The markets remain steady as the Chinese holiday in the week
Crude oil prices in the week reduced by US$2-US$3 on an average. The OPEC basket was at US$86.27 a barrel, while Europe brent was at US$89 a barrel
/Apparel News Articles/ - MUMBAI, INDIA, February 14, 2008 - Crude oil prices in the week reduced by US$2-US$3 on an average. The OPEC basket was at US$86.27 a barrel, while Europe brent was at US$89 a barrel. Some of the OPEC ministry's officials, unofficially said that it might reduce oil production to keep prices above US$80. In the last meeting, the decision on output was differed till the March meeting. The dollar's decline has eroded the purchasing power of OPEC and the group plans to invest US$ 150 billion energy projects over the next 5 years.
After last weeks fall, naphtha prices moderately declined further. Japanese naphtha was at US$833 a ton and Mediterranean was at US$735 a ton. MRPL, BPCL and IOC from India have together exported 542,500 tons of naphtha for February and early March, indicating a recovery in exports towards the high monthly volumes of up to 1 mn tons, which was last seen only in November 2007.
1.4D/38mm SD PSF in India declined by 3 cents to US$1.49 a kg. In Pakistan the specs traded steadily. India's PSF production was at 525,000 MT which increased by 12.5% and consumption increased by 9.2% and was at 421,000 MT. POY 114/108 in India declined by 3 cents to US$1.94 a kg. Orders were few and markets awaited Chinese buyers to come back. PFY consumption in the period from April 07 - October 07 was at 704 thousand tons increasing by 10% while its production increased by 15% to 805 thousand tons.
Polyester Chips prices remained steady in the week in markets outside China as orders for polyester yarn has been stagnant. The demand for polyester yarn is seeing a dry phase, currently. MEG front month offer in Korea and Taiwan was at US$1,100 a ton. In China it was in the range of US$1,080- US$1,130 a ton. MEG prices though higher by over 25% in several markets have seen its prices dwindle continuously in the last couple of months.
NFY prices decreased by a cent and the markets were dull in the week. POY semi dull in the week was US$6 a kg, and has fallen 7.4% YOY, with a low of US$5.75 a kg. NFY production fell by 10.5% to 18 thousand tons while its consumption exceeded production and was 18,800 tons, lower by 24%. Polypropylene price in China market before the holiday was at US$ 1.74 a kg, same at last years level. Polypropylene fiber production in China 2007 up to November was 1.88 million MT as compared to 2.24 million MT thus declining 16% in 2007.
VSF prices in India declined by a cent and the demand is mostly missing. VSF production in the 1st eleven months of 2007 was at 1.56 million tons higher by 6% from the previous year. VFY prices in India increased by up to 4 cents. 100D bright was at US$5.95 a kg while 150D bright was at US$5.37 a kg. India's VFY production was at last year's level of 31 thousand tons for the period from April 07-Oct 07.
Cotlook A index increased by 3 cents a kg, and was 27.9% higher YOY. ICAC forecasts showed that cotton stocks would dip by 4.19% during 2008-09, as consumption exceeded production and had to be fed by stocks. Area under cultivation of Bt cotton in India has increased to 63.3 lakh hectares that is 66% of the total cotton area in the 2007-08 seasons. India's output is projected to be at 310 lakh bales. Mills in Pakistan resumed buying in the week, as the mills were in need and the prices were at a level considered to be fair. Also, the news that the targeted production could be achieved eased prices.
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