By end of the first half global crude price increased due to tensions between U.S.A and Russia. The undertone in the global energy markets has turned bullish. It is also important to note here that the conflict between Russia and Georgia has thus far disrupted the transit of Azeri oil through the region. Crude Oil rally was further supported by stronger Euro compared to U.S.A currency.

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Falling price in main feedstock products gave an impact on downstream markets like naphtha, benzene, olefins and toluene rates in Asian markets. These are mainly responsible for current poor buying trend. By end of the first half Naphtha price increased with a tandem to crude oil price.

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Paraxylene prices continued to remain firm in the beginning of this last fortnight at the same level where it ended last time. Trading sentiments were healthy in market and fluctuations were seen too, but in first half no huge trading volume was found.

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PTA price gradually lowered down during the last fortnight. For this, one of the major reasons was the poor downstream market. PTA spot market kept weak due to declining feedstock prices and downstream demand. This further forced the producers to raise prices besides high stocks at the moment when the traditional peak season in next two months is expected.

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During the last fortnight price of Ethylene dragged down. In beginning of the fortnight Ethylene prices declined in Asia. Prices fell as regional demand reduced due to poor down stream demand. Pressure was seen building on spot ethylene rates as other competitive derivatives price tumbled in Asian market. Over night fall in main feedstock price of Ethylene made the situation worst.

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Price of MEG declined in global market during the last fortnight. In early fortnight falling prices of feedstock materials of MEG and poor downstream demand dragged down the MEG rates to the lowest level for this year. The price of MEG was on its lowest level of last ** months.

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The polyester chip market continued to remain weak and soft due to sluggish buying demand in the market. As downstream chip spinning producers continued to operate at reduced rates in order to cope with the rising sales pressure and falling raw material costs, downstream chip consumers minimised the raw material purchases and only buying the volumes needed.

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Polyester staple fibre demand remained very depressed due to the extensive production cutbacks taken by downstream yarn and fabric mills to cope with the unworkable economics. Meanwhile, the falling polyester intermediate costs also continued to hold buyers at the sidelines with the expectation that staple fiber price should follow the downward trend of raw materials.

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During the first half, polyester filament sentiment moved down at the beginning and then showed an upward tendency in the Chinese domestic market. The filament buying demand continued to slowly recover on the back of surging demand for inventory replenishment from downstream consumers.

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Propylene prices have gone down in the major markets. Experts suggest that plunge in the crude prices are affecting the current trading scenario. Propylene prices for most of the importing countries have started fluctuating. Prices quoted for Far Eastern, and United States demonstrated a steep fall where as for the European region, stability is depicted in comparison to the last time.

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During the last fortnight price of ACN headed downwards due to poor downstream market and due to poor support from feedstock price. Wait and see stance did not work this time as there was a global price fall in feedstock material of ACN. ACN offers in European and U.S.A markets will stay high due to production cut and higher prices of ammonia.

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Acrylic fibre market remained stable with moderate sales during the first half of this last fortnight. The market sentiment in downstream acrylic spun yarn market recovered slightly, while the transaction volumes did not hike evidently. Offers in import fibre market were rare due to weak buying interest.

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Price of PP moved down intermittently during last fortnight. During last fortnight price hike eroded which was built during month of July when energy prices were bullish. In beginning of the last fortnight due to decline in basic feedstock material Propylene, price of PP reduced. This had an impact on prices of PP across other parts of Asia too, dampening the spirits of several buyers who are now delaying purchases in the hope of further price falls.

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Benzene prices went down in Asia at the start of this last fortnight. Buying sentiments in the region remain subdued and availability was ample. Benzene price levels were much lower than the U.S. and hence players have begun preparations to ship cargoes.

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Caprolactam market remained dull during last fortnight. Market sentiments were not healthy, feedstock prices were also fluctuating which did not provide stability to the market. CPL demand had reduced from Nylon cord fabric maker. Production of Nylon plants was affected by poor electric supply.

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Nylon Chips price remained dull with six months big correction in price. In different regions of China and in S E Asian market Nylon Chips plant operation rate remained down. Avg. Nylon Chips plant operation rate was 70% in overall Asian market. Due to intermittent power supply tire cord producer reduced their plant operation rates. Demand of Nylon Chips is expected to improve in mid October.

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Nylon filament yarn market witnessed weak trading sentiment this time in Asia. As nylon feedstock dropped continuously, the market prevailing prices were stable-to-weak by and large. Nylon filament yarn prices remained flat due to weak demand and overcapacity. Demand from downstream textile sector slightly improved, but overall tendency was not significant.

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Cotton linter prices stopped rising in China and transaction volume went down as well. Most processors stopped operation and traders held tight availability of material. The supply dropped to the lowest level. There were new arrivals of cotton. Although new cottons have come into market, it still needs some time for new linters to do so.

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Viscose staple fibre prices were stable in China and prices stopped rising in the domestic market, reflecting a low level in demand from yarn producers. The current decline in cotton prices is not supporting viscose use while raw material costs are also decreasing. Production of viscose staple fibres in China did not change in volume terms in the first half while sharply sliding in USD terms.

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There was no change in export price for viscose filament yarn in USD market and it remained stable with no changes in the offer prices as compared to our last time report. Sales in the export market remained sluggish and the producers are going through a hard time.

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Cotton prices continued to remain stable amid absence of buyers at major markets across India at the beginning of this last fortnight. Yarn manufacturers were waiting for a decline in prices. The current rates of some of the popular Indian varieties were higher than international prices. In Pakistan, firmness prevailed on the cotton market as prices maintained the steady level.

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Wool prices declined on all markets and in all currency terms during the first half of this last fortnight. The first sales of fine types in the Australian town of Newcastle did not boost prices. There are still drought concerns in certain parts of Australia, like Tasmania. In New Zealand, wool Market weakens as well as currency increases and demand drops in the market.

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