Polyester chain prices tumble in India, China as crude oil retreats

In the Indian market, purified terephthalic acid (PTA) prices dropped by ****;*.** (~$*.***) per kg to ****;**.** (~$*.**) per kg from ****;**.** per kg recorded earlier this week. Monoethylene glycol (MEG) prices remained stable at ****;** (~$*.**) per kg, although the removal of earlier discounts had initially offset part of the decline. Melt prices fell sharply by ****;*.** per kg to ****;**.** per kg from ****;***.** per kg, reflecting the broad weakness in upstream polyester feedstocks.The softer raw material environment prompted Indian producers to announce reductions across its polyester product portfolio with effect from June **, ****. Polyester oriented yarn (POY) prices were reduced by ****;* per kg across all deniers and lustres, taking fine denier POY prices to ****;*** per kg and coarse denier grades to ****;*** per kg. Polyester textured yarn (PTY) prices were lowered by ****;*-* per kg, while fully drawn yarn (FDY) prices were reduced by ****;* per kg for semi-dull and bright products. Cationic FDY prices remain unchanged.Polyester staple fibre (PSF) prices were also cut by ****;*.** per kg. Basic PSF prices effective June ** stood at ****;***.** per kg for *.* denier, ****;***.** per kg for *.* denier and ****;*** per kg for *.* denier grades, excluding GST.Chinese polyester feedstock markets also reflected the changing sentiment. CFR China PTA prices declined sharply from $*** per tonne on June ** to $*** per tonne on June ** and further to $*** per tonne on June **. PTA prices recovered marginally to $*** per tonne on June ** but remained substantially below levels seen a week earlier. MEG prices recorded an even steeper decline, falling from $*** per tonne on June ** to $*** per tonne by June **, with prices dropping to $*** per tonne on June **, $*** per tonne on June **, and $*** per tonne on June **.

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