Crude oil prices dip, polyester raw materials follow suit

The domestic polyester filament market start has started to decline in recent days, from its previous state of being in a stalemate.

Quotations from enterprises have become flexible, which has basically set a downward adjustment for prices. Business inventories are still at high level of about 80 percent.

Market prices of upstream polyester raw materials declined due to weak crude oil market and currently New York oil futures price are above US $105/barrel.

PX market shows the same adjustment as being driven by crude oil market, trade volume has reduced and the price has declined to about US $1630 in Asian market.

Trading sentiment in PTA market is poor and the market continues to edge lower amid weak adjustment.

Market quotation for Chinese domestic goods is 8,700 Yuan/ton and market talks for overseas goods are around US $1,170/ton.

MEG market is weak and mainstream talks for domestic goods are around 7,300 Yuan/ton and negotiation for overseas goods is around US $1,000/ton.

Polyester chip market continues its weak performance and mainstream talks are at about 10,500 Yuan/ton in terms of cash payment in the market.

Pre-offers of polyester chips under March contracts from Sinopec Group have reduced by 400 Yuan/ton.

Sinopec has quoted price of semi-dull chips at 11,000 Yuan/ton, bright chips and industrial yarn grade chips at 11,050 Yuan/ton and dull chips at 11,800 Yuan/ton.