In late August, the East China polyester chip market experienced a decline in volume and a sharp drop in prices. The reference price for large polyester chips ranged between 10,300 to 10,550 yuan, while small chips were priced between 10,200 to 10,400 yuan, showing an increase of about 400 yuan compared to mid-August.
Key market trends include a shrinking demand for polyester chips despite a slight price rebound, with the highest price reaching 10,650 yuan. Production costs have risen, but the market still faces pressure around the 10,500 yuan level. There is also a clear divergence in market expectations, which has limited further price increases.
Ethylene glycol saw a rise in trading volume in late August, though prices fell slightly. The market reference price was between 7,800 to 8,200 yuan, up by approximately 200 yuan from mid-August. Despite a modest increase in polyester chip prices, ethylene glycol faced increased selling pressure. Market prices had previously climbed, leading to some profit-taking, but recent selling activity pushed prices lower. Internationally, ethylene glycol prices remained relatively stable, with the price on August 26 at around 820 USD, similar to mid-August levels.
Terephthalic acid (PTA) witnessed a rise in trading volume and a steady price increase in late August, with the reference price ranging from 7,900 to 8,000 yuan, up about 100 yuan from mid-August. The PTA market in East China showed relative stability, with increased trading activity driving prices higher. Additionally, the slight increase in polyester chip prices also contributed to the upward trend in PTA. In Southeast Asia, PTA prices were slightly adjusted, with the price on August 26 at around 800 USD.
Acrylonitrile saw a continued decline in trading volume, with no significant market interest. The reference price remained stable at 13,100 to 13,300 yuan, similar to mid-August. Prices fluctuated within a narrow range, supported by the stable pricing of acrylic fibers. Internationally, acrylonitrile prices rose slightly, reaching 1,320 to 1,330 USD on August 26, up 10 USD from mid-August.
Polyvinyl alcohol (PVA) saw an increase in trading volume, with prices remaining relatively stable. The reference price for PVA 1799 was between 12,800 to 13,000 yuan, similar to mid-August levels. Market dynamics show that while there is pressure on prices, producers are reluctant to cut prices due to high crude oil and ethylene prices. Additionally, the stabilization of downstream product prices has provided support to the PVA market.
Paraxylene (PX) saw a reduction in trading volume in late August, with prices remaining elevated. The reference price for PX was between 7,900 to 8,100 yuan, consistent with mid-August levels. The rising prices of polyester chips have provided some support to PX. Meanwhile, benzene prices remain high, limiting downward movement in xylene prices. In Southeast Asia, PX prices rose slightly, fluctuating around 880 USD on August 27, up 5 USD from the previous period.
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