ynfx monthly pricewatch report - april 2016

8/17/2019 YnFx Monthly PriceWatch Report - April 2016

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100% Polyester Spun Yarn………………………………………………………………………………………………………….

Confidentiality Statement……………………………………………………………………………………………………………

Mono Ethylene Glycol…………………………………………………………………………………………………………………

Polyester Chips……………………………………………………………………………………………………………………………

Ethylene……………………………………………………………………………………………………………………………………….

Purified Terephthalic Acid………………………………………………………………………………………………………….

100% Viscose Spun Yarn…………………………………………………………………………………………………………….

Polyester / Cotton Blended Yarn…………………………………………………………………………………………………

Crude oil & Naphtha ...…………………………………………………………………………………………………………………

Acrylonitrile………………………………………………………………………………………………………………………………..

Acrylic Staple Fibre…………………………………………………………………………………………………………………….

VISCOSE CHAIN

Viscose Staple Fibre……………………………………………………………………………………………………………………

Viscose Filament Yarn………………………………………………………………………………………………………………..

Dissolving Pulp………...…..…………………………………………………………………………………………………………..

COTTON………………………………………………………………………………………………………………………………………

SPUN YARN

Polyester Chips……………………………………………………………………………………………………………………………

Polyester Filament Yarn………………………………………………………………………………………………………………

NYLON CHAIN

Benzene……………………………………………………………………………………………………………………………………….

Caprolactum……………………………………………………………………………………………………………………………….

Nylon Chips…………………………………………………………………………………………………………………………………

Nylon Filament Yarn……………………………………………………………………………………………………………………

ACRYLIC CHAIN

Propylene……………………………………………………………………………………………………………………………………

100% Cotton Spun Yarn………………………………………………………………………………………………………………

POLYESTER CHAIN

Paraxylene………………………………………………………………………………………………………………………………….

Notes to PriceWatch Report………………………………………………………………………………………………………..

Monthly PriceWatch

Issue No.4 ‐ April 2016

Table of Contents

Polyester / Viscose Blended Yarn……………………………………………………………………………………………….

Monthly PriceWatch - April 2016 FOR PRIVATE CIRCULATION ONLYwww.YnFx.comTel: 91 22 66291104 | Mob: 91-9619293725EMISPDF ateneo@edu from 202.125.103.33 on 2016 04 30 10:24:31 BST. DownloadPDF.

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USA

US Gulf

ARA

Ex‐factory priceEx‐work

Far East Asia South East Asia S. West Asia

Notes to Report

Cost+insurance+Freight

Cost+Freight

Free delivery within 300 sq.km

Main market offer

Main market cash transactionSpot

CONVERSION RATE

2.204

7.33

299

37.32

355.60

Free on Board

MARKET TERMS

Europe

MARKETS BY REGIONS

Taiwan

Japan

Indonesia

Phillipines

Singapore

RotterdamChina

Korea

Producers' nominated price for ensuing month

Local main market prices inclusive of all federal and local taxes

FOB

CIF

C+F/CNF/CFR

FD or Delivered

Mainstream offer

Local

Contract

Thailand

Malaysia

India

Pakistan

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 permission of YNFX.com is strictly prohibited. The levels are

published to use purely as a guide.

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 responsibility or liability for commercial decisions claimed to have been

based on the content of the report.

Pounds/kg

Barrels/Ton

Gallons/ton

Kgs / Maund

Kgs / Candy

Confidentiality Statement




5/18

US$/ton

Mar‐15 47.85 55.89 530.29 52.55 57.38 65.39

Apr‐15 54.06 59.07 551.33 54.42 59.56 66.71

May‐15 59.33 64.37 575.10 58.37 62.04 72.88

Jun‐15 59.92 61.66 562.44 56.05 60.89 72.73

Jul‐15 51.84 56.63 502.80 48.48 53.15 57.74

Aug‐15 42.57 46.51 436.41 42.33 45.76 50.54

Sep‐15 45.55 47.77 441.73 43.00 46.81 52.10

Oct‐15 46.11 48.25 458.68 45.25 48.92 52.62

Nov‐15 43.00 44.29 452.29 44.06 48.95 52.78

Dec‐15 37.46 38.14 423.58 40.29 45.69 47.04

Jan‐16 31.65 30.93 346.22 33.42 36.78 36.87

Feb‐16 30.43 32.00 321.66 30.99 33.97 33.03

Mar‐16 37.83 38.56 375.10 36.49 37.54 40.30

%Y ‐oY ‐20.93 ‐31.01 ‐29.26 ‐30.55 ‐34.57 ‐38.37

2015 48.81 52.37 491.52 48.10 52.65 59.35

Jan‐Mar 2015 48.64 53.92 497.97 48.33 53.33 62.37

Jan‐Mar 2016 33.30 33.83 347.66 33.63 36.10 36.73

%Y ‐oY ‐31.53 ‐37.26 ‐30.18 ‐30.41 ‐32.32 ‐41.10

Crude oil prices jumped in March after the world's

energy watchdog International Energy Agency stated

that the market might have bottomed out. It believes

non‐OPEC output will fall by 750,000 barrels per day

this year, some 25% more than the 600,000 bpd it

previously forecast. Over the past six weeks, oil

rebounded from 12‐year lows, after major producers

within and outside the OPEC floated the idea of

freezing output at January's highs. US crude prices rose

24.25% on the month while Brent was up 20.5% as

compared to previous month’s average. US Futures

averaged US$37.50 a barrel,

up US$7.32 from February and Brent averaged

US$38.56, up US$6.56 on the month. Asian naphtha

market sentiment was positive in March amid

indications of a shortage of prompt cargoes. Only 1.4‐

1.5 million ton a month of arbitrage cargo was slated

to arrive in Asia in the second half of 2016. The

naphtha crack against ICE Brent crude was at its

widest in two months due to strong buying interest

for the petrochemical feedstock and shrinking supply.

For March, spot naphtha prices were up 16.6% to

average US$375.10 a ton CFR Japan.

Japan

CFR

Singapore

Cargoes

US Gulf

(Contract)

Crude Oil & Naphtha

NYMEX

FutureMonth

Europe

Brent

$/bbrl $/bbrl

Med.

Cargoes

NaphthaCrude Oil

0

10

20

30

40

50

60

70

M A M J J A S O N D J F M

U S $ / t o n

Crude Oil

Europe Brent Nymex Future

0

100

200

300

400

500

600

700

0

10

20

30

40

50

60

70


Naphtha

NWE ($/bbrl) CFR Japan($/ton)




6/18

Euro/ton ct/lb

Mar‐15 825 751 847 847 845 34 1,128 1,209 1,094

Apr‐15 892 815 913 913 1,039 35 1,368 1,423 1,323

May‐15 923 839 944 944 1,180 36 1,369 1,387 1,339

Jun‐15 913 848 934 934 1,212 35 1,410 1,417 1,402

Jul‐15 855 854 876 876 1,061 34 1,206 1,149 1,173

Aug‐15 779 778 800 800 990 25 939 893 939

Sep‐15 769 740 790 790 835 21 855 825 939

Oct‐15 787 725 808 808 749 22 951 945

Nov‐15 773 700 794 794 873 22 1,043 1,057 1,019

Dec‐15 752 677 773 773 842 18 1,067 1,079 1,052

Jan‐16 700 628 721 721 783 18 988 998 988

Feb‐16 718 640 738 738 741 20 927 928 917

Mar‐16 779 694 800 800 765 27 1,174 1,139 1,159

%Y‐oY ‐5.6 ‐7.6 ‐5.6 ‐5.6 ‐9.5 ‐20.7 4.1 ‐5.8 5.9

2015 822 765 839 843 925 30 1,099 1,104 1,095

Jan‐Mar 2015 806 734 812 828 772 35 992 1,025 954

Jan‐Mar 2016 732 654 753 753 763 21 1,029 1,022 1,021

%Y‐oY ‐9.2 ‐10.9 ‐7.3 ‐9.2 ‐1.1 ‐39.1 3.7 ‐0.3 7.0

Paraxylene

Ethylene prices in Asian markets rose significantly in

March as demand from styrene monomer makers

increased amid short supply. Prices were also supported

by rising crude oil and disruption in ethane supply in

America. In Europe, contract price was fully settled up on

the month while spot trading spot prices rose amid lack

of availability. In US, spot rose due to maintenance

season while initial March contract price hiked on the

month. Prices averaged US$1,139‐1,141 a ton CFR SE

Asia, up 22.7% from February while European spot edged

up 3.2% to average Euro764.60‐768.60 a ton FD NWE. US

spot prices surged 36.6% to US cents

26.90‐27.40 per pound FD USG. Paraxylene prices in

Asian markets climbed in March on upward trend in

upstream energy complex. In US, spot paraxylene

prices gained on Asian rise while downstream demand

was firm. In Europe, expectations for the April

paraxylene contract price turned increasingly bullish,

following a large rise in the Asia settlement. Asian

marker, the CFR China averaged US$799.67‐800.67 a

ton, up 8.3% from last month while European

paraxylene climbed 8.4% to US$693.60 a ton FOB

Rotterdam. In US, spot paraxylene was assessed at

US$735 a ton FOB USG, up 11.3% on the month.

NE Asia

CFR

SE Asia

CFRMonth

NWE

FD

US$/ton

Korea

FOB

Ethylene

Polyester Chain ‐ Ethylene & Paraxylene

US Gulf

FD

Rdam

FOB

Korea

FOB

China

Spot

Taiwan

CFR

US$/ton

‐100

100

300

500

700

900

1,1001,300

1,500


U S $ / t o n

Paraxylene

Korea Rdam

0

10

20

30

40

700

900

1,100

1,300

1,500

1,700


U S c r / L b

U S $ / t o n

Ethylene

Korea USG (RHS)




7/18

Mar‐15 644 623 825 822 1,032 1,088

Apr‐15 707 688 921 919 1,137 1,190

May‐15 764 739 965 963 1,174 1,206

Jun‐15 745 720 951 945 1,135 1,150

Jul‐15 677 660 873 856 1,069 1,125

Aug‐15 596 589 742 731 986 1,088

Sep‐15 571 569 688 685 953 1,065

Oct‐15 606 601 658 655 930 1,070

Nov‐15 614 606 596 593 918 1,066

Dec‐15 593

578

579

576

840

1,009

Jan‐16 568 549 578 575 816 995

Feb‐16 575 561 640 637 833 1,009

Mar‐16 615 598 706 703 921 1,080

%Y‐oY ‐4.4 ‐3.9 ‐14.3 ‐14.5 ‐10.8 ‐0.7

2015 643 629 780 773 1,016 1,104

Jan‐Mar 2015 615 598 795 785 1,018 1,092

Jan‐Mar 2016 586 569 641 639 857 1,028

%Y‐oY ‐4.7 ‐4.7 ‐19.3 ‐18.7 ‐15.8 ‐5.8

Poly chipsMEG

Korea/

Taiwan FOB

China

Spot

PTA

jumped on firm upstream and PTA futures while

unexpected shutdown supported the push. China's

Hanbang unexpectedly shuts its new 2.2 million ton a

year PTA plant. Prices averaged US$598.20‐600.20 a

ton CFR China, up 6.6% from February while European

price was at Euro631 a ton FD NWE, inched up 0.9%

on the month. Polyester chip prices moved in tandem

with the upstream markets and were bullish although

trading was insipid during the month. Offers for semi

dull chips up 10.7% to US$921‐944 a ton and super

bright chip rose 10.6% to US$940‐956 a ton from

February.

Mono ethylene glycol prices in March rose in Asian

markets on firmer futures in China amid rising crude

values while plant issues tightened supplies. In US,

MEG spot tracked Asian numbers and gains in

feedstock. Supply was tight due to maintenances. In

Europe, MEG spot prices were up on tight availability

amid stable demand and limited imports. MEG prices

averaged US$703.40‐708.40 a ton FOB SE Asia, up

10.4% in March while European spot was at Euro740 a

ton NWE FCA, up 13.8% from February. US spot was at

US cents 30.50‐31.50 per pound FOB USG, up 15.1% on

the month. Purified terephthalic acid prices in Asia

Polyester Chain ‐ MEG, PTA & PET Chip

Month

US$/ton

Taiwan FOB

Korea/Taiwa

n

CIF

China

China

Spot

500

600

700

800

900

1,000

1,100

1,200


U S $ / t o n

PTA & MEG

PTA Korea MEG Korea

‐

200

400

600

800

1,000

1,200

1,400


U S $ / t o n

Polyester Chips

China Taiwan




8/18

India spot China Spot China Spot Pak spot China Spot

130/34 POY POY 75/36 DTY 75/72* 75/48/0 DTY FDY 50/24

Mar‐15 1.16 1.27 1.18 1.47 1.27 1.74 2.16 1.43

Apr‐15 1.23 1.26 1.18 1.46 1.45 1.90 2.17 1.56

May‐15 1.29 1.34 1.30 1.44 1.50 2.00 2.20 1.61

Jun‐15 1.25 1.35 1.34 1.46 1.36 1.96 2.21 1.46

Jul‐15 1.17 1.32 1.31 1.37 1.32 1.88 2.21 1.40

Aug‐15 1.11 1.23 1.21 1.29 1.15 1.68 2.19 1.29

Sep‐15 1.10 1.18 1.13 1.24 1.13 1.63 2.15 1.27

Oct‐15 1.08 1.20 1.10 1.26 1.11 1.59 2.15 1.25

Nov‐15 1.06 1.18 1.09 1.24 1.11 1.58 2.14 1.24

Dec‐15 1.00 1.10 1.07 1.23 1.07 1.54 2.15 1.16

Jan‐16 0.94 1.09 1.04 1.22 1.01 1.48 2.14 1.12

Feb‐16 0.96 1.08 1.02 1.21 1.01 1.49 2.15 1.14

Mar‐16 1.06 1.17 1.04 1.31 1.13 1.56 2.15 1.28

%Y‐oY ‐8.98 ‐8.34 ‐11.42 ‐10.76 ‐10.61 ‐10.05 ‐0.71 ‐10.87

2015 1.15 1.25 1.21 1.37 1.25 1.75 2.18 1.37

Jan‐Mar 2015 1.15 1.26 1.25 1.48 1.26 1.75 2.20 1.42

Jan‐Mar 2016 0.99 1.11 1.04 1.25 1.05 1.51 2.15 1.18

%Y‐oY ‐14.59 ‐11.58 ‐16.89 ‐15.83 ‐16.81 ‐13.45 ‐2.22 ‐17.15

Month

Pak

Spot

US$/Kg

PFY

Polyester Chain ‐ PFY & PSF

US$/Kg

China

Spot

India

Spot

PSF (1.4‐1.5D/38mm)

Polyester filament yarn prices climbed in March on rising

PTA and MEG values while rising crude oil prices lifted

the entire polyester chain in China. Overall trading

sentiment was favorable, and some makers even closed

offers through raising selling ideas. In India, tradingactivities for POYs were brisk with modest demand from

mills. In Pakistan, DTY prices were stable on the month.

In China, POY 75/72 prices were at US$1.14‐1.16 a kg, up

US cents 11 in Shengze while Indian POY 130/34 prices

were up US cents 10 at US$1.31 a kg. In Pakistan, 300/96

DTY prices were pegged at US$0.62‐0.71 a pound.

Polyester staple fibre prices in China were pushed

up on rising raw material costs and stock markets. In

Pakistan, PSF prices moved up after the import offers

rebounded sharply from China. However, weak

demand persisted due to surge of imports of polyester

yarns. In India, wait‐and

‐see atmosphere got stronger

in PSF market, and prices were raised on cost support.

In China, 1.4D PSF was at US$1.05‐1.08 a kg, up US

cents 10 from February. In India, 1.2D PSF prices were

at US$1.17 per kg, up US cents 9 on the month. In

Pakistan, prices in Karachi were at US$1.04‐1.06 a kg,

up US cents 2 from previous month.

0.00

0.50

1.00

1.50


U S $ / K g

Polyester Staple Fiber

China India Pak

0.00

0.50

1.00

1.50

2.00


U S $ / k g

Polyester Filament Yarn

China India




9/18

US$/ton cts/gal

Mar‐15 760 246 716 706 1,633 1,665 2,138

Apr‐15 821 276 835 825 1,694 1,728 2,285

May‐15 774 256 813 803 1,750 1,800 2,372

Jun‐15 810 277 856 846 1,745 1,788 2,316

Jul‐15 781 282 861 851 1,636 1,694 2,120

Aug‐15 629 228 699 689 1,480 1,550 1,877

Sep‐15 578 204 570 564 1,352 1,410 1,834

Oct‐15 599 213 605 605 1,336 1,404 1,776

Nov‐15 626 230 642 642 1,288 1,405 1,613

Dec‐15 592

214

638

638

1,246

1,325

1,550

Jan‐16 551 191 621 611 1,120 1,175 1,509

Feb‐16 546 183 601 591 1,065 1,115 1,516

Mar‐16 628 207 666 656 1,180 1,234 1,574

%Y‐oY ‐17.3 ‐15.9 ‐7.0 ‐7.1 ‐27.7 ‐25.9 ‐26.4

2015 687 237 705 698 1,524 1,593 1,990

Jan‐Mar 2015 678 222 646 636 1,586 1,672 2,046

Jan‐Mar 2016 575 194 629 619 1,122 1,175 1,533

%Y‐oY ‐15.2 ‐12.8 ‐2.6 ‐2.7 ‐29.3 ‐29.7 ‐25.1

Rotterdam

FOB

CIF

ARAMonth

Korea

FOB

US Gulf

FOB

US$/ton

Nylon Chain ‐ Benzene & Caprolactum

Benzene prices in Asian markets pushed up on rising

crude oil values in March. In US, benzene spot rose on

the month on strong demand and lower imports. Rise

in crude futures also helped spot assessments for

March to surge. In Europe, spot benzene saw modestrise in prices on strong demand from styrene makers.

Asian marker, FOB Korea rose 15.1% in March to

average US$628.10‐629.10 a ton while US spot prices

moved up 13.2% to US cents 206.95‐207.05 per gallon

FOB USG. European spot jumped 10.9% to average

US$666.40‐667.40 a ton CIF ARA and FOB Rotterdam.

Caprolactum prices were up on the

month on decent downstream demand and tight

supply. In China, offers for liquid and solid caprolactum

in spot market edged up. As for demand, run rates of

polymerization units were up amid falling inventory

while nylon yarn makers also upped their run rate but

inventory was still worth at 25 days. Asian caprolactum

spot prices averaged US$1,180‐1,218 a ton in March,

up 10.8% from last month. Sinopec settled its March

contract at US$1,620 a ton for liquid goods while DSM

Nanjing announced settlement for March at US$1,625 a

ton for liquid goods.

Benzene

US$/ton

Caprolactam

FEA

CFR

CIF

China

China

Spot

‐

200

400

600

800

1,000


U S $ / t o n

Benzene

Korea Rotterdam

‐

500

1,000

1,500

2,000

2,500


U S $ / t o n

Caprolactum

FEA CFR China Spot




10/18

CIF SEA CIF China FOB Korea China Spot

Conv Chips FDY 70/24 FDY 40/12 DTY 70/24 DTY 30/12

Mar‐15 1,968 1,968 2,023 2,248 2.95 3.29 3.15 4.13

Apr‐15 2,050 2,052 2,124 2,412 3.04 3.41 3.25 4.13

May‐15 2,115 2,123 2,165 2,462 3.11 3.43 3.27 4.17

Jun‐15 2,103 2,103 2,140 2,314 3.07 3.35 3.20 4.09

Jul‐15 1,976 1,984 2,042 2,083 2.94 3.16 3.13 3.92

Aug‐15 1,825 1,828 1,924 1,838 2.57 2.87 2.79 3.64

Sep‐15 1,676 1,678 1,830 1,856 2.47 2.71 2.67 3.49

Oct‐15 1,672 1,672 1,820 1,807 2.47 2.69 2.68 3.46

Nov‐15 1,635 1,638 1,790 1,676 2.42 2.63 2.63 3.41

Dec‐15 1,550

1,552

1,728

1,652

2.30

2.50

2.53

3.27

Jan‐16 1,465 1,465 1,650 1,574 2.16 2.36 2.37 3.15

Feb‐16 1,418 1,420 1,595 1,574 2.14 2.30 2.37 3.14

Mar‐16 1,470 1,468 1,650 1,688 2.21 2.40 2.43 3.11

%Y‐oY ‐25.3 ‐25.4 ‐18.4 ‐24.9 ‐25.1 ‐27.2 ‐22.8 ‐24.6

2015 1,867 1,871 1,975 2,047 2.79 3.06 2.98 3.83

Jan‐Mar 2015 1,936 1,943 2,045 2,155 3.01 3.32 3.20 4.12

Jan‐Mar 2016 1,451 1,451 1,632 1,612 2.17 2.35 2.39 3.13

%Y‐oY ‐25.1 ‐25.3 ‐20.2 ‐25.2 ‐27.9 ‐29.1 ‐25.2 ‐24.0

Nylon Chain ‐ Polyamide Chip & NFY

US$/ton

Nylon chip market trended upward in March with an

uptick in caprolactum prices and capped benzene

upside in Asia. Demand improved as downstream

converters ramped up production, leading to

increased consumption of nylon chips. The high run

rate at chip makers lead to ample supply and slow

liquidity, and with increased cost pressure and thin

margins, chip suppliers kept running units at high

level. Offers for Taiwan‐origin chips averaged

US$1,468‐1,494 a ton, up 3.4% from last month. In

China, bright conventional spinning nylon‐6 chips

were priced at US$1,688‐1,829, up 7.3% from

February while

semi‐dull chips were offered at US$1,713‐1,823 a ton,

up 7.8% on the month. NFY markets were under severe

cost pressure and hike in prices were met with

resistance during the month. Nylon yarn makers had

ramped up operating rate with expectation that

fundamentals will become favorable. Downstream

circular‐knitting mills, weaving mills and covering mills

operated at modest capacities on the back of better

demand from replenishment season. In China, semi‐

dull FDY70D/24F was traded at US$2.21‐2.31 a kg, up

US cents 7 from previous month while FDY40D were at

US$2.40‐2.60 a kg, up US cents.

US$/kg

SD high speed

China Spot

Month

Nylon Filament YarnPolyamide Chips

‐

1,000

2,000

3,000


U S $ / t o n

Polyamide Chips

SEA CIF Korea FOB

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00


U S $ / k g

Nylon Filament Yarn

FDY 70/24 FDY 40/12




11/18

Euro/ton Cts/lb

Mar‐15 985 981 1,040 846 41.94 1,431 1,325 1,418 1,489

Apr‐15 1,004 1,006 1,054 948 35.31 1,350 1,287 1,400 1,428

May‐15 962 956 1,008 991 35.63 1,350 1,264 1,373 1,419

Jun‐15 950 942 1,000 1,016 33.63 1,350 1,200 1,313 1,347

Jul‐15 862 847 906 927 27.75 1,266 1,176 1,261 1,268

Aug‐15 788 775 826 821 21.81 1,185 1,033 1,163 1,194

Sep‐15 594 640 596 16.43 1,070 959 1,058 1,072

Oct‐15 544 591 578 18.50 1,000 834 971 993

Nov‐15 574 569 612 562 18.08 1,028 819 923 1,013

Dec‐15 582 582 627 507 18.45 1,140 819 859 1,125

Jan‐16 557 557 597 418 18.75 1,075 825 833 1,034

Feb‐16 586 586 625 388 1,010 803 807 975

Mar‐16 647 647 699 410 920 796 850 934

%Y‐oY ‐34.3 ‐34.0 ‐32.8 ‐51.5 ‐100.0 ‐35.7 ‐39.9 ‐40.1 ‐37.3

2015 787 823 835 764 29.69 1,291 1,140 1,233 1,313

Jan‐Mar 2015 862 851 917 739 43.58 1,584 1,432 1,492 1,631

Jan‐Mar 2016 597 597 640 405 18.75 1,002 808 830 981

%Y‐oY ‐30.8 ‐29.9 ‐30.2 ‐45.2 ‐57.0 ‐36.8 ‐43.6 ‐44.4 ‐39.8

Acrylonitrile

US$/ton

USA

Spot

FOB

Korea

FOB

Japan

Acrylonitrile prices in Asian markets slipped on ample

supply amid thin trading as buyers were on the

sidelines, awaiting overseas offers. In Europe, fewer

import offers for acrylonitrile were heard which

allowed regional price to rise. In US, spot acrylonitrile

was stagnant, however, demand was stable during the

month. European prices were up 5.3% to US$850‐854

a ton CIF Med while US export assessments averaged

at US$796‐806 a ton USG, edged down 0.8% on the

month. Asian marker, the CFR Far East Asia declined

4.2% to average US$934‐936 a ton.

Propylene prices in Asian markets surged in March on

strong demand from China while cracker turnaround

season crimped supply. In US, propylene spot climbed

amid outages while April contracts were talked higher.

European propylene prices rose amid tight market and

stronger fundamentals in April on maintenance. Asian

marker, FOB Korea averaged US$647‐649 a ton, up

10.3% from February while CFR China was at US$689 ‐

691 a ton, up 10.4% from previous month. In Europe, CG

propylene rose 5.6% to Euro 410‐414 a ton FD while

refinery‐grade spot prices in US were at US cents 20.75‐

21.25 per pound FD USG.

CFR

China

US$/ton

NWE FDMonth

Acrylic Chain ‐ Propylene & Acrylonitrile

CIF

Med

CFR

FEA

Propylene

CFR

China

US Gulf

FOB

0

500

1,000

1,500


U S $ / t o n

Propylene

Korea FOB NWE FD

0

500

1,000

1,500

2,000


U S $ / t o n

Acrylonitrile

CIF Med CFR China




12/18

China Spot FOB Taiwan Karachi Spot India Spot India Spot

1.2/51mm 1.5 D 3.0 D

Mar‐15 2.39 2.22 3.04 2.38 2.38

Apr‐15 2.40 2.22 3.05 2.30 2.30

May‐15 2.44 2.22 3.04 2.32 2.32

Jun‐15 2.45 2.22 3.04 2.43 2.43

Jul‐15 2.46 2.22 2.98 2.36 2.36

Aug‐15 2.39 2.22 2.68 2.25 2.25

Sep‐15 2.26 2.00 2.63 2.18 2.18

Oct‐15 2.08 1.78 2.36 2.16 2.16

Nov‐15 1.95 1.65 2.28 1.95 1.95

Dec‐15 1.81

1.60

2.25

1.94

1.95

Jan‐16 1.78 1.60 2.05 1.87 1.90

Feb‐16 1.79 1.56 1.89 1.84 1.87

Mar‐16 1.83 1.57 1.86 1.89 1.92

%Y‐oY ‐23.4 ‐29.5 ‐38.8 ‐20.9 ‐19.7

2015 2.32 2.09 2.79 2.30 2.30

Jan‐Mar 2015 2.52 2.31 3.06 2.57 2.57

Jan‐Mar 2016 1.80 1.58 1.93 1.87 1.90

%Y‐oY ‐28.6 ‐31.9 ‐36.8 ‐27.4 ‐26.2

for cotton‐type staple fiber were up by US cents 4 at

US$1.83‐1.99 a kg and medium‐length staple at

US$1.83‐1.98 a kg, up by US cents 3 on the month.

Taiwan origin 3D bright ASF tow prices were at

US$1.55‐1.65 a kg while offers for regular products

were at US$1.50‐1.55 a kg. Anqing Petrochemical and

Qilu Petrochemical nominated 1.5D cotton‐type fiber

at US$1.93‐1.95 a kg. In Pakistan, 1.2D ASF prices

were averaging at US$1.83 a kg in March, down US

cents 3 from February. Indian ASF prices were at

US$1.89 a kg, up US cents 5 from last month.

Acrylic Chain ‐ ASF

Acrylic staple fibre market saw prices moving up in

China while the overall level was in a narrow range in

March. In China, run rate dropped during the month as

Ningbo Zhongxin was on planned maintenance

shutdown, tightening overall supply somewhat.

Sinopec issued monthly settlement prices, in

accordance with monthly average price, and fresh list

prices were flat to mid March level. In India, ASF prices

moved up while buying interest remained subdued,

given lackluster performances of yarn and fabric. Prices

in Pakistan generally rolled over amid insipid yarn

markets. In China, offers

US$/kg

Acrylic Staple Fibre

Month 1.5D/38mm

0.00

1.00

2.00

3.00

4.00


U S $ / k g

Acrylic Staple Fiber

China India Pakistan




13/18

Karachi spot China spot India spot China spot

120D Brt 133.33 dtex bright

Mar‐15 1.91 1.85 2.20 6.06 6.14 800.00

Apr‐15 1.92 1.95 2.20 6.03 6.22 800.80

May‐15 2.02 2.04 2.21 5.95 6.36 811.00

Jun‐15 2.09 2.04 2.21 5.93 6.39 822.25

Jul‐15 2.16 2.12 2.22 5.91 6.41 836.00

Aug‐15 2.15 2.12 2.16 5.77 6.20 855.50

Sep‐15 2.11 2.23 2.13 5.69 6.16 867.80

Oct‐15 2.07 2.28 2.17 5.78 6.20 880.60

Nov‐15 2.05 2.27 2.13 5.68 6.19 897.25

Dec‐15 2.08

2.09

2.12

5.65

6.10

897.20

Jan‐16 2.10 1.88 2.09 5.58 6.00 846.75

Feb‐16 2.10 1.94 2.06 5.50 6.03 838.00

Mar‐16 2.13 2.08 2.11 5.63 6.08 838.40

%Y‐oY 11.3 12.4 ‐4.1 ‐7.2 ‐0.9 4.8

2015 2.03 2.06 2.18 5.89 6.22 839.28

Jan‐Mar 2015 1.92 1.85 2.21 6.10 6.13 801.00

Jan‐Mar 2016 2.11 1.97 2.09 5.57 6.04 841.05

%Y‐oY 9.7 6.1 ‐5.6 ‐8.7 ‐1.5 5.0

Viscose staple fibre prices moved up in March as

producers in China raised offers for medium‐end and

high‐end goods and transactions turned to be brisk. In

China, offers for VSF averaged US$2.08 a kg, up US

cents 14 on the month. In India, VSF prices edged up

seeing low inventories and more fresh deals. VSF prices

in Pakistan rolled over seeing supply tightness in China.

In Pakistan, 1.5D VSF prices were at US$2.13 a kg, up

US cents 3 on the month. In India, producers’ prices

were at US$2.11 a kg, up US cents 5 from last month.

Viscose filament yarn prices in March climbed in China

and producers mainly liquidated their stock

in accordance with market prevailing prices, and

overall industry operation was favorable. Trading

atmosphere in VFY market was healthy in India amid

firm demand from export markets. In China, 120D dull

VFY offers averaged US$6.10 a kg, up US cents 5 while

bright was at US$6.07 a kg, up US cents 4. In India,

120D bright VFY was at US$5.63‐5.70 a kg, up US

cents 13 from last month. Dissolving pulp market saw

passable firm deals and downstream converters

bought moderate volumes. Offers for hardwood pulp

were at US$840 a ton while softwood pulp was at

US$860 a ton.

VSF

Viscose Chain ‐ VSF & VFY, PULP

VFY

1.5D/38mmMonth

Kharach FOB

1.5‐2D Brt Blch Staple grade

US$/kg

Dissolving Pulp

China CIF

1.80

2.00

2.20

2.40

2.60


U S $ / k g

Viscose Staple Fiber

China India Pakistan

5.00

5.50

6.00

6.50

7.00

7.50

8.00


U S $ / k g

Viscose Filament Yarn

China India




14/18

CFR Asia Pakistan Spot China Spot India Spot

Cotlook A KCA CCI Shankar‐6

PakRs/maund Yuan/ton INR/candy

Mar‐15 62.46 69.46 5,213 13,466 31,025

Apr‐15 65.33 71.93 5,430 13,421 33,280

May‐15 65.16 72.75 5,613 13,358 34,875

Jun‐15 64.64 72.35 5,550 13,315 34,250

Jul‐15 65.52 72.16 4,850 13,182 34,260

Aug‐15 65.33 71.63 4,673 13,117 34,000

Sep‐15 61.66 68.89 4,805 13,063 34,850

Oct‐15 62.34 68.73 5,281 13,038 32,380

Nov‐15 61.50 69.28 5,389 12,967 32,225

Dec‐15 63.51

70.21

5,375

12,929

33,240

Jan‐16 61.60 68.56 5,535 12,580 33,625

Feb‐16 59.20 66.21 5,473 12,239 33,425

Mar‐16 57.67 65.63 5,405 11,866 32,640

%Y‐oY ‐7.7 ‐5.5 3.7 ‐11.9 5.2

2015 63.34 70.43 5,186 13,231 32,988

Jan‐Mar 2015 61.68 69.06 5,088 13,459 30,833

Jan‐Mar 2016 59.49 66.80 5,471 12,229 33,230

%Y‐oY ‐3.6 ‐3.3 7.5 ‐9.1 7.8

US cotton futures slipped in March on news that

world's top consumer China is preparing to auction off

some of its stockpile in April, potentially unleashing

fresh supply in an already saturated global market. US

government planting intentions report indicated that

US farmers would plant 9.56 million acres under

cotton this year, slightly more than trade

expectations. The May contract on ICE Futures US

were down 2.6% for the month to average US cents

57.52. The Cotlook A index slipped 0.9% closing March

at an average of US cents 65.63 per pound. The China

Cotton Index inched down 3% to 11,866.20 yuan a

ton. In Pakistan, cotton market extended the slide

amid modest trading in March. According to reports,

quality cotton was not available and spinners were

keen buy fine type and their psychological level.

Meanwhile, cotton growers were shifting their

position to another crop due to losses. The official

spot rate averaged PakRs5,405 per maund ex‐Karachi,

down 1.2% on the month. In India, cotton prices were

down on slack demand. Demand from mills was

subdued while arrival too decreased. Most varieties

saw prices plunge 1.2‐9.4% in March.

Cotton

Cotton

Ct/lb

Month

New York

Futures

40

60

80

100


c t s / l b

Cotton

Cotlook A New York Futures




15/18

30s Knit 30s Weav 20s 32s 21s 32s

Mar‐15 3.06 3.03 2.03 2.52 2.65 3.38

Apr‐15 3.02 2.99 2.09 2.44 2.63 3.37

May‐15 3.04 3.01 2.15 2.60 2.62 3.37

Jun‐15 3.01 2.98 2.16 2.75 2.60 3.34

Jul‐15 2.99 2.96 2.14 2.74 2.53 3.30

Aug‐15 2.81 2.78 2.08 2.44 2.34 3.15

Sep‐15 2.68 2.65 1.90 2.21 2.28 3.11

Oct‐15 2.74 2.71 1.87 2.12 2.27 3.10

Nov‐15 2.70 2.67 2.18 2.42 2.25 3.08

Dec‐15 2.65

2.62

2.12

2.44

2.19

2.99

Jan‐16 2.76 2.73 1.87 2.49 2.15 2.91

Feb‐16 2.69 2.66 1.91 2.53 2.16 2.92

Mar‐16 2.7 2.7 1.99 2.48 2.17 2.92

%Y‐oY ‐11.0 ‐11.1 ‐1.8 ‐1.4 ‐18.2 ‐13.6

2015 2.88 2.86 2.08 2.48 2.48 3.25

Jan‐Mar 2015 2.99 2.98 2.10 2.51 2.70 3.40

Jan‐Mar 2016 2.7 2.7 1.92 2.50 2.16 2.92

%Y‐oY ‐8.8 ‐9.5 ‐8.3 ‐0.4 ‐20.1 ‐14.1

Cotton yarn prices in China were stable to up in March

for some specs amid thin transaction and units were

mostly running at 70% of capacity. Spinning mills were

adjusting their production as the weather turned

warmer and saw smoother sales for low/medium‐

count yarn. Prices were pushed higher in line with the

upticks in spun polyester and viscose yarn markets. In

India, cotton yarn prices were slightly up on the

month, due to lower level of inventories compared

with the end of last year. The fall of cotton yarn

exports from India to China was partly offset by a rise

to other

destinations, thus export markets were supportive. In

Pakistan, cotton prices moved down while yarn price

continued to remain relatively firm after a recovery in

demand in the domestic and export markets. In China,

32s cotton yarn in Shengze market was pegged at

US$2.88‐2.94 a kg while 21s were at US$2.73‐2.85 a

kg, up US cents 4 from February. In India, 30s combed

for knitting were at US$2.58 a kg, up US cents 4 on the

month while carded were at US$2.30 a kg, up US

cents 3 from previous month. In Pakistan, 30s carded

yarn for weaving was at US$2.64 a kg, down US cents

2 on the month.

Spun Yarn ‐ 100% Cotton

US$/kg

India spot

Month

Pakistan Spot China Spot

100% Cotton Yarn

2.00

2.50

3.00

3.50

4.00

4.50

5.00


U S $ / k g

100% 30s Cotton Yarn

India Pakistan China




16/18

Pak spot

21s 32s 45s 50S 60s 40/1 10s 20s 30s

Mar‐15 1.70 1.87 2.02 2.11 2.29 1.53 2.36 2.46 2.55

Apr‐15 1.78 1.96 2.09 2.19 2.35 1.53 2.40 2.52 2.63

May‐15 1.88 2.04 2.20 2.30 2.40 1.53 2.47 2.60 2.73

Jun‐15 1.81 1.98 2.18 2.29 2.35 1.54 2.47 2.60 2.73

Jul‐15 1.70 1.88 2.06 2.21 2.31 1.57 2.48 2.61 2.71

Aug‐15 1.60 1.75 1.94 2.09 2.23 1.56 2.44 2.57 2.70

Sep‐15 1.59 1.76 1.91 2.04 2.24 1.53 2.48 2.62 2.76

Oct‐15 1.58 1.75 1.91 2.00 2.27 1.53 2.54 2.70 2.86

Nov‐15 1.54 1.69 1.86 1.98 2.25 1.52 2.54 2.70 2.84

Dec‐15 1.41

1.58

1.75

1.86

2.17

1.53

2.44

2.60

2.77

Jan‐16 1.36 1.53 1.70 1.80 2.10 1.45 2.35 2.49 2.66

Feb‐16 1.38 1.56 1.72 1.81 2.11 1.39 2.37 2.53 2.70

Mar‐16 1.56 1.72 1.85 1.93 2.15 1.39 2.48 2.65 2.82

%Y‐oY ‐8.0 ‐8.3 ‐8.5 ‐8.3 ‐6.3 ‐9.5 5.3 7.9 10.4

2015 1.66 1.83 1.99 2.11 2.29 1.54 2.45 2.57 2.70

Jan‐Mar 2015 1.69 1.86 2.01 2.11 2.30 1.54 2.36 2.46 2.55

Jan‐Mar 2016 1.43 1.60 1.75 1.85 2.12 1.41 2.40 2.56 2.72

%Y‐oY ‐15.1 ‐13.9 ‐12.9 ‐12.3 ‐7.8 ‐8.3 1.7 4.0 6.9

100% Polyester yarn

US$2.32 a kg, up US cents 5. Viscose spun yarn

prices climbed up in China on firm cost support

and favourable downstream buying activity,

but actual transactions were lackluster. In

Pakistan, viscose yarn producers had reduced

their stocks in the first half of March and were

not willing to lower their offers during the

month, as a result. In India, spun viscose yarn

prices gained in line with the recent rise in

fibre prices. In Xiaoshan, 30s spun viscose were

at US$2.86 a kg, up US cents 17 from previous

month. In India, 30s viscose prices were at

US$2.58 a kg, up US cents 15 in Indore market.

Spun polyester yarn offers in China went up in March

driven by rising PSF cost and buyers purchased raw

materials in a moderate volume to replenish

inventories. In India, spun polyester price rose due to

hike in PSF prices during the month. In Pakistan, yarn

prices were also pushed up on rising polyester staple

fibre prices after the imports offer from China

rebounded. In Shengze, offers for 32s polyester yarn

were at US$1.73‐1.77 a kg, up US cents 18 on the

month. In India, 30 polyester knit yarns were at

US$1.86 a kg, up US cents 8 in Ludhiana market. In

Pakistan, 30s spun polyester was at

100% Polyester and Viscose Yarn

China spot

100% Viscose yarn

US$/kg

Month

China spot

0.00

0.50

1.00

1.50

2.00

2.50


U S $ / k g

100% 32s Polyester Yarn

China

1.00

1.50

2.00

2.50

3.00

3.50

M M J S N J M

U S $ / k g

100% 30s Viscose Yarn

China




17/18

India spot Pak spot Pak spot India spot China spot

21S 32S 30s 30s 30/1 30s P/V 65/35 32s, 65/35

US$/kg

Mar‐15 2.28 2.48 2.02 0.92 2.16 2.14 2.78

Apr‐15 2.31 2.52 2.00 0.89 2.17 2.13 2.84

May‐15 2.36 2.56 1.98 1.00 2.16 2.10 2.90

Jun‐15 2.32 2.51 1.97 1.01 2.16 2.10 2.90

Jul‐15 2.31 2.49 1.98 0.91 2.16 2.11 2.88

Aug‐15 2.19 2.38 1.93 0.91 2.15 2.05 2.77

Sep‐15 2.15 2.33 1.91 0.86 2.11 2.03 2.73

Oct‐15 2.15 2.32 1.94 0.88 2.11 2.06 2.73

Nov‐15 2.11 2.29 1.90 0.90 2.09 2.02 2.75

Dec‐15 2.02

2.19

1.89

0.89

2.10

2.02

2.70

Jan‐16 1.94 2.11 1.87 0.85 2.10 1.99 2.61

Feb‐16 1.95 2.11 1.84 0.80 2.11 1.96 2.60

Mar‐16 1.96 2.13 1.89 0.85 2.11 2.01 2.67

%Y‐oY ‐14.4 ‐14.3 ‐6.5 ‐7.8 ‐2.7 ‐6.5 ‐3.8

2015 2.24 2.42 1.97 0.92 2.22 2.09 2.80

Jan‐Mar 2015 2.31 2.49 2.03 0.94 2.45 2.16 2.80

Jan‐Mar 2016 1.95 2.12 1.87 0.83 2.10 1.98 2.63

%Y‐oY ‐15.7 ‐15.1 ‐7.9 ‐11.5 ‐14.2 ‐7.9 ‐6.0

Spun yarn ‐ Polyester/Cotton & Polyester/Viscose

Polyester/Viscose yarnPolyester/Cotton yarn

Blended yarn prices in China were stable in March, in

line with a similar trend in fibre prices. In Pakistan,

polyester‐cotton yarn prices were increasing due to a

recovery of demand from the downstream textile

industry, especially home textile producers. The surge

was more visible with poly‐cotton yarns, which were

being supported by a fresh rise in polyester prices. PSF

prices have increased 7.6% over the last four weeks.

Larger sales were reported for PC and fine count yarns

on the Faisalabad and Karachi yarn markets during the

month, although prices have been raised. In India, the

recent hike in PSF prices

supported PV and PC yarn prices to rise in March.

Further, prices were pushed up due to improved

demand in domestic and export markets. In India, PC

30s (52/48) were at US$2.46 a kg in Ludhiana market,

up US cents 18 on the month while PV 30s (65/35)

were at US$2.13 a kg, up US cents 7 from last month.

In Pakistan, 30s were at US$2.36 a kg, up US cents 5

on the Faisalabad market. In Qianqing market,

polyester‐cotton 32s were traded at US$2.35 a kg, up

US cent 1 while 45s (65/35) yarn were at US$3.26 a

kg, rolling over from last month.

US$/kg

China spot

Month

0.00

1.00

2.00

3.00

4.00

5.00


U S $ / k g

30s PC Yarn

China Pakistan India

2.00

2.50

3.00

3.50

4.00


30s PV Yarn

China Pakistan India




18/18

ynfx monthly pricewatch report - april 2016

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