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Kayme
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Posted by Kayme > 2019-08-07 01:52 | Report Abuse
Petrochemicals 06 Aug 2019 | 04:20 UTC Singapore
Asian MEG falls to 10-year low on escalating US-China trade tension
Commodity: Petrochemicals
Topic: US-China Trade Tension
Singapore — The CFR China marker for monoethylene glycol continued its downtrend, falling to a 10-year low at $512/mt Monday as the US-China trade dispute escalated further, according to S&P Global Platts data.
Asian MEG prices were last lower at $505/mt CFR China on April 1, 2009, Platts data showed.
Asian monoethylene glycol price falls to 10-year low
US President Donald Trump announced last Thursday that the US will impose 10% tariffs on additional $300 billion Chinese goods from September 1. This includes all Chinese textile and apparels exported to US that are not subject to tariffs yet, sources said.
Prior to the US latest tariffs imposition, the Asian MEG prices had been rangebound and averaged $537/mt CFR China since mid-May due to a lack of market direction.
Trade participants were concerned the prevailing weak demand will further worsen along the whole polyester chain. Consequently, prices of MEG and purified terephthalic acid tumbled $33/mt and $20/mt from last Thursday to $512/mt CFR China and $690/mt CFR China respectively, Platts data showed.
In addition, Chinese yuan has depreciated sharply post-US tariffs announcement, with the US dollar/China yuan rate hitting year-to-date high of 6.9225 Monday and more than a decade high of 6.9683 Tuesday.
The weaker yuan further weighed on dollar-denominated MEG imports prices, forcing the CFR China marker to fall faster than China's domestic prompt MEG prices, a source said.
Olefinscan
With the global olefins market changing, having access to information on the key drivers behind feedstock and derivative price trends is crucial.
China domestic prompt MEG prices was assessed at Yuan 4,275/mt Monday (around $506/mt import parity value), down Yuan 200/mt from last Thursday.
Meanwhile, MEG fundamentals have been firmer with inventories continuously falling from their record-high of 1.4 million mt in mid-April, to around 1 million mt last week at the main ports of China's east, Platts reported earlier. This was still higher than the averaged 700,000 mt typical stock level in the previous year.
Nevertheless, with more Asian MEG plants set to resume operations after turnarounds and plans to ramp up production in the third quarter, most market participants doubted China MEG stocks would continue to decline, especially in the face of weaker demand prospects.
The overall rate of downstream Chinese polyester operation has dropped to around 85% since end-July, down from the rate of 90% and above over H2 June-early July, reflecting weak demand, according to market sources.