575
1 909
1,909
1,500
Max
1,924
3,294 3,014
2,377
1,550
Min
2,216 1,778
1,438
1,837
Prev6wks
2,600
2,567
Figureinitalicisaveragefortheperiod
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Cotton
250
Cotton
Mixed price action again erupted this week as cotton futures put in a wild
performance, with oldcrop deliveries finishing in the red after soaring to new
alltime highs and newcrop contracts posting gains. Cotton Futures for May
delivery lost US cents 7.76 to settle at US$2.0494 a pound on ICE Futures in
New York. Cotlook A index too lost US cents 6.60 at US$2.2965 per pound. In
China, the Cotton Index (328) closed at 31,108 Yuan per ton, up by 195 Yuan
frompreviousweek.
200
150
100
50
Cts/pound
East and West Texas cotton were cheaper by US cents 8.25 per pound this
week while Pima cotton prices remained stable at previous weeks level. In
Pakistan, the Karachi cotton association rate jumped PakRs 700 closing the
week at PakRs 12,820 per maund. Indian cottons were cheaper this week.
Prices for the benchmark Shankar6 variety moved down by `1,300 to `58,200
acandyattheendoftheweek.
F M A
M J
Cotlook'A'Index
CFR
A
2010
N D
2011
(UScents/lb)
ProductSpecs
CotlookA
Market
FarEastAsia
AmericanPIMACol3,leaf3,st46 USA
AmericanPIMACol3,leaf3,st44 USA
NewYorkFutures
ChinaCottonIndex
Grade3,staple11/32"
Bunny/Brahma
Shanker6
MCU5
USA
China
Pakistan
India
India
India
Term
CFR
Spot
Spot
Futures
Spot
Spot
Spot
Spot
Spot
Last12mths
Prev6wks
Min
Max
Min
83.20
236.25
201.55
127.88
112.00
252.00
157.66
107.00
242.00
147 94
147.94
77.06
212.70
113.05
102.10
214.67
149.61
79.92
182.48
112.56
77.76
173.00
106.96
77.20
168.74
105.24
77.48
178.67
Max
236.25 236.25
229.65
174.9
252.00
115.4
242.00
126.2
204.94
154.7
214.67
110.2
182.48
123.9
169.33
117.8
164.25
112.8
177.80
129.5
221.17
232.00
252.00 252.00
248.67
222.00
242.00 242.00
238 67
238.67
167.86
212.70 212.70
191.62
198.73
214.67 213.58
207.22
165.05
182.48 172.13
170.72
150.96
173.00 173.00
165.63
146.77
168.74 168.74
161.18
153.76
178.67 178.67
132.00
Figureinitalicisaveragefortheperiod
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Wool
14.0
The Australian wool markets saw positive sales again this week with EMI
closing ending the week at Aus$13.48 cents, lifted by Aus cents 41 from
previous weeks close. In US$ terms, the index was up US cents 21 at US$13.51
a kg. The South Australia index closed US cents 26 up while West Australia
picked up US cents 19 per kg. The North Australia Index closed with the lowest
gain of US cents 14 over the week. The gains were positive for all micron
categories. In New Zealand, wool prices continued to rise at last week's North
andSouthIslandwoolsale,liftingbetween4%and14%.
Wool
12.0
10.0
8.0
6.0
US$/Kg
4.0
D
F M A
AWEXEMIAustraliaSpot
2011
D
2010
ProductSpecs
AWEXEMI
AWEXEMI
AWEXEMI
AWEXEMI
18Microns
22Microns
23Microns
26Micron
MerinoCarded
Market
Australia
NorthAustralia
SouthAustralia
WestAustralia
SouthAustralia
SouthAustralia
SouthAustralia
SouthAustralia
SouthAustralia
Term
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Last12mths
Min
Max
7.20
Min
13.51 12.47
9.25
7.39
Prev6wks
8 97
8.97
8.66
6.17
4.73 8.17
6.02
13.96
14.11
63.5
13.01
12.75
13.01
59.0
12.73
12.54
12.73
50.7
21.55
21.48
21.55
101.4
12.16
11.50
12.16
41.3
11.16
11.72
38.2
8.49
8.74
61.8
8.00 8.17
33.8
11.42
11.72 10.31
5.04 8.74
14.11
21.16
12.16 11.07
8.94
7.31
61.1
12.26
21.55 20.71
13.32
7.36
13.51
12 40
12.40
12.73 11.87
9.18
9.57
13.30
13.56
13.51
12.93
14.11 13.12
9.60
Max
11.72
10.88
7.72 8.74
8.08
7.27 8.17
7.65
Figureinitalicisaveragefortheperiod
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100%CottonSpunYarn
(US$/Kg)
ProductSpecs
21/1cardedcone
21s
21s/2
30/1cardedcone
32scone
40s
40scardedweft100%cotton
40scone
60/1cardedcone
60scarded
100scombed
Market
Pakistan
China
China
Pakistan
Pakistan
China
India
Pakistan
Pakistan
India
India
Term
Local
Local
Local
Local
Local
Local
Local
Local
Local
Local
Local
Last12mths
Min
Max
2.75 5.61
3.68
3.02 6.19
4.24
3.19 6.51
4.48
3.19 5.68
4.10
3.16 4.91
3.93
3.34 6.84
4.65
2.70 5.47
3.80
3.90 5.73
4.66
5.11 7.10
5 84
5.84
3.63 5.91
4.54
5.79 8.26
6.82
Prev6wks
Min
Max
5.02 5.61
100.6
5.32
5.31 5.67
5.66
5.66
87.5
5.97 5.95
86.2
5.66
5.68
77.2
4.89
4.90
54.9
6.14 6.11
83.1
5.22
5.11
88.8
5.72 5.73
39.2
7.08 7.10
26.2
5.91
5.88
62.1
8.20 8.03
25.8
5.57
5.56 5.98
5.86
5.41 5.68
5.56
4.89 4.91
4.90
5.71 6.14
6.01
4.43 5.47
4.94
5.72 5.73
5.72
6.95 7.10
7 03
7.03
5.15 5.91
5.62
7.69 8.26
8.02
Figureinitalicisaveragefortheperiod
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100%PolyesterSpunYarn
(US$/Kg)
ProductSpecs
21s
32s
45s
50s
60s
Market
China
China
China
China
China
Term
Local
Local
Local
Local
Local
Last12mths
Min
Max
1.90 3.82
2.38
2.07 3.97
2.52
2.18 4.14
2.67
2.31 4.36
2.84
2.55 4.00
3.00
Prev6wks
Min
Max
2.82 3.05
58.9
3.17
3.15
52.4
3.27 3.27
49.8
3.44
3.44
48.5
3.82 3.82
49.8
2.98
2.98 3.22
3.13
3.12 3.30
3.24
3.30 3.82
3.48
3.60 3.82
3.76
Figureinitalicisaveragefortheperiod
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100%ViscoseSpunYarn
(US$/Kg)
ProductSpecs
10s
20s
30s
40s
50s
Market
China
China
China
China
China
Term
Local
Local
Local
Local
Local
Last12mths
Min
Max
3.22 5.16
3.77
3.31 5.43
3.92
3.47 5.68
4.05
3.61 6.34
4.22
3.73 6.37
4.53
Prev6wks
Min
Max
4.46 4.72
43.7
4.90
4.90
47.9
5.07 5.05
44.8
5.21 5.20
43.2
5.68
51.5
4.63
4.63 4.90
4.82
4.76 5.07
4.98
4.91 5.21
5.12
5.41 5.69
5.66
5.60
Figureinitalicisaveragefortheperiod
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Polyester/CottonBlendedYarn
(US$/Kg)
ProductSpecs
16s65/35
21s65/35
32s65/35
45s65/35
60s65/35
Market
China
China
China
China
China
Term
Local
Local
Local
Local
Local
Last12mths
Min
Max
2.26 4.76
3.11
2.37 4.95
3.28
2.52 5.07
3.43
2.67 5.25
3.62
2.93 5.47
3.83
Prev6wks
Min
Max
4.05 4.22
86.7
4.39
4.37
83.9
4.58 4.58
81.7
4.90
4.88
83.1
5.13 5.13
74.9
4.17
4.24 4.39
4.33
4.40 4.58
4.52
4.57 4.90
4.79
4.81 5.13
5.03
Figureinitalicisaveragefortheperiod
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Polyester/ViscoseBlendedYarn(65/35)
(US$/Kg)
Market
ProductSpecs
18/1
20/1
24/1Bright
30/1
40/1
Pakistan
Pakistan
Pakistan
Pakistan
Pakistan
Term
Local
Local
Local
Local
Local
Last12mths
Min
Max
2.43 3.33
2.61
2.51 3.48
2.87
2.43 3.36
2.82
2.04 3.60
2.80
3.07 3.87
3.47
Prev6wks
Min
Max
2.65 3.33
2.99
3.42 3.48
3.48
3.48
38.8
3.35 3.35
37.9
3.50
3.51
34.2
3.81 3.82
8.2
3.46
3.35 3.36
3.35
3.35 3.51
3.46
3.81 3.87
3.83
Figureinitalicisaveragefortheperiod
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SpandexYarn
(US$/Kg)
ProductSpecs
Market
Term
20DBrightDrySpun
China
Local
20DBrightMeltSpun
China
Local
30DBright
China
Local
40DBright
China
Local
40DBrightWarpKnitting
China
Local
70DBright
China
Local
140DBright
China
Local
Last12mths
Min
Max
9.81
Min
11.73 11.61
10.50
8.82
Prev6wks
10.27
9.32
8.52 9.90
9.07
6.59 8.68
7.68
7.79 9.14
8.38
7.03 8.68
7.77
6.30 8.74
7.45
Max
11.73
11.71
11.0
10.20
10.19
14.0
9.90 9.89
12.5
8.68
8.67
13.8
9.14 9.13
3.8
11.67
9.80
10.20
9.97
9.80 9.90
9.85
8.44 8.68
8.58
8.59 9.14
8.82
8.59 8.68
8.68
8.67
18.4
7.92 7.91
25.6
8.64
7.84 7.92
7.88
Figureinitalicisaveragefortheperiod
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Naphtha
1,500
Asia's naphtha crack fell to its lowest after at least onethird of Japan's cracker
capacities were shut following a massive earthquake. In the naphtha market,
Japan plays the demand side and if plants were down, demand would also fall.
Physical trade was muted as South Korean and Taiwanese buyers took a
breather after some large purchases before the quake day. At the end of the
week, Japan openspec naphtha for frontmonth H2 April fell US$27 to US$990
aton,thelowestsince1March.
Naphtha
1,000
500
US$/Ton
In northwest Europe naphtha prices dropped, following oil markets lower after
a massive earthquake that shook Japan. Naphtha crack spreads fell as supply
improved on Friday. Closed arbitrage to the East and the US this week had
lengthened the market, although opportunities for transAtlantic deliveries
were again in view and could potentially tighten the system next week.
Glencores offers were heard at US$972 a ton CIF NWE, falling from US$985 a
ton on Thursday. Naphtha refining margins also slid to around minus US$4.6 a
barrellateonFriday,downfromminusUS$3.7abarreladayearlier.
F M A
M J
A S O
2010
JapanCFR
N D
2011
(US$/Ton)
ProductSpecs
Term
Market
Japan
CFR
Rotterdam
Barges
FOB
Mediterranean
Cargoes
Singapore
Cargoes
Last12mths
Min
623
Prev6wks
Max
Min
Max
1,017
860
1,017
1,017
1,010
35.8
760
931
442 676
649 676
676
673
27.9
537
657
719
714
24 6
24.6
768
762
28.5
485
719
696 719
586
703
503 768
717 768
608
733
FarEast
CFRBid
NA
NA
NorthWestEurope
Swapbid
NA
NA
ValueChainintensity
1.15 1.34
JapanCFR/AsiacrudeCFR
1.25
0.76 0.96
RotterdamFOB/EuropeanBrent
0.86
0.85 1.03
Med.cargoes/EuropeanBrent
0.94
0.90 1.11
Singaporecargo/AsiacrudeCFR
1.00
1.23 1.29
1.29 1.27
1.26
0.80 0.89
0.81
0.80
0.84
0.85 0.95
0.86 0.85
0.90
0.96 1.03
0.98
0.96
1.00
Figureinitalicisaveragefortheperiod
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CrudeOil
150
A massive earthquake that pounded Japan this week end raised worries of oil
demand in the world's third largest oil consumer influencing the oil prices to
decline. Further the oil markets were under pressure as security clampdown in
the Saudi capital of Riyadh kept protests muted on a planned "Day of Rage,"
and police action in Kuwait and Bahrain neutralized activists, helping keep the
oilpricefromgoingup.
CrudeOil
100
50
0
US$/bl
On the New York Mercantile Exchange, crude for April delivery settled at
US$101.16 a barrel, down US$3.26 or 3.1% for the week, the biggest weekly
percentage loss since the week to 11 February, when prices fell US$3.45, or
3.9%. In London, ICE Brent crude for April settled at US$113.84 a barrel, down
US$2.13 or 1.8% for the week, dropping for the first time in seven weeks. It
was the biggest weekly percentage loss since the week to 19 November 2010,
whenpricesfell2.3%.Thus,theAprilBrent/WTIspreadendedatUS$12.68.
F M A
M J
2011
USLight
N D
2010
(US$/Barrel)
ProductSpecs
Market
Term
Europebrent
IPE
Spot
USLight
USA
Spot
OPEC
MiddleEast
Wt
Wt.
average
NYMEXFuture
USA
Futures
Asia
FarEast
CFR
Spot
Last12mths
Min
70.79
Max
110 56
110.56
82.82
69.48
69.89
97.28
97 28
115.01 114.53
115.01
44.9
103.70 101.05
103.70
26.8
110.56
110 56 110.19
110 19
110 56
110.56
40 8
40.8
103.73
26.9
108.17
36.9
103.20
103.73 101.03
94.03
108.17 94.66
82.66
93.20
103.73 85.34
82.29
Max
107.18
103.70 84.13
82.05
68.87
68 87
Min
115.01 99.90
84.71
69.14
Prev6wks
108.17 107.32
100.62
Figureinitalicisaveragefortheperiod
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