Sample Price Watch

Weekly PriceWatch Report
Issue No.36 ‐ 4th September, 2009
CONTENTS
Notes to PriceWatch Report………………………………………………………… 3
Confidentiality Statement……………………………………………………………. 3
Executive Summary……………………………………………………………………… 4
POLYESTER CHAIN……………………………………………………………………….. 5
Polyester Staple Fibre…………………………………………………………………. 6
Polyester Filament Yarn………………………………………………………………. 7
Polyester Chips……………………………………………………………………………. 9
Purified Terephthalic Acid…………………………………………………………… 10
Mono Ethylene Glycol………………………………………………………………….. 11
Paraxylene…………………………………………………………………………………… 12
Ethylene
Ethylene……………………………………………………………………………………….. 13
NYLON CHAIN……………………………………………………………………………… 14
Nylon Filament Yarn…………………………………………………………………… 15
Nylon Chips………………………………………………………………………………… 16
Polypropylene…………………………………………………………………………….. 17
Caprolactum……………………………………………………………………………….. 18
Benzene……………………………………………………………………………………….. 19
ACRYLIC CHAIN……………………………………………………………………………. 20
Acrylic Staple Fibre……………………………………………………………………… 21
Acrylonitrile…………………………………………………………………………………. 22
Propylene……………………………………………………………………………………… 23
VISCOSE CHAIN……………………………………………………………………………. 24
Viscose Staple Fibre…………………………………………………………………… 25
Viscose Filament Yarn…………………………………………………………………. 26
Wood and Cotton Pulp………………………………………………………………… 27
Cotton………………………………………………………………………………………….. 28
Wool…………………………………………………………………………………………….. 29
Spun Yarn…………………………………………………………………………………….. 30
100% Cotton Spun Yarn……………………………………………………………….. 30
100% Polyester Spun Yarn……………………………………………………………. 31
100% Viscose Spun Yarn……………………………………………………………….. 32
Polyester / Cotton Blended Yarn………………………………………………….. 33
Polyester / Viscose Blended Yarn………………………………………………… 34
Naphtha……………………………………………………………………………………….. 35
Crude Oil………………………………………………………………………………………. 36
Weekly PriceWatch 4th September, 2009 www.YnFx.com
FOR PRIVATE CIRCULATION ONLY 2 Tel: 91 22 66291000 | Fax: 91 22 22023563
Notes to PriceWatch Report
MARKET TERMS
FOB Free on Board
CIF Cost+insurance+Freight
C+F/CNF/CFR Cost+Freight
FD or Delivered Free delivery within 300 sq.km
Mainstream offer Main market offer
Spot Main market cash transaction
Local Local main market prices inclusive of all federal and local taxes
Contract Producers' nominated price for ensuing month
Ex‐work Ex‐factory price
MARKETS BY REGIONS
Far East Asia South East Asia S. West Asia Europe USA
China Thailand India Rotterdam US Gulf
Korea Malaysia Pakistan ARA
Taiwan Indonesia
Japan Phillipines
Singapore
EXCHANGE RATE = US$ 1

EXCHANGE RATE = US$ 1 CONVERSION RATE
CONVERSION RATE
Last 12 Last 6 Aug‐09 28‐Aug 4‐Sep 2.204 Pounds/kg
China Yuan 6.834 6.832 6.832 6.833 6.831 7.33 Barrels/Ton
Indian Rs 48.809 48.492 48.393 48.870 48.890 299 Gallons/ton
Pak Rs. 80.134 82.742 82.667 82.846 82.841 37.32 Kgs / Maund
Australian $ 1.382 1.195 1.193 1.199 1.186 355.60 Kgs / Candy
Euro 0.740 0.702 0.700 0.701 0.701
NOTES to Report
Price quote covered in this report relate to "Low" of the "Low/High" price range

The Base of Benchmark is the major supplying region in the fibre chain
Value chain pricing intensity is the relation of the product under review with its upstream raw material segment and with its close
substitutes. It is also a conversion cost indicator. For example, naphtha is produced from crude oil, paraxylene from naphtha, PTA
from paraxylene, MEG from ethylene, POY from PTA/MEG, DTY/FDY from POY. Similarly substitute are like viscose to cotton,
acrylic to wool. Another example is the blending of cotton with polyester. In this report value chain pricing intensity, we have, to
the best of our knowledge cross linked the value chain to the immediate upstream and to the closest market term.
Confidentiality Statement
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.
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.
Executive Summary
Crude oil: Prices retreats below US$70/bl
Crude oil prices retreated below US$70 a barrel mark this week on variety of mixed reports. A Department of Labor report
announcing unemployment in the US had touched a 26‐year high in August suggested that a major economic recovery will likely
be delayed until 2010. Also added to this was the conclusion of summer driving season as demand weakens during the fall. This
time the positive indication of a drop in inventory did not motivate the market. Reportedly, market participants were preparing
for the OPEC meet of 9 September.
By the end of this week WTI for October delivery was down 6.5% or US$4.72 at US$68.02 a barrel on the Nymex while the
European Brent for October closed at US$66.82 a barrel, down US$5.97 (8.2%) from the week ago level.
Polyester Chain: PTA and MEG cheaper
Ethylene price eased a bit in Asia while they increased significantly in Europe and USA. The rise is attributed to shutdown of many
cracker and better demand for ethylene derivatives. Paraxylene prices remained unsupported in Asian market with downstream
PTA numbers dwindling. Paraxylene was cheaper by US$90‐105 a ton in Asian markets. With ethylene prices sobering MEG prices
declined by US$20‐40 a ton in Asian markets. Inventories were ample but demand from downstream polyester producers was
diminishing steadily. The sluggish feedstock prices depressed polyester chip prices in China. However, they were stable in Taiwan
and Pakistan but are likely to be influenced by the falling numbers in China. Polyester filament yarn and polyester staple fibre
prices crashed in China while they held steady in other Asian markets. The relief provided by falling MEG and PTA costs failed to
spur market sentiments.
Nylon Chain: Cost Relief for NFY producers
Benzene prices rebounded in Asian markets but continued to fall in Europe and USA. Asian suppliers were eager to export
benzene to USA and Europe but were cautious that they would be at risks to export benzene spots to Europe and US after buying
in Asia. Caprolactum prices rolled over previous week’s numbers in Asian market on expectation that supplies would tighten in
September and October. Further downstream nylon chips and nylon filament producers were not in position to accept any hike in
input costs. Chip producers reduced their offers on lower cost pressure. However, the softening of benzene and caprolactum
prices and depressed nylon chip markets was favorable to the nylon filament market. Downstream demand too was flat and
buying interest was low.
Acrylic Chain: Acrylonitrile Prices Surge
Propylene prices eased further in Asia and USA but were rising in Europe on growing demand. The fall in Asian values is attributed
to increased supplies from startups of new capacities in China, India and Saudi Arabia. Downstream acrylonitrile prices increased
across Asia, Europe and USA despite weakening propylene prices. The rise was sharper in Europe and USA. Asian acrylic staple
fibre markets were stable with prices rolling over previous week’s numbers despite upheavals in acrylonitrile prices. Poor
downstream demand had limited acrylic staple fibre manufacturers to raise prices.
Viscose Chain: VSF Stable while VFY Gains
Tight supply continued to grip the wood pulp market creating uncertain conditions and as suppliers and distributors withheld their
offers. In China, arrival to new linters did not stimulate the market participants as they were said to have been mingled with old
stock and sold at flat prices. New inters are expected to arrive only after mid‐September. Viscose staple prices were stable across
markets. They were until now mainly supported by firm pulp prices and active downstream rayon spun yarn markets. Viscose
filament yarn prices were up in China while they remained stable in India.
Cotton: Mixed Trend
This week the Cotlook ‘A’ index was up amidst weakening prices in USA, China and India. The index was up from 62.05 cents to
62.70 cents a pound this week. Pakistan cotton was dearer as supply remained under pressure. In China, the cotton index lost
RMB77 a ton while in the USA, the East Texas ‐OK‐color‐41,leaf 4,staple 34 and West Texas ‐OK‐color‐41,leaf 4,staple 34 lost 1
cent per pound. In India, prices of most varieties rolled over previous week’s numbers while some recorded declines in the range
of INR100‐400 per candy.
Polyester Chain
August‐09
Asia (CFR) Europe (Del) USA (Del)
US$/ Ton Euro/ Ton US$/ Ton Euro/ Ton US$/ Ton Euro/ Ton
low high low high low high low high low high low high
Crude Oil 525 367 533 373 521 365
Naphtha 453 317 384 269 533 373
Paraxylene 1,098 1,099 768 769 996 999 697 699
Ethylene 948 950 663 665 1,129 1,136 790 795 579 584 405 409
PTA 950 955 665 668 1,455 1,605 933 1,030 1,349 1,349 944 944
MEG 751 759 526 531 1,375 1,375 880 880 1,254 1,254 877 877
Polyester chips 1,110 1,110 777 777 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
PSF
1.2/1.5D SF 1,300 1,350 910 944 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
6D solid (fiber fill) 950 1,050 665 735 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
PFY
75D POY 1,350 1,450 944 1,014 ‐ ‐ ‐ ‐
75D textured 1,903 2,049 1,331 1,434 ‐ ‐ ‐ ‐
150D POY ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
150D textured 1,525 1,625 1,067 1,137 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
1000D conventional 1,675 1,675 1,172 1,172 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Benchmark ratio: Asia = 100
PTA 1.00 1.00 1.53 1.68 1.42 1.41
MEG 1.00 1.00 1.83 1.81 1.67 1.65
1.2/1.5D SF 1.00 1.00 ‐ ‐ ‐ ‐
75D POY 1.00 1.00 ‐ ‐
Value Chain pricing intensity
PET chip / PTA+MEG 1.21 1.25
POY / PTA+MEG 1.26 1.35
POY / Polyester chip 1.22 1.31
DTY / POY 1.41 1.41
3000 3000
3000 EUROPE 3000
3000
ASIA EUROPE USA
USA
2500 2500
2500 2500
2500
2000
US$/MT
2000 2000 2000

2000
US$/MT
US$/MT
US$/MT
US$/MT
1500 1500 1500

1500
1000 1000 1000

1000
500 500
500 500
500
M
M
D
OF
A
O
N
SJ
MJ
AJ
DJ
OF
JS
AO
JF
SJ
MJ
MJ
DJ
JJ
M
M
ND
A
ON
AA
M
M
D
N
A
S
O
N
F
A
AJ
AJ
SJ
FJ
J
D
F
A
A
S
O
N
F
A
J
J
J
J
M
M
M
M
F
J
M
M
D
N
PTA MEG PSF POY PTA PTA MEG MEG PSF PSF POY POY PTA
PTA MEG
MEG PSF
PSF POY
POY
Polyester Staple Fibre
► PSF producers were relief of heavy cost pressure this week with prices of both 2.0
feedstock‐ PTA and MEG, declining sharply. Crude oil prices too declined below Polyester Staple Fibre
US$70 a barrel pushing down paraxylene prices by almost US$90‐100 a ton. 1.5
Feedstock sentiment is expected to soften further in coming weeks. Despite
reduced cost downstream demand was lusterless. Given heavy loss in upstream,
1.0
PSF sentiment is likely to bottom out and prices would remain stable‐to‐soften.
0.5
► In China, PSF was cheaper by 6‐7 cents while that in Pakistan was up 1 cent.
US$ / Kg
D J F M A M J J A S O N D
However, Indian and Taiwan/Korea PSF remained stable at previous week’s 1.4D/38mm Taiwan FOB 2008 2009
level. In Jiangsu and Zhejiang market, offers for 1.4D PSF were in the range of
US$1.30‐1.32 a kg while in Shandong the same pegged at US$1.32‐1.34 a kg,
down 6 cents compared to previous week.
► Offer from Taiwan/Korea for 1.4D PSF were stable at US$1.25‐1.30/kg while the same in India was at US$1.39/kg. In
Karachi, 1.0‐1.2D PSF was pegged at US$1.44‐1.46/kg, up 1 cent while producers’ were steady at US$1.44/kg.
(US$/Kg)
Last 12 mths Prev 6 wks
Product Specs Market Term 28‐Aug 4‐Sep % YoY
Min Max Min Max
Virgin fibre
1.01 1.65 1.31 1.44 1.38 1.31 ‐20.7
1.4D/38mm SD China Del
1.25 1.39
0.90 1.40 1.25 1.35 1.25 1.25 ‐10.7
1.4D/38mm SD Taiwan / ROK FOB
1.12 1.28
1.10 1.65 1.29 1.44 1.44 1.44 ‐12.6
1.2D SD (Grade A) Pakistan Local
1 36
1.36 1 41
1.41
1.08 1.65 1.27 1.44 1.44 1.44 ‐12.6
1.5 D/38mm SD Pakistan Local
1.31 1.38
1.08 1.75 1.26 1.41 1.39 1.39 ‐21.0
1.4 D/38mm SD India Local
1.27 1.37
Re‐cylced
0.86 1.23 0.88 0.91 0.91 0.91 ‐26.1
1.5D/38mm cotton type East China Main
0.94 0.90
1.02 1.50 1.08 1.14 1.14 1.14 ‐23.4
3‐dimensional‐crimp hollow 6‐15D East China Main
1.18 1.13
0.69 0.95 0.88 0.94 0.91 0.90
Taiwan / ROK 1.4D/38mm SD / Cotlook A index
0.85 0.91
0.84 1.15 0.90 1.05 1.05 1.04
India 1.5 D/38mm SD / Cotlook A Index
0.99 0.97
Figure in italic is average for the period
Polyester Filament Yarn
► Polyester filament yarn prices crashed in China this week while they held steady 2.00
US$ / Kg
Polyester POY
in other Asian markets of Indonesia/Malaysia, Pakistan and India rolling over
previous week’s numbers. However, some relief was provided by falling input 1.50
costs of MEG and PTA, but market sentiments failed to pick up.
► Offer from Malaysia/Indonesia for 75D POY was pegged at US$1.30‐1.40 a kg, 1.00
steady at previous week’s level. DTY prices too rolled over previous week’s
numbers. In India, 150/108 POY was at US$1.54‐1.72 a kg. 0.50
D
F
S
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A
A
J
M
J
J
► In China, POY prices lost 10‐11 cents in Shengze market. 75/36 was pegged at 75D POY Malaysia FOB 2008 2009
US$1.55‐1.58 a kg while 75/72 was at US$1.58‐1.62 a kg. Similarly DTY was
cheaper by 3‐6 cents in Shengze and Changshu markets. 75/36 was traded at
US$1.87‐2.05 a kg losing 3 cents in Shengze while 75/144 was cheaper by 6
cents at US$2.11‐2.14 a kg in Changshu.
(US$/Kg)
Min Max Min Max
0.95 1.55 1.30 1.40 1.30 1.30 ‐16.1
POY 75D Malaysia & Indonesia FOB
1.27 1.33
1.09 1.83 1.55 1.68 1.67 1.55 ‐15.1
POY 75D/36F Shengze Local
1.41 1.64
1.12 1.84 1.58 1.70 1.68 1.58 ‐14.2
POY 75D/72F Shengze Local
1.44 1.66
1.25
1 25 1.94
1 94 1.54
1 54 1.57
1 57 1.54
1 54 1.54
1 54 ‐21.0
21 0
POY 114/108 India Local
1.50 1.55
1.21 1.94 1.41 1.63 1.62 1.61 ‐17.4
POY 130/34 India Local
1.45 1.55
0.80 1.45 1.20 1.30 1.20 1.20 ‐17.2
POY 250D/48F Malaysia & Indonesia FOB
1.16 1.24
1.33 2.02 1.82 1.90 1.90 1.83 ‐9.3
FDY 50D/24F Shengze Local
1.64 1.88
1.24 1.94 1.71 1.83 1.83 1.76 ‐9.6
FDY 63D/24F Shengze Local
1.55 1.80
1.63 2.20 1.86 1.94 1.94 1.94 ‐9.9
DTY 75/24/0 Pakistan Local
1.90 1.90
1.31 2.02 1.62 1.71 1.71 1.62 ‐19.4
FDY 75D/36F Changshu Local
1.53 1.69
0.90 1.65 1.30 1.35 1.30 1.30 ‐16.1
FDY 150D SD Malaysia & Indonesia FOB
1.25 1.32
1.20 1.82 1.52 1.62 1.62 1.52 ‐16.0
FDY 150D/96F Changshu Local
1.41 1.59
…contd/‐
Polyester Filament Yarn (contd..)
Min Max Min Max
1.44 2.21 1.84 1.90 1.90 1.87 ‐15.1
DTY 75D/36F Shengze Local
1.71 1.89
1.66 2.17 1.86 1.94 1.95 1.94 ‐8.7
1.89 1.89
1.59 2.31 2.08 2.15 2.15 2.14 ‐7.5
DTY 75D/72F Shengze Local
1.91 2.14
1.61 2.28 2.06 2.17 2.17 2.11 ‐7.6
DTY 75D/144F Changshu Local
1.91 2.13
1.10 1.75 1.50 1.55 1.50 1.50 ‐11.2
DTY 150D/48 SD Malaysia & Indonesia FOB
1.41 1.53
1.36 2.02 1.54 1.66 1.65 1.65
1.63 1.61
1.50 2.14 1.62 1.76 1.76 1.76
DTY 150/48/INT Pakistan Local
1.73 1.70
1.37 2.13 1.83 1.92 1.92 1.83 ‐14.3
DTY 150D/288F Changshu Local
1.71 1.88
1.39
1 39 2.02
2 02 1.62
1 62 1.76
1 76 1.76
1 76 1.76
1 76 ‐12.7
12 7
DTY 300/96 INT Pakistan Local
1.67 1.67
1.07 1.72 1.48 1.52 1.48 1.48 ‐10.3
DTY 300D/72F Malaysia & Indonesia FOB
1.39 1.50
1.31 1.96 1.51 1.60 1.60 1.60 ‐18.3
1.59 1.54
1000D/192F high stretch, low 1.50 2.36 1.65 1.70 1.70 1.70 ‐28.0
China Main Port FOB
shrink 1.77 1.68
1.38 2.20 1.58 1.65 1.65 1.65 ‐25.0
1000D/192F high stretch Shanghai FOB
1.67 1.62
1000D/192F high stretch, low 1.50 2.30 1.65 1.70 1.70 1.70 ‐26.1
Shanghai FOB
shrink 1.75 1.68
Polyester Chips
2,000
► With sluggish feedstock prices and depressed market condition,
US$/Ton
polyester chip prices declined in China. However, they were stable in Polyester Chips
Taiwan and Pakistan this week but would be influenced by the 1,500
numbers from China in coming week. However, market expects prices
to rebound as China has begun further anti‐dumping investigations on
PTA from South Korea and Thailand. 1,000
► Semi‐dull, cont spinning fibre grade chips in Taiwan/Korea were

pegged at US$1,050/ton, rolling over previous week’s numbers. In 500
Pakistan, chips producers’ prices were also steady at US$1,460/ton.
S
O
N
A
A
J
M
J
J
D
D
Taiwan FOB 2008 2009
► In China, cont polymerised semi‐dull, filament grade chip were traded at US$1,260‐1,300 a ton, down US$60‐
70 from previous week. Super bright filament grade chips were down US$45 a ton at US$1,300‐1,330 a ton.
CDP chips prices were at US$1,375‐1,390 a ton, losing US$45 from previous week.
(US$ / Ton)
Min Max Min Max
829 1,520 1,259 1,376 1,332 1,259 ‐17.2
Cont polymerised (SD, fil grd) China Local
1,135 1,330
864 1,549 1,288 1,376 1,346 1,303 ‐15.9
Super bright, fil grade China Local
1,152 1,339
978 1,710 1,376 1,420 1,420 1,376 ‐19.5
CDP China Local
1,271 1,408
650 1,325
1 325 1 050
1,050 1,170
1 170 1,050
1 050 1,050
1 050 ‐20.8
20 8
Semi‐dull, fibre grade Taiwan / ROK FOB
951 1,090
953 1,494 1,442 1,461 1,461 1,461
Polyester chips SD (Grade A) Pakistan Local
1,224
1.00 1.62 1.11 1.22 1.15 1.22
Taiwan‐Korea SD chips/ Korea FOB PTA
1.22 1.18
1.25 2.25 1.42 1.54 1.44 1.48
Taiwan‐Korea SD chips/ Korea FOB MEG
1.62 1.48
1.29 1.71 1.37 1.46 1.46 1.46
China SD fil gr chips / China mainstream PTA
1.45 1.42
1.66 2.28 1.76 1.82 1.82 1.77
China SD fil gr chips / China mainstream MEG
1.93 1.79
Purified Terephthalic Acid
1,400
► With crude oil prices dropping below US$70/bbl and the slump in
US$/ Ton
Purified Terephthalic Acid
paraxylene prices slumped pushed PTA market to lower prices. PTA 1,200
supply has increased while demand from downstream polyester
1,000
market was waning and their inventory were under pressure. Coming
weeks will see PTA market likely to adjustment amid weakness in the 800
short term with a possibility of rebounding after a slump. 600
400
► By the end of this week offers from Korea/Taiwan were pegged at
J
D
D
F
S
O
N
A
A
M
M
US$860‐870 a ton FOB, down US$50 from its previous week’s 2008 2009
Korea/ Taiwan FOB
numbers. In China, the mainstream prices were at US$840‐850 , down
US$60 from its previous week’s level. Goods in bonded areas were
pegged at US$860‐870, while imported goods were at US$830 a ton.
Both numbers were down US$50‐70 compared to previous week’s
values. (US$/ Ton)
Min Max Min Max
540 980 860 980 910 860 ‐12.2
Offers Korea/ Taiwan FOB
784 935
540 980 860 980 910 860 ‐12.2
Goods in bonded areas China CIF
788 935
520 970 830 950 900 830 ‐14.4
Imported goods China CIF
766 913
520 970 840 960 900 840 ‐13.4
13 4
China Main
774 923
644 1,215 1,054 1,215 1,127 1,054 ‐12.1
Domestic producers China Local
969 1,156
0.74 1.09 0.85 0.92 0.88 0.92
Korea FOB / Korea FOB paraxylene
0.86 0.87
0.73 0.96 0.82 0.91 0.86 0.91
China mainstream / China spot paraxylene
0.83 0.85
Mono Ethylene Glycol
2,000
US$/Ton
► With ethylene prices sobering in Asian markets and crude oil market uncertain,
Mono Ethylene Glycol
MEG prices declined by US$20‐40 a ton in Asian markets. Inventories were 1,500
ample but demand from downstream polyester producers was diminishing
steadily. Coming week s prices are likely to continue the weak adjustments. 1,000
500
► At the end of the week, offers from Korea/Taiwan were pegged at US$710‐715 a
ton, losing US$20 from previous week’s level. In China, the mainstream numbers 0
N
D
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A
A
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ended the week at US$690‐700 a ton losing US$35 of its previous week’s value.
2008 2009
Goods in bonded areas were pegged at US$700‐710 while buying ideas hovered Taiwan / Korea FOB
around US$680‐690. The fall in buying ideas was sharper by US$40 a ton while
imported supplies were cheaper by US$30 from previous week’s numbers.
(US$ / Ton)
Min Max Min Max
420 860 710 760 730 710 ‐17.4
Front month offer Korea/Taiwan FOB
592 743
420 860 700 770 735 700 ‐18.6
Goods in bonded areas China CIF
599 748
380 840 680 750 720 680 ‐19.0
Buying ideas China CIF
574 728
400 840 690 760 725 690 ‐17.9
17 9
Mainstream China CIF
581 737
540 1,150 740 840 840 840 ‐27.0
MEGlobal's nomination Asia CFR Asia
741 790
540 1,150 740 820 820 820 ‐28.7
Shell's nomination Asia CFR Asia
727 793
540 1,150 670 830 830 830 ‐27.8
Sabic's nomination Asia CFR Asia
727 773
0.60 1.45 0.71 0.81 0.75 ‐
Korea FOB / Korea FOB ethylene
0.86 0.77
0.61 1.18 0.67 0.81 0.75 0.72
China mainstream CIF / NE Asia CFR ethylene
0.79 0.74
Paraxylene
► The fall in crude oil and downstream PTA prices curbed paraxylene prices this 2,000
US$/Ton
Paraxylene
week in Asian markets. The fall was in the range of US$90‐105 a ton in Asian
markets. No suppliers/traders were eager to offer as the gap between bids and 1,500
offers widened. The backwardation between H1 and H2 October cargoes

1,000
narrowed to just US$8 a ton from US$10 a ton. The market expects October
prices to roll over September numbers.
500
► At the close of this week, the FOB Korea numbers were at US$930‐935 a ton, 0
losing a whopping 10% over previous week while CFR Taiwan values were at
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Korea FOB 2008 2009
US$945‐950 a ton, down US$105. In SE Asia, paraxylene was cheaper by US$105
at US$955‐960 a ton. In China, the mainstream prices were pegged at US$920 a
ton losing US$130 from its previous week’s value. The FOB Rotterdam values
closed the week at US$840‐845 a ton, down US$90 from its previous week’s
close. (US$ / Ton)
Min Max Min Max
550 1,270 930 1,150 1,035 930 ‐26.8
Korea FOB
921 1,073
525 1,200 840 1,045 930 840 ‐30.0
Europe FOB
839 976
570 1,290 920 1,165 1,050 920 ‐28.7
China Spot
940 1,088
580 1,300
1 300 955 1,175
1 175 1,060
1 060 955 ‐26.5
26 5
SE Asia CFR
950 1,103
570 1,290 945 1,165 1,050 945 ‐26.7
Taiwan CFR
940 1,093
600 1,370 1,040 1,060 1,040 1,040 ‐1.0
Exxon's nomination Asia Contract
972 1,043
1.28 2.71 1.42 1.83 1.58 1.42
Korea FOB / Japan CFR naphtha
1.90 1.68
1.32 2.72 1.46 1.87 1.62 1.46
SE Asia CFR / Japan CFR naphtha
1.97 1.73
1.43 4.04 2.18 2.72 2.42 2.18
Europe FOB / Rotterdam naphtha
2.82 2.51
Ethylene
2,000
► Ethylene price sobered a bit in Asia while they increased dramatically in Europe
US$/Ton
Ethylene
and USA. In Europe, the FD numbers closed the week at Euro 845‐850 a ton, up
1,500
Euro 15 from the previous week’s numbers while the CIF values were up US$50
at US$1,000‐1,010 a ton. The rise can be attributed to shutdown of many
1,000
cracker and better demand for ethylene derivatives. US Gulf ethylene prices
were assessed at 28.88‐29.13 cents per pound gaining 0.63 cents or US$15 a ton 500
from its week ago values.
► In NE Asia, ethylene prices were down by US$5 a ton closing the week at US$959‐ 0
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961 a ton. The SE CFR values were also down US$1 closing the week at US$1,069‐
Korea FOB 2009 2008
1,071 a ton as supplies eased. Iran's National Petrochemical Corp. (NPC)
restarted its 1.32 million tons olefin steam cracker thus augmenting supply to
Asian markets.
(US$ / Ton)
Min Max Min Max
500 1,500 890 1,000 950 1,000 ‐33.3
NW Europe CIF
769 920
585 1,436 1,082 1,205 1,184 1,205 ‐16.1
NW Europe FD Spot
863 1,134
344 1,311
1 311 488 636 623 636 ‐44.5
44 5
US Gulf FD Phy.
599 573
380 1,300 940 1,026 964 959 ‐26.2
NE Asia CFR
766 972
380 1,280 1,000 1,070 1,070 1,069 ‐16.5
SE Asia CFR
753 1,039
330 1,230 935 979 979 ‐
Korea FOB
717 952
0.91 1.91 1.08 1.23 1.12 1.08
Korea FOB / Japan CFR naphtha
1.23 1.16
1.25 1.96 1.53 1.67 1.64 1.63
SE Asia CFR / Japan CFR naphtha
1.50 1.63
1.89 4.54 2.72 3.13 3.08 3.13
NW Europe FD Spot / Rotterdam naphtha
2.86 2.92
Relevant News
√ Taiwan ‐ Formosa to increase LPG use in ethylene production
Nylon Chain
August‐09
Asia Europe USA
US$/Ton Euro/Ton US$/Ton Euro/Ton US$/Ton Euro/Ton
Crude Oil 525 367 533 373 521 365
Naphtha 453 317 384 269 533 373
Benzene 839 840 587 588 957 958 669 670 1,012 1,012 708 708
Caprolactum 2,149 2,159 1,503 1,510 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Polyamide Chips
NFY
POY 15D ‐ ‐ ‐ ‐
DTY 15D ‐ ‐ ‐ ‐
DTY 40D hoseiry ‐ ‐ ‐ ‐
40D warpknit ‐ ‐ ‐ ‐
POY 70D ‐ ‐ ‐ ‐
70D weaving tube 2,100 2,700 1,469 1,889 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
DTY 70D/68F ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
70D/24F weaving 2,050 2,250 1,434 1,574
Indl Yarn 840D 1,950 2,800 1,364 1,959 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
BCF 1200D ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Benchmark ratio: USA = 100

Benchmark ratio: USA = 100
Caprolactum
70D weaving (tube)
840D, Industrial
CPL / Benzene 2.56 2.57 ‐ ‐ ‐ ‐
Chip / CPL ‐ ‐
70D NFY / CPL 0.98 1.25
3500 3500
US$ /Ton
US$ /Ton
3500
US$/Ton
ASIA USA
EUROPE
3000 3000 3000
2500 2500 2500

2000 2000
2000
1500
1500 1500
1000
1000 1000
D J F MAM J J A S O N D J F MAM J J A
D J FMAM J J A S ON D J FMAM J D J FMAM J J A S O N D J FMAM J
CPL PA chips NFY CPL NFY CPL NFY
Nylon Filament Yarn
4.50
►The softening of benzene and caprolactum prices and depressed nylon chip
US$/ Kg
Nylon Filament Yarn
4.00
markets was favorable to the nylon filament market which was reeling under
3.50
severe cost pressure. Downstream demand was flat and low buying interest
limited any hike prices this week. However, low inventories with producers in 3.00
China would result in nylon filament prices holding at current level. 2.50
2.00
►This week prices rolled over previous week’s numbers in China and India. In 1.50
China, nylon 70D/24F DTYs was pegged at US$3.44‐3.81 a kg, rolling over
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previous week’s value while 30D/10F was traded at US$4.32‐4.68 a kg. In India, 70D/24F China local 2009 2008
NFY prices were steady. 20/1D SD was pegged at US$5.56 a kg.
(US$ / Kg)
Min Max Min Max
5.42 6.34 5.56 5.68 5.57 5.56 ‐12.3
POY 20D/1 Bright India Local
5.71 5.61
5.42 6.34 5.56 5.68 5.57 5.56 ‐12.3
POY 20D/1 SD India Local
5.71 5.61
2.19 5.05 4.24 4.39 4.32 4.32 ‐14.4
DTY 30D/10F SD China Local
3.95 4.31
2.49 4.17 3.32 3.44 3.44 3.44 ‐17.4
DTY 70D/24F SD China Local
3 11
3.11 3 41
3.41
2.56 4.21 3.59 3.73 3.73 3.73 ‐11.3
FDY 40D/12F SD China Local
3.21 3.68
2.14 3.85 2.23 2.44 2.23 2.23
India POY 20D SD Local / SE Asia SD chips CIF
2.95 2.30
1.22 1.79 1.33 1.43 1.35 1.35
China DTY 70D / China SD chip local
1.52 1.36
2.51 5.16 2.60 2.75 2.66 2.66
India POY 20D SD / SE Asia caprolactum CFR
3.62 2.67
1.56 2.42 1.56 1.65 1.65 1.65
China DTY 70D / China caprolactum mainstream offer
1.90 1.61
Nylon Chips
4,000
US$/Ton
►With caprolactum prices softening in recent week due to lack of Nylon Chips
3,500
support from benzene and crude prices chip prices too lost support at
current CPL value. Chip producers reduced their offers on lower cost 3,000
pressure. Prices for high‐speed spinning chips are expected to fall 2,500
sharply, while conventional‐spinning chips would see steady price 2,000
cuts. Downstream demand from textile yarn and cord fabric was 1,500
weak.
1,000
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SE Asia FOB 2009 2008
►Semi‐dull high speed spinning chips from Europe were pegged at
US$2,500 a ton CIF China while SE Asia CIF values were at US$2,500 a
ton, both rolling over previous week’s value. In China, conventional
spinning nylon chips were traded at US$2,635‐2,850 a ton, losing
US$70 at the lower‐end of the price range. Semi‐dull high speed chips
were pegged at US$2,930‐3,000 a ton, losing US$45 at the higher end
of the price range.
(US$ / Ton)
Min Max Min Max
1,500 2,800 2,420 2,500 2,500 2,500 ‐10.7
SD high speed spinning SE Asia CIF
2,013 2,478
Conventional Spng Chips 1,500 2,780 2,420 2,500 2,500 2,500 ‐10.1
China CIF
(European) 2,021 2,478
1,500
1 500 2,820
2 820 2 500
2,500 2,550
2 550 2,550
2 550 2,550
2 550 ‐9.6
96
SD high speed spinning (Taiwani) China CIF
2,081 2,533
1,872 3,464 2,781 2,971 2,927 2,928 ‐15.5
SD high speed spinning China Local
2,439 2,906
1,828 3,246 2,576 2,737 2,707 2,635 ‐18.8
Conventional Spng Chips China Local
2,303 2,669
2,927 3,886 3,294 3,806 3,659 3,660 ‐5.5
Nylon 66 wet chips (EPR27) Henan Shema Ex work
3,450 3,623
2,927 3,959 3,513 3,806 3,659 3,660 ‐7.3
Nylon 66 dry chips (FYR27D) Henan Shema Ex work
3,497 3,659
1.09 1.38 1.13 1.20 1.20 1.20
SE Asia SD chip / SE Asia caprolactum CFR
1.22 1.16
1.00 1.26 1.01 1.06 1.04 1.01
China SD chip local / China caprolactum offer price
1.12 1.04
Relevant News
√ UK ‐ FM declared for PA 6.6 chain products
Polypropylene
4.00
►Overall polypropylene market sentiment was stable this week while staple fibre Polypropylene
market was modest on poorer demand. In China, demand in Northeast was 3.50
better, while that in other regions remained stagnant. Filament producers faced
US$/ Kg
weak downstream demand, despite the consecutive drop of feedstock cost. The 3.00
fiber market sentiment is likely to adjust slightly in coming week.
2.50
►1.5D 38mm fibre prices in China were pegged at US$1.70‐1.73 a kg, rolling over 2.00
previous week’s numbers. FDY450D white was pegged at US$2.44 a kg while the
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colored filament was at US$2.58 per kg. Offers from Turkey for most filament BCF 3000D double twisted China 2009 2008
denier were at US$2.25 per kg while 1000D natural was traded at US$1.75 per
kg.
(US$ / Kg)
Min Max Min Max
1.14 2.03 1.54 1.71 1.70 1.70 ‐16.4
1.5D 38mm China Local
1.47 1.65
2.43 3.36 2.59 2.59 2.59 2.59 ‐22.9
BCF 3000D double twisted China Local
2.61 2.59
1.73 3.20 2.00 2.25 2.25 2.25 ‐29.7
FDY 840D mono Natural Turkey FOB
2.03 2.17
1.73
1 73 3.20
3 20 2.00
2 00 2.25
2 25 2.25
2 25 2.25
2 25 ‐29.7
29 7
2.03 2.17
1.73 3.20 2.00 2.25 2.25 2.25 ‐29.7
2.03 2.17
1.73 3.20 2.00 2.25 2.25 2.25 ‐29.7
2.03 2.17
1.73 3.20 2.00 2.25 2.25 2.25 ‐29.7
2.03 2.17
1.60 3.10 1.75 1.75 1.75 1.75 ‐43.5
FDY 1000D mono Natural Turkey ‐ Rafia FOB
1.91 1.75
Relevant News
√ Polypropylene: Global capacity use to fall below 80% by 2012
Caprolactum
3,000
►Caprolactum prices rolled over previous week’s numbers in Asian market with
US$/Ton
Caprolactum
little support from benzene prices and expectation that supplies will tighten in 2,500
September and October. Further downstream nylon chips and nylon filament
producers were not in position to accept any hike in input costs. At least four 2,000
CPL units are expected to be idled for turnaround with the shutdown period
ranging from 20‐ 40 days. 1,500
►The week ended with FE and SE Asian CFR numbers were at US$2,080‐2,090 a
1,000
ton and US$2,090‐2,100 a ton respectively. Goods from Japan were dearer by
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US$50 at US$2,230 a ton while those from Europe were cheaper by US$230 at
SE Asia CFR 2009 2008
US$1,950 a ton both CIF China. China made caprolactum was pegged at
US$2,605‐2,635 a ton.
(US$ / Ton)
Min Max Min Max
1,120 2,495 2,070 2,170 2,080 2,080 ‐16.6
FE Asia CFR
1,671 2,120
1,120 2,495 2,075 2,175 2,090 2,090 ‐16.2
SE Asia CFR
1,674 2,127
1,250 2,570 1,950 2,230 2,180 2,230 ‐13.2
From Japan China CIF
1,851 2,153
1,150
1 150 2,570
2 570 1 950
1,950 2,200
2 200 2,180
2 180 1,950
1 950 ‐22.0
22 0
From East Europe China CIF
1,665 2,140
Mainstrea 1,507 3,161 2,489 2,606 2,605 2,606 ‐15.1
China
m off 2,076 2,557
1,579 3,206 2,562 2,708 2,664 2,664 ‐16.8
DSM Nomination CFR Asia Contract
2,200 2,652
1.85 5.05 2.39 2.68 2.68 ‐
SE Asia CFR / SE Asia benzene FOB
3.05 2.51
2.12 4.71 2.32 2.57 2.57 ‐
FE Asia CFR / Taiwan benzene CFR
2.89 2.42
Benzene
1,500
►Benzene prices rebounded a bit in Asian markets but continued to slump in
US$/Ton
Europe and USA this week. Asian suppliers were hoping to export benzene to Benzene
USA and Europe where prices although falling were higher but were cautious 1,000
that they would be at risks to export benzene spots to Europe and US after
buying in Asia. 500
►At the end of the week, FOB Korea benchmark closed at US$775‐776 a ton, up
US$5 compared to previous week. In US, benzene at US Gulf FOB was pegged at 0
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US$2.77 a gallon, down 3 cents from previous week’s level. Spot material was 2009 2008
Korea FOB
offered at 4‐5 cent premiums on an FOB basis. In Europe, CIF ARA numbers were
pegged in the range of US$770‐771 a ton while Rotterdam FOB numbers were at
US$780‐781 a ton, both down US$35 a ton.
(US$ / Ton)
Min Max Min Max
278 1,128 770 914 770 775 ‐30.6
Korea FOB
615 829
233 1,329 828 1,106 837 828 ‐34.8
US Gulf FOB
667 997
250 1,205 780 1,084 815 780 ‐34.0
Rotterdam FOB
646 947
240 1,195
1 195 770 1,074
1 074 806 770 ‐34.3
34 3
ARA, Europe CIF
635 938
292 1,136 810 926 810 ‐ ‐
Taiwan CFR
620 858
259 1,108 779 897 779 ‐ ‐
SE Asia FOB
593 827
0.84 1.82 1.44 1.73 1.44 1.44
Korea FOB / Asia crude CFR
1.39 1.59
0.81 1.84 1.45 1.70 1.45 ‐
SE Asia FOB / Asia crude
1.34 1.61
0.78 2.21 1.58 2.21 1.58 1.67
US Gulf FOB / US Light crude
1.46 1.96
0.75 2.14 1.54 2.14 1.54 1.57
Rotterdam FOB / European Brent
1.42 1.85
Acrylic Chain
August‐09
Asia Europe USA
US$/ton Euro/ton US$/ton Euro/ton US$/ton Euro/ton
Crude Oil 525 367 533 373 521 365
Naphtha 453 317 384 269 533 373
Propylene 1,082 1,084 757 759 1,093 1,108 765 775 1,070 1,075 748 752
Acrylonitrile 740 900 518 630 2,880 3,075 1,845 1,970 2,192 2,280 1,534 1,595
ASF
ASF 1.5‐3.0D 2,050 2,140 1,434 1,497 ‐ ‐ ‐ ‐ 2,645 2,755 1,850 1,927
Benchmark ratio: Europe = 100
Propylene 0.99 0.98 1.00 1.00 0.98 0.97
Acrylonitrile
ASF 1.5‐3.0D

ACN / Propylene 0.68 0.83 2.63 2.78 2.05 2.12
ASF / ACN 2.77 2.38
ASF / Wool Aus. EMI 0.29 0.30 ‐ ‐ 0.37 0.38
3500
US$ /Ton
3500 3500
US$/Ton
US$/Ton
3000 Asia Europe USA

3000 3000
2500 2500 2500
2000 2000 2000
1500 1500 1500
1000 1000 1000
500 500 500
D J F MAM J J A S O N D J F MAM J J A D J F MAM J J A S O N D J F MAM J D J FMAM J J A S O N D J FMAM J
ACN ASF ACN ASF ACN ASF
Acrylic Staple Fibre
US$/ Kg
3.00
►The Asian acrylic staple fibre markets were stable this week and prices rolled Acrylic Staple Fibre
over previous week’s numbers despite upheavals in acrylonitrile prices. 2.50
Acrylonitrile prices were surging due to limited September cargos and sound
demand. However, the poor downstream demand was limiting acrylic staple 2.00
fibre manufacturers to raise prices. The market is expected to remain steady in
coming week. 1.50
1.00
►The mainstream reference prices were in the range of US$2.05‐2.14 a kg FOB
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Taiwan. Indian prices were steady at US$2.35 per kg while the same in Pakistan
1.5D/38mm Taiwan FOB 2009 2008
ASF was pegged at US$2.60 per kg. In China, prices for acrylic fiber closed the
week at US$2.52‐2.56 per kg, rolling over previous week’s numbers.
(US$ / Kg)
Min Max Min Max
Mainstrea 1.73 2.65 2.52 2.56 2.52 2.52 ‐4.3
1.5D/38mm China
m off 2.22 2.54
1.50 2.57 2.05 2.05 2.05 2.05 ‐20.2
1.5D/38mm Taiwan FOB
1.95 2.05
1.71 2.92 2.35 2.40 2.35 2.35 ‐19.6
1.5D/38mm India Local
2.35 2.37
1.71
1 71 2.92
2 92 2.35
2 35 2.40
2 40 2.35
2 35 2.35
2 35 ‐19.6
19 6
0.9D India Local
2.35 2.37
1.71 2.92 2.35 2.40 2.35 2.35 ‐19.6
1.2D India Local
2.35 2.37
1.71 2.92 2.35 2.40 2.35 2.35 ‐19.6
3D tow India Local
2.35 2.37
Mainstrea 1.67 2.61 2.47 2.49 2.47 2.47 ‐5.5
3D wet spin China
m off 2.17 2.48
2.00 2.60 ‐ ‐ ‐ ‐
3D tow Mitsubishi Rayon CFR Asia Contract
2.25
1.17 2.33 1.68 1.89 1.68 1.68
1.5D/38mm China / North China ACN self lifting
1.82 1.80
1.17 2.00 1.37 1.52 1.37 1.37
1.5D/38mm Taiwan / NE‐SE Asia ACN CFR
1.59 1.45
0.33 0.51 ‐ ‐ ‐ ‐
1.5D/38mm China / Aus Emi wool
0.39
0.33 0.56 ‐ ‐ ‐ ‐
1.5D/38mm India / Aus. EMI wool
0.42
Acrylonitrile
2,500
US$/Ton
►Acrylonitrile prices increased across markets in Asia, Europe and USA despite Acrylonitrile
Asian and USA propylene prices declining this week. The rise was sharper in 2,000
Europe and USA. Last week, Asahi Kasei had raised September contract price by
US$100 in Far East to US$1,550. However, September spot cargoes were limited 1,500
and NE Asian producers taking advantage adjusted up prices as downstream ABS
1,000
and acrylic fiber producers showed heavy buying interest.
500
►SE CFR benchmark values closed the week at US$1,465‐1,475 a ton, up US$20
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from its previous week’s numbers. Similarly, FE CFR values gained US$20 to China CFR 2009 2008
US$1,450‐1,460 a ton. In China, the self lifting numbers were pegged at

US$1,830‐1,860 a ton, up US$30 from its previous week’s numbers.
►CIF Mediterranean values were pegged at US$1,390‐1,400 a ton, up US$90 from previous week. The USG FOB numbers
gained over US$100 at US$1,350‐1,360 a ton at the end of the week.
(US$/Ton)
Min Max Min Max
950 2,444 1,420 1,830 1,800 1,830 ‐25.0
North China Self lifting
1,402 1,637
800 2,200 1,350 1,500 1,500 1,500 ‐30.2
China CFR
1,288 1,408
640 2,100 1,165 1,350 1,245 1,350 ‐34.1
US Gulf FOB
1,149 1,228
740 2,074
2 074 1 270
1,270 1,390
1 390 1,300
1 300 1,390
1 390 ‐31.7
31 7
Europe CIF
1,212 1,308
950 2,430 1,400 1,550 1,550 1,550
Asahi Kasei's nomination CFR Asia Contract
1,443 1,475
0.97 4.59 1.17 1.36 1.36 ‐
SE Asia CFR / SE Asia propylene CFR
1.60 1.26
1.01 5.31 1.19 1.36 1.36 ‐
China CFR / China propylene CFR
1.70 1.27
1.17 2.55 1.17 1.27 1.18 1.27
Europe / NW Europe propylene FD
1.67 1.20
5.14 20.15 5.14 7.23 5.14 5.68
US Gulf / USA propylene spot
8.59 6.08
Propylene
2,000
US$/Ton
►Propylene prices eased further in Asia and USA this week. However, prices in Propylene
Europe rose on rising demand. The fall in Asian values is attributed to increased 1,500
supplies from startups of new capacities in China, India and Saudi Arabia. With
Europe increasing its imports, it is expected that some surplus propylene from 1,000
Asia would flow to Europe.
500
►At the end of this week, offers from South Korea were down by US$35 and were
0
in the range of US$1,039‐1,041 a ton FOB. US Spot numbers for chemical grade
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propylene was at 52.38‐52.63 cents per pound, down 1 cent from previous Korea FOB 2009 2008
week’s numbers. The European CIF numbers gained US$70 and were in the
range of US$1,084‐1,098 a ton while the FD numbers were steady at US$1,098‐
1,112 a ton respectively.
(US$ / Ton)
Min Max Min Max
300 1,529 1,039 1,104 1,074 1,039 ‐32.0
Korea FOB
793 1,080
260 1,499 1,039 1,094 1,039 ‐ ‐
Japan FOB
767 1,070
320 1,529 1,099 1,139 1,099 ‐ ‐
Taiwan CFR
826 1,121
370 1,549
1 549 1 099
1,099 1,154
1 154 1,099
1 099 ‐ ‐
SE Asia CFR
844 1,134
320 1,529 1,099 1,139 1,099 ‐ ‐
China CFR
828 1,121
399 1,273 1,054 1,101 1,099 1,098 ‐
Chemical grade NW Europe FD
756 1,088
399 1,230 1,013 1,086 1,013 1,084 ‐
Chemical grade NW Europe CIF
737 1,061
292 1,344 829 1,176 1,176 1,154 ‐
Chemical grade USA Spot
709 1,044
0.90 2.64 2.05 2.29 2.05 ‐
SE Asia / Asia crude CFR
1.98 2.14
0.98 1.80 1.38 1.55 1.45 1.55
NW Europe / European Brent
1.25 1.47
0.04 0.10 0.07 0.10 0.10 0.10
USA / US light
0.07 0.09
Viscose Chain
August‐09
Asia Europe USA
US$/ton Euro/ton US$/ton Euro/ton US$/ton Euro/ton
Second cut linters 560 589 392 412
Cotton pulp staple gr 1,219 1,219 852 852
Cotton pulp fil gr
Wood pulp staple gr 1,125 1,125 787 787 950 950 665 665
VSF
1.5D/38mm 2,441 2,441 1,708 1,708 1,070 1,130 749 791
VFY
120D Bright 4,684 3,277
120D Dull 4,684 3,277
300D Bright 3,879 2,714
300D Dull 3,879 2,714
Benchmark ratio: Asia = 100
Wood pulp staple gr 1.00 1.00 ‐ ‐
1 5D/38mm
1.5D/38mm 1.00
1 00 1.00
1 00 0.44
0 44 0.46
0 46
VSF / Wood pulp 2.17 2.17
VSF / Cotton pulp 2.00 2.00
VFY / Wood pulp 4.16
VFY / Cotton pulp fi gr
3500
US$ /Ton
ASIA
3000
2500
2000
1500
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VSF
Viscose Staple Fibre
3.50
US$/ Kg
►Viscose staple prices were stable across markets in China, India and Pakistan Viscose Staple Fibre
rolling over previous week’s numbers. VSF prices till recently were mainly 3.00
supported by firm pulp prices and active downstream rayon yarn markets.
2.50
However, the pace of rayon yarn market had slowed down this week. In China,
availability was reportedly tight and 1.2D demand was better than 1.5D. Prices 2.00
are expected to remain stable next week with a possibility of a small gain.
1.50
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rolling over previous week’s numbers. VSF prices till recently were mainly
supported by firm pulp prices and active downstream rayon yarn markets.
However, the pace of rayon yarn market had slowed down this week. In China,
availability was reportedly tight and 1.2D demand was better than 1.5D. Prices
are expected to remain stable next week with a possibility of a small gain.
(US$ / Kg)
Min Max Min Max
Producers 1.96 2.50 2.29 2.34 2.29 2.29 ‐8.3
1.2D bright bleached India
offer 2.18 2.31
Producers 2.06 2.61 2.39 2.44 2.39 2.39 ‐8.3
1.2D dull India
offer 2.28 2.41
Producers 1.92 2.45 2.25 2.30 2.25 2.25 ‐8.2
1.5‐2.0D bright bleached India
offer 2.14 2.27
Producers 2.00
Producers 2 00 2.54
2 54 2.33
2 33 2.38
2 38 2.33
2 33 2.33
2 33 ‐8.3
83
1.5‐2.0D dull India
offer 2.22 2.35
Producers 1.92 2.41 2.25 2.30 2.25 2.25 ‐6.5
1.5‐2.0D spun shades India
offer 2.18 2.27
1.69 2.47 2.32 2.47 2.47 2.47 2.0
1.5D/38mm China Local
2.10 2.43
1.80 2.53 2.48 2.52 2.51 2.51 13.2
1.5D Pakistan Local
2.17 2.51
4.14 6.36 4.20 5.00 4.20 4.20
1.5D/38mm China local / Second cut linters
5.15 4.65
2.19 3.14 2.19 2.61 2.19 2.19
1.5D/38mm China local / Imported wood pulp
2.71 2.33
Viscose Filament Yarn
4.50
US$/Ton
►Viscose filament yarn prices were up in China while they remained stable in Viscose Filament Yarn
India, rolling over previous week’s numbers. In China, prices increased amid
4.00
stable market mainly because the goods available were mainly for
replenishment. However, stability will mainly depend on downstream demand.
3.50
►120D bright and dull first‐class filaments were priced at US$4.98 a kg, up 7 cents
compared to previous week’s values. 150D bright was pegged at US$4.46 per 3.00
kg, up 8 cents from its previous week’s close. Prices of 300D bright and dull were
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stable at US$3.88 per kg. 300 D China 2009 2008
►Indian 300D bright VFY was pegged at US$4.19‐4.56 a kg, stable at previous
week level while 100D bright was at US$5.77 a kg. VFY 120 dull was traded at
US$5.48 a kg, same as previous week.
(US$ / Kg)
Min Max Min Max
5.02 5.89 5.77 5.89 5.77 5.77 2.6
100D bright India Local
5.52 5.82
4.42 4.97 4.85 4.95 4.85 4.85 ‐2.1
4.73 4.89
4.24 4.98 4.35 4.46 4.38 4.46 ‐10.2
150D bright China Local
4.45 4.37
3.75
3 75 4.28
4 28 4.19
4 19 4.28
4 28 4.19
4 19 4.19
4 19 ‐0.9
09
4.03 4.23
3.80 3.96 3.88 3.88 3.88 3.88 ‐1.7
300D bright China Local
3.89 3.88
3.73 4.03 3.88 3.88 3.88 3.88 ‐3.5
300D dull China Local
3.87 3.88
Wood and Cotton Pulp
1,600
US$/Ton
►The wood pulp market continued to remain in short supply and with Wood Pulp
uncertain direction suppliers and distributors were withholding their 1,400
offers. However, offers for Brazil and Indonesia origin materials were 1,200
pegged at US$1,150 a ton for staple grade and US$1,200 a ton for
filament grade. Tembec’s offer was at US$950 a ton. 1,000
800
►In China, imported wood pulp was around US$1,150 a ton, rolling over
600
previous week’s numbers. Prices of second cut cotton linter were at
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US$600‐615 a ton. In China, new linters arrived in the market but 2009 2008
Wood pulp Imported Staple Grade China CIF
were sold along with old linters as these were considered as mixed
with old linters. New inters are expected to appear after mid‐
September. Cotton pulp (staple grade) mainstream numbers were at
US$1,230 a ton and filament‐grade pulp at US$1,275 a ton.
(US$/ Ton)
Min Max Min Max
292 600 527 600 600 600 11.0
Second cut linters China CIF
440 561
819 1,230 1,186 1,230 1,229 1,230 1.4
Cotton pulp staple grade China CIF
1,034 1,215
630 1,150 1,100 1,150 1,150 1,150 30.7
Imported wood pulp staple grade China CIF
831 1,125
950 950 950 950 950 950 00
0.0
Wood pulp staple grade Russia CIF
950 950
800 1,150 1,150 1,150 1,150 1,150 15.0
Wood pulp staple grade Brazil CIF
992 1,150
1,000 1,150 1,150 1,150 1,150 1,150 15.0
Wood pulp staple grade Indonesia Delivered
1,017 1,150
Cotton
100
Cts/ pound
►Cotton prices were seen weakening in USA, China and India this week despite Cotton
90
the uptrend in Cotlook ‘A’ index. The index was up from 62.05 cents to 62.70
cents a pound this week. Pakistan cotton was dearer as supply remained under 80
pressure.
70
►In China, the cotton index closed at RMB 12,949 a ton down RMB77 compared 60
to last week. In USA, the East Texas ‐OK‐color‐41,leaf 4,staple 34 and West Texas
50
‐OK‐color‐41,leaf 4,staple 34 lost 1 cent per pound. In Pakistan, the Karachi
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Cotton Association fixed the official spot rate, for Grade 3 cotton at PakRs.3,697
Cotlook 'A' Index CF Far East 2009 2008
per maund as against PakRs.3,671 per maund last week.
►In China, the cotton index closed at RMB 12,949 a ton down RMB77 compared to last week. In USA, the East Texas ‐OK‐
color‐41,leaf 4,staple 34 and West Texas ‐OK‐color‐41,leaf 4,staple 34 lost 1 cent per pound. In Pakistan, the Karachi
Cotton Association fixed the official spot rate, for Grade 3 cotton at PakRs.3,697 per maund.
(US$ / Kg)
Min Max Min Max
1.12 1.72 1.37 1.46 1.37 1.38 ‐19.5
Cotlook A Far East Asia CFR
1.32 1.41
2.04 2.47 2.10 2.11 2.11 2.10 ‐6.4
American PIMA ‐Col 3, leaf 3, st 46 USA Spot
2.35 2.11
1.81 2.32 1.81 1.81 1.81 1.81 ‐7.9
American PIMA ‐Col 3, leaf 3, st 44 USA Spot
2.07 1.81
0.87
0 87 1.45
1 45 ‐ ‐ ‐ ‐
New York Futures USA Futures
1.09
1.53 1.96 1.90 1.93 1.91 1.90 ‐3.2
China Cotton Index China Spot
1.77 1.92
0.99 1.44 1.10 1.16 1.12 ‐
Grade 3, staple 1‐1/32" Pakistan Spot
1.13 1.12
1.12 1.83 1.35 1.38 1.35 1.35 ‐26.6
Bunny/Brahma India Spot
1.34 1.36
1.10 1.80 1.32 1.40 1.34 1.32 ‐26.9
Shanker 6 India Spot
1.33 1.36
1.17 1.87 1.39 1.42 1.39 1.39 ‐25.4
MCU‐5 India Spot
1.39 1.40
Relevant News
√ Gill and Co to double cotton exports in 2009/10
√ India sees cotton output at 310‐lakh bales in `09‐10
√ Pakistan ‐ Modern seeds to be introduced to enhance cotton production
Wool
12.0
►The Australian wool market was up this week and prices rose both in Wool
terms of Aus$ as well as US$. The EMI ended the week at Aus$8.15 10.0
per kg, up Aus 3 cents compared to previous week. In US$ terms, the
US$/ Kg
gains were about US cents 10 a kg at US$6.87 a kg. 8.0
6.0
►The North Australia index closed at US$7.05 a kg, while West Australia
was at US$6.78 per kg. The South Australia Index closed at US$6.72 a 4.0
kg. The gains of US cents 13 in West Australia was the highest
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amongst the three markets. This week 72,167 bales were on offer of 2009 2008
AWEX EMI Australia Spot
which 9.9% were pass‐in.
►Among microns, 18‐micron gained significantly by US cents 17 at US$9.52 per kg. It had lost US cents 11 in the previous
week. 22‐micron partially regained US cents 10 at US$6.70 a kg, while 23‐micron and 26‐micorn gained US cents 9 and
US cents 3 respectively. Merino carded gained US cents 4 closing the week at US$4.54 a kg.
(US$ / Kg)
Min Max Min Max
4.65 7.18 6.52 6.87 6.77 6.87 ‐3.1
Australia Spot
5.73 6.76
4.80 7.57 6.70 7.05 6.96 7.05 ‐4.8
North Australia Spot
5.93 6.94
4.54 9.77 6.39 6.72 6.61 6.72 ‐1.6
South Australia Spot
5.59 6.62
4.47
4 47 6.92
6 92 6.38
6 38 6.78
6 78 6.65
6 65 6.78
6 78 ‐2.0
20
West Australia Spot
5.51 6.62
6.56 11.60 9.16 9.52 9.34 9.52 ‐14.6
18‐Microns South Australia Spot
8.45 9.38
4.51 6.76 6.52 6.76 6.61 6.70 ‐0.1
22 Microns South Australia Spot
5.47 6.67
4.39 6.67 6.38 6.67 6.57 6.65 1.1
23 Microns South Australia Spot
5.40 6.59
3.33 5.40 4.99 5.40 5.16 5.19 ‐0.2
26 Micron South Australia Spot
4.29 5.19
2.78 4.54 4.25 4.54 4.51 4.54 30.1
Merino Carded South Australia Spot
3.54 4.42
Relevant News
√ New Zealand ‐ Wool prices hold against exchange rate
100% Cotton Spun Yarn
(US$ / Kg)
Min Max Min Max
1.62 2.25 1.79 2.00 1.97 2.00 ‐11.0
21/1 carded cone Pakistan Local
1.87 1.92
0.25 2.65 2.50 2.52 2.52 2.52 ‐4.8
21s China Local
2.37 2.52
2.73 2.95 2.75 2.77 2.77 2.77 ‐5.8
21s/2 China Local
2.79 2.76
1.89 2.54 2.07 2.26 2.23 2.26 ‐10.6
2.14 2.20
2.13 2.86 2.21 2.30 2.21 2.21 ‐22.4
32s cone Pakistan Local
2.36 2.26
2.73 3.22 2.78 2.80 2.80 2.80 ‐5.8
40s China Local
2.81 2.79
2.26 2.73 2.52 2.65 2.52 2.52 ‐7.9
40s carded weft 100% cotton India Local
2.49 2.57
2.30 2.96 2.37 2.58 2.58 2.39 ‐14.1
40s cone Pakistan Local
2.57 2.41
2.71 3.75 2.71 3.33 3.33 2.79 ‐11.7
2 97
2.97 2 93
2.93
2.49 3.23 3.11 3.22 3.19 3.19 0.6
60s carded India Local
2.96 3.18
3.90 4.72 4.41 4.55 4.52 4.52 ‐4.3
100s combed India Local
4.27 4.51
100% Polyester Spun Yarn
(US$ / Kg)
Min Max Min Max
1.64 2.06 1.77 1.82 1.80 1.77 ‐14.1
21s China Local
1.77 1.80
1.70 2.10 1.90 1.96 1.93 1.90 ‐9.6
32s China Local
1.86 1.93
1.86 2.27 2.05 2.09 2.09 2.06 ‐8.9
45s China Local
2.01 2.08
1.99 2.41 2.17 2.21 2.21 2.17 ‐10.2
50s China Local
2.14 2.20
2.53 2.55 2.55 2.55 2.55 2.55 0.1
60s China Local
2.55 2.55
100% Viscose Spun Yarn
(US$ / Kg)
Min Max Min Max
2.22 2.84 2.59 2.71 2.71 2.71 ‐4.5
10s China Local
2.50 2.68
2.28 2.93 2.66 2.84 2.84 2.84 ‐2.9
20s China Local
2.58 2.79
2.33 3.03 2.81 2.99 2.99 2.99 ‐1.3
30s China Local
2.68 2.93
2.42 3.12 2.94 3.12 3.12 3.12 0.1
40s China Local
2.81 3.06
2.54 3.68 3.10 3.22 3.22 3.22 ‐12.2
50s China Local
3.19 3.18
Polyester / Cotton Blended Yarn
(US$ / Kg)
Min Max Min Max
2.16 2.30 2.17 2.17 2.17 2.17 ‐5.6
16s 65/35 China Local
2.19 2.17
2.27 2.39 2.28 2.28 2.28 2.28 ‐4.2
2.30 2.28
2.28 2.52 2.44 2.44 2.44 2.44 ‐2.8
2.45 2.44
2.57 2.70 2.59 2.59 2.59 2.59 ‐3.7
2.61 2.59
2.89 3.07 2.90 2.90 2.90 2.90 ‐5.6
2.94 2.90
Polyester / Viscose Blended Yarn (65/35)
(US$ / Kg)
Min Max Min Max
1.91 2.40 2.10 2.11 2.10 2.10 ‐11.9
18/1 Pakistan Local
2.09 2.10
1.93 2.43 2.13 2.29 2.26 2.29 ‐5.2
20/1 Pakistan Local
2.13 2.24
1.96 2.46 2.05 2.17 2.15 2.16 ‐11.8
24/1 Bright Pakistan Local
2.11 2.14
1.63 2.60 1.73 2.30 2.29 2.02 ‐21.8
30/1 Pakistan Local
2.05 2.02
2.20 2.72 2.23 2.43 2.42 2.42 ‐10.4
40/1 Pakistan Local
2.35 2.36
Naphtha
1,500
US$/Ton
►Naphtha prices declined by almost US$30 a ton, both in Europe as well as in Asia Naphtha
reflecting the fall in crude oil prices. The European open‐spec spot cargoes were
1,000
assessed in the range of US$590‐600 a ton CIF Northwest Europe whereas
September swaps were pegged at US$587‐588 a ton CIF NWE, down US$34‐37
from its previous week’s close. 500
►In Asia, naphtha price weakened with the surge in supplies. Indications for
October H2 were pegged at US$618‐619 a ton CFR Japan, while November H1 0
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was at US$615‐616 a ton CFR Japan. This was down US$30 from their previous
Japan CFR 2009
week’s level. About 400,000 tons of Middle Eastern and Indian naphtha meant
for Haldia Petrochemicals will be diverted to other Asian market when the
petrochemical plant shuts for 75‐day expansion works in the last quarter of
2009.
(US$ / Ton)
Min Max Min Max
251 932 618 655 653 655 ‐29.7
Japan CFR
501 643
Barges 141 713 384 385 385 385 ‐45.9
Rotterdam
FOB 323 384
184 676 436 439 438 439 ‐35.1
Mediterranean Cargoes
363 437
213 674 444 461 448 444 ‐34.0
34 0
Singapore Cargoes
386 453
Oct H2 Far East CFR Bid 648 618
Nov H1 Far East CFR Bid 615
Open spec NorthWest Europe Spot cargoes 624 590
Sep‐09 NorthWest Europe Swaps bid 624 587
Value Chain intensity
0.67 1.42 1.17 1.24 1.22 1.22
Japan CFR / Asia crude CFR
1.16 1.21
0.41 1.09 0.71 0.79 0.73 0.78
Rotterdam FOB / European Brent
0.73 0.75
0.51 1.03 0.80 0.89 0.83 0.88
Med. cargoes / European Brent
0.83 0.85
0.52 1.13 0.83 0.90 0.84 0.83
Singapore cargo / Asia crude CFR
0.90 0.87
Relevant News
√ India Reliance sells naphtha to YNCC
Crude Oil
150
US$/bl
►Crude oil prices slipped below US$70 a barrel mark following the report that Crude Oil
unemployment in the US reached a 26‐year high in August. This time the drop in
inventory did not deter the drop in oil prices as in earlier cases since the summer 100
driving season concludes with the Labor day weekend and demand typically
weakens during the fall. Reportedly, market participants were preparing for the 50
OPEC meet of 9 September.
0
►Crude oil WTI for October delivery was down 6.5% or US$4.72 at US$68.02 a
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barrel on the Nymex. The European Brent for October closed at US$66.82 a US Light 2009 2008
barrel, down US$5.97 (8.2%) from the week ago level. WTI was now trading
above Brent the entire week. The Dubai Mercantile Exchange the Oman futures
November contract settled at US$67.45 a barrel.
(US$ / Barrel)
Min Max Min Max
35.38 103.69 67.72 73.99 72.33 67.72 ‐34.7
Europe brent IPE Spot
59.20 71.18
32.98 111.12 67.03 72.37 72.37 68.25 ‐37.0
US Light USA Spot
60.39 69.95
Wt
Wt. 35.48
35 48 106.39
106 39 67 94
67.94 72.47
72 47 71.42
71 42 67.94
67 94 ‐36.1
36 1
OPEC Middle East
average 58.57 70.50
36.91 109.63 67.07 72.62 72.62 68.49 ‐36.8
NYMEX Future USA Futures
60.59 70.06
CFR 38.45 101.65 68.70 73.43 73.09 73.43 ‐27.8
Asia Far East
Spot 58.67 71.89
Relevant News
√ Japan ‐ Oil imports down 18.1% in July

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Weekly PriceWatch Report

EXCHANGE RATE = US$ 1

2000 2000 2000

1500 1500 1500

1000 1000 1000

► Semi‐dull, cont spinning fibre grade chips in Taiwan/Korea were

offers widened. The backwardation between H1 and H2 October cargoes

Benchmark ratio: USA = 100

2500 2500 2500

Value Chain pricing intensity

3000 Asia Europe USA

US$1,450‐1,460 a ton. In China, the self lifting numbers were pegged at

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