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WeeklyPriceWatchReport

IssueNo.1011thMarch2011

CONTENTS
NotestoPriceWatchReport

ConfidentialityStatement.

ExecutiveSummary

POLYESTERCHAIN

PolyesterStapleFibre.

PolyesterFilamentYarn.

PolyesterChips.

10

PurifiedTerephthalicAcid

11

MonoEthyleneGlycol..

12

Paraxylene

13

Ethylene..

14

NYLON CHAIN
NYLONCHAIN

15

NylonFilamentYarn

16

NylonChips

18

Caprolactum..

19

Benzene..

20

ACRYLICCHAIN

21

AcrylicStapleFibre

22

Acrylonitrile.

23

Propylene

24

VISCOSECHAIN

25

ViscoseStapleFibre

26

ViscoseFilamentYarn.

27

WoodandCottonPulp

28

Cotton.. 29
Wool.. 30
SpunYarn..

31

100%CottonSpunYarn..

31

100%PolyesterSpunYarn.

32

100%ViscoseSpunYarn..

33

Polyester/CottonBlendedYarn..

34

Polyester/ViscoseBlendedYarn

35

SpandexYarn.

36

Naphtha.. 37
CrudeOil. 38

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NotestoPriceWatchReport

MARKETTERMS
FOB

FreeonBoard

CIF

Cost+insurance+Freight

C+F/CNF/CFR

Cost+Freight

FDorDelivered

Freedeliverywithin300sq.km

Mainstreamoffer

Mainmarketoffer

Spot

Mainmarketcashtransaction

Local

Localmainmarketpricesinclusiveofallfederalandlocaltaxes

Contract

Producers'nominatedpriceforensuingmonth

Exwork

Exfactoryprice

FarEastAsia

SouthEastAsia

MARKETSBYREGIONS
S.WestAsia

Europe

USA
USGulf

China

Thailand

India

Rotterdam

Korea

Malaysia

Pakistan

ARA

Taiwan

Indonesia

Japan

Phillipines
Singapore

EXCHANGE RATE = US$ 1


EXCHANGERATE=US$1
Last12 Last6 Feb11

CONVERSION RATE
CONVERSIONRATE
4Mar 11Mar

2.204

Pounds/kg

6.567

6.575

7.33

Barrels/Ton

IndianRs

45.575 45.328 45.443 44.990

45.210

299

Gallons/ton

PakRs.

85.338 85.481 85.467 85.604

ChinaYuan

6.727

6.591

6.600

85.412

37.32

Kgs/Maund

Australian$

1.067

0.992

0.993

0.983

0.997

355.60

Kgs/Candy

Euro

0.759

0.729

0.733

0.722

0.724

NOTEStoReport
Pricequotecoveredinthisreportrelateto"Low"ofthe"Low/High"pricerange

TheBaseofBenchmarkisthemajorsupplyingregioninthefibrechain
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,tothebestofourknowledgecrosslinkedthevaluechaintotheimmediateupstreamandtotheclosestmarketterm.

ConfidentialityStatement
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
permissionofYNFX.comisstrictlyprohibited.
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
responsibilityorliabilityforcommercialdecisionsclaimedtohavebeenbasedonthecontentofthereport.

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ExecutiveSummary
Weekshighlights;
MassiveearthquakepoundsJapan,crudepricesdeclinessign
Fibreintermediatemarketsmixed
Cottonpricesdowninexpectationofhigheracreage
MassiveearthquakeinJapanclampsdownoilprices
Crude oil prices futures ended lower this week end after a massive earthquake pounded Japan, raising worries of lower oil
demand in the world's third largest oil consumer. A security clampdown in the Saudi capital of Riyadh kept protests muted on a
planned "Day of Rage," and police action in Kuwait and Bahrain neutralized activists, helping keep the oil price from going up. In
China, the inflation rate for February topped forecasts, at 4.9%, and a further climb could lead to more monetary tightening. US
President Barack Obama said oil prices have been driven up by market uncertainty and stronger world growth, rather than a
severe dent in supply due to fighting in Libya. He declined to spell out what price thresholds would trigger a release from U.S.
strategicoilreserves.
On the New York Mercantile Exchange, crude for April delivery settled at US$101.16 a barrel, down US$3.26 or 3.1% for the week,
the biggest weekly percentage loss since the week to 11 February, when prices fell US$3.45, or 3.9%. In London, ICE Brent crude
for April settled at US$113.84 a barrel, down US$2.13 or 1.8% for the week, dropping for the first time in seven weeks. It was the
biggest weekly percentage loss since the week to 19 November 2010, when prices fell 2.3%. Thus, the April Brent/WTI spread
endedatUS$12.68.
PolyesterChain:Upstreamuncertain
The earthquake followed by Tsunami that hit Japan late in the week generated waves up to 10 metres high, and swept inland,
destroying
y g buildings
g and infrastructure and p
paralysing
y g refiningg and p
petrochemical operations.
p
The p
petrochemical complexes
p
in
Ichihara, Chiba prefecture, and Sendai, Miyagi prefecture, were on fire. Reuters reported that Maruzen shut its two naphtha
crackers at Chiba with capacities of 480,000 and 690,000 tons of ethylene per year, respectively while JX Holdings shutting its
404,000tpy Kawasaki naphtha cracker near Tokyo. Mitsubishi Chemical also reported halting of operations of two naphtha
crackers at Kashima after power outage. In paraxylene, JX Nippon Oil & Energy shut its paraxylene facilities in Kashima, with a
combined capacity of 600,000 ton/year, and in Kawasaki with a combined capacity of 350,000 ton/year. In Asia, paraxylene
market reaction was swift and prices surged over US$50 a ton. Downstream Asian MEG and PTA markets saw downward
corrections in prices. Demand from polyester producers was mute as they cut run rates given poor performance in spinning sector
and some regions in China began power rationing forcing production cuts. The cost support to polyester chips markets eased with
the downward correction in PTA and MEG prices. In China, the chips markets were quiet in expectation of a rise in the deposit
reserve rate. The polyester filament prices in Asia made some upward movement, despite the losing support of PTA and MEG.
Asian polyester staple fibre markets were stalemated and prices basically softened somewhat. After shortcovering last week,
downstream restocking intention weakened coupled with lackluster sentiment in the PTA and MEG markets. The cotton market
wasalsodroppedvehementlythisweek.
NylonChain:Benzenemarketquicktoreact
Asian benzene market reacted quickly to the massive earthquake that struck the east Japan on Friday. The rise also helped
stopping the recent slump in Northwest European benzene prices, with a US$33 a ton rise in the Asian market briefly pulling
European levels US$10 a ton higher in early trading. Caprolactum markets in Asia were stable to soft as demand weakened and
upstream benzene prices descended both in Asia and Europe. The cost pressure on nylon chip makers was still high and they
raised their offers on the back of low inventory. However, downstream converters only consumed stocks, preventing prices from
rising. Nylon filament yarn prices firmed up on support of the still high caprolactum and nylon chip values. Inventories with nylon
fiber producers were low and the sentiment was expected to flatten off given suppressed demand for nylon textile yarns and
cautiousfollowupfornylonnontextileyarns.

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AcrylicChain:ASFmarketsrangebound
Asian propylene markets were stable to firm as oil prices remained highly volatile giving ample support to downstream
derivatives. The initial chemical grade propylene settlements in US were heard at US cents 71.0 per pound for March. European
producers raised their prices for the third month in a row with the contracts settling with an Euro 80 a ton increase over previous
month. Acrylonitrile markets were range bound in Asia and prices gained on back of tight supply and continuously climbing
propylene values. Firming up of prices in Europe and USA also helped Asian numbers to climb. Acrylic staple fibre markets in Asia
saw healthy movements amidst favorable trading sentiment. Downstream spinning segment also saw uptrend, but trading prices
werestable.
ViscoseChain:Marketsflat
Prices of wood pulp were up across Europe and USA while they remained stable in Asia. The NBSK Index value was up US$11.88 a
ton (down Euro 1.14) on the European market while the same in US market gained US$19.36 a ton from weeks numbers. In
China, the BHKP Index closed the week losing US$1.98 a ton from last weeks level. In the dissolving pulp markets, new offers
were yet to emerge while reports indicate the offers would be as high as US$3,000 a ton. Viscose staple fibre prices inched up in
Asia while producers no longer showed interest in hiking their offers given the decline in cotton prices. Faced with uncertain
future, market players chose to wait, weakening purchasing intentions and transactions were hard to secure, but some spinning
mills were still fulfilling earlier orders. Viscose filament yarn producers in China hiked their nominations on the back of higher
feedstockvalues.However,downstreambuyinginterestwaslowatthishighvalueswhiletradingpriceswerelaggingbehind.
Cotton:Pricessurgesonceagain
The cotton markets were mixed with cotton futures putting up wild performance, with oldcrop deliveries finishing in the red
after soaring to new alltime highs and newcrop contracts posting gains. Cotton Futures for May delivery lost US cents 7.76 a
pound on ICE Futures in New York. Cotlook A index too lost US cents 6.60 per pound. East and West Texas cotton were cheaper
by US cents 8.25 per pound. In China, the Cotton Index (328) closed up by 195 Yuan a ton. In Pakistan, the Karachi cotton
association rate jumped PakRs 700 per maund while Indian cotton was cheaper. Benchmark Shankar6 variety moved down by
`1,300acandyattheendoftheweek.

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PolyesterChain
February11

Asia(CFR)
Europe(Del)
US$/Ton
Euro/Ton
US$/Ton
Euro/Ton
low
high
low
high low
high
low
high
713

CrudeOil
Naphtha

728

Paraxylene

1,642 1,642

522

758

533

697

1,203 1,203 1,722

USA(Del)
US$/Ton
Euro/Ton
low
high
low
high

555

649

475

510

776

568

1,722

1,262 1,262

940 1,506

1,513

1,104 1,109

1,090

1,101 799

1,076 1,080 1,110

1,285

1,500 1,736

1,513

1,513

Ethylene

1,281 1,283 938

PTA

1,469 1,474

MEG

1,255 1,260 920

Polyesterchips

1,713 1,713

807

1,109 1,109

923 1,070

1,070

1,446 1,446

1,284

1,274 941

1,255 1,255 1,946

2,027

1,400 1,500

1,980

2,050

1,451 1,502

934

PSF
1.2/1.5DSF

1,900 1,938

1,392 1,420 2,300

2,660

1,700 1,970

2,336

2,380

1,712 1,744

6Dsolid(fiberfill)

1,750 1,850

1,282 1,356 2,230

2,540

1,650 1,880

2,116

2,160

1,550 1,583

75DPOY

1,950 1,950

1,429 1,429

2,711

2,755

1,986 2,019

PFY
75Dtextured

2,985 3,065

2,187 2,246

3,284

3,703

2,406 2,713

150DPOY

2,000 2,100

1,465 1,539 2,300

2,430

1,700 1,800

2,491

2,535

1,825 1,857

150Dtextured

1,900 1,900

1,392 1,392 2,840

3,240

2,100 2,400

2,799

2,997

2,051 2,196

1000Dconventional

2,150 2,350

1,575 1,722 2,770

3,380

2,050 2,500

3,152

3,482

2,309 2,552

Benchmarkratio:Asia=100
PTA

1.00

1.00

0.76

0.87

1.03

1.03

MEG

1.00

1.00

0.85

0.85

1.02

1.01

1.2/1.5DSF

1.00

1.00

1.21

1.37

1.23

1.23

75DPOY

1.00

1.00

1.39

1.41

PETchip/PTA+MEG

1.13

1.14

ValueChainpricingintensity
1.75

1.81

1.35

1.37

POY/PTA+MEG

1.16

1.15

1.56

1.59

POY/Polyesterchip

1.14

1.14

1.18

1.20

1.37

1.34

DTY/POY

1.53

1.57

1.23 1.33

1.12

1.18

2000

2000
2000

US$/MT
US$/MT

1500

3000
3000

EUROPE
EUROPE

1500
1500

2000
2000
1500
1500

500

500
500

500
500

MEG

PSF

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POY

PTA
PTA

MEG
MEG

PSF
PSF

POYPOY

J
F
MF
M
A
M
A
J
MJ
AJ
S
J
O
A
N
DS
J
O
F
M
N
A
D
M
J

1000
1000

JJ
FF
M
MA
M
A
J
M
J
AJ
SJ
O
A
N
D
S
J
OF
M
N
DA
M
JJ

1000
1000

PTA

USA
USA

2500
2500

1000

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

US$/MT

ASIA

US$/MT
US$/MT

2500

3000
3000
2500
2500

3000

PTA
PTA

MEG
MEG

PSF
PSF

POY
POY

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PolyesterStapleFibre

In China 1.4D/38mm directly melt PSF was pegged at US$2.252.27 per kg in


Jiangsu & Zhejiang, rolling over previous weeks numbers while the same in
Fujian & Shandong were marginally down at US$2.252.28 per kg. Offers from
Taiwan/Korea were pegged at US$2.20 a kg, rolling over previous weeks
numbers. In Pakistan, Karachi market prices were stable at previous weeks
level.IndianPSFwasstableat`113.75perkg,(US$2.52perkg).

2.5
2.0
1.5
1.0

PolyesterStapleFibre

0.5
US$/Kg

The Asian polyester staple fibre markets were stalemated this week and prices
basically softened somewhat. After shortcovering last week, downstream re
stocking intention weakened coupled with lackluster sentiment in the PTA and
MEG markets. The cotton market was also dropped vehemently this week.
Downstream demand was the key factor to PSF market this week though
prices were under pressure from upstream, they were still supported by
downstream. In coming weeks, probably prices may trend down, but downside
willbelimited.

J
F M A M J
1.4D/38mmTaiwanFOB

2010

D
2011

(US$/Kg)

Market

ProductSpecs

1.4D/38mmSD
1.4D/38mmSD
1.2DSD(GradeA)
1.5D/38mmSD
1.4D/38mmSD

China
Taiwan/ROK
Pakistan
Pakistan
India

Term

Last12mths

Min
Virginfibre

Del
FOB
Local
Local
Local

Max

1.37 2.99
1.76
1.15 2.20
1 47
1.47
1.55 2.34
1.79
1.50 2.23
1.73
1.45 2.53
1.75

Prev6wks
Min

Max

2.26 2.28

4Mar 11Mar %YoY

2.26 2.24

51.1

2.20

2.20

63.0

2.34 2.34

49.5

2.22

2.22

42.0

2.53 2.52

62.8

1.83

1.83

29.8

0.42

0.43

0.43

0.44

2.27
1.80 2.20
2 00
2.00
2.22 2.34
2.30
2.22 2.23
2.22
2.30 2.53
2.38

Recylced
3dimensionalcrimphollow615D EastChina

Main

1.35 2.34
1.55

1.78 1.83
1.81

ValueChainpricingintensity
0.35 0.73

Taiwan/ROK1.4D/38mmSD/CotlookAindex

0.56
0.43 0.86

India1.5D/38mmSD/CotlookAIndex

0.66

0.35 0.48
0.41
0.43 0.50
0.46

Figureinitalicisaveragefortheperiod

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PolyesterFilamentYarn
The polyester filament markets in Asia made some upward movement, despite
the losing support of PTA and MEG markets which were under downward
correction. In China, the sale/production ratios has been falling constantly in
recent weeks and market players held waitandsee stance due to poor
external market conditions. Some varieties of PFYs were seen gaining prices. In
India, prices were stable after rising last week, while in Pakistan prices rolled
overpreviousweeksnumbers.

2.50

PolyesterPOY

2.00
1.50
1.00

US$/Kg

0.50

In China, POYs were traded at US$2.632.71 a kg in Shengze market marginally


up by US cents 12 from last week while in Malaysia/Indonesia the offers were
steady at US$1.952.30 a kg. In India POY prices were at `117123 a kg
(US$2.472.73 a kg) for 115/108 type and `3.10 for 130/34 and 250/34 POYs.
DTY 75/72 were pegged at US$3.183.23 a kg in Shengze market, up US cents 1
3 while 150/48 DTY was traded at US$2.20 a kg in Malaysia/Indonesia. FDYs
75/36weretradedatUS$2.662.89akginShengzemarket.

F M A M

75DPOYMalaysiaFOB

2010

N D
2011

(US$/Kg)

ProductSpecs
POY75D
POY75D/36F
POY75D/72F
POY114/108
POY130/34
POY250D/48F
FDY50D/24F
FDY63D/24F
DTY75/24/0

Market
Malaysia&Indonesia
Shengze
Shengze
India
India
Malaysia&Indonesia
Shengze
Shengze
Pakistan

Term
FOB
Local
Local
Local
Local
FOB
Local
Local
Local

FDY75D/36F

Changshu

Local

FDY150DSD

Malaysia&Indonesia

FOB

FDY150D/96F

Changshu

Local

Last12mths
Min

Max

1.40 2.30
1.64
1.71 2.70
2 10
2.10
1.73 2.68
2.13
1.70 2.74
1.95
1.64 2.60
1.89
1.35 1.95
1.54
2.04 3.40
2.49
1.90 3.11
2.38
2.14 2.83
2.42
1.82 3.17
2.19
1.20 2.05
1.58
1.68 2.61
1.92

Prev6wks
Min

Max

1.95 2.30

4Mar 11Mar %YoY


2.30 2.30

53.3

2.62

2.63

50.9

2.63 2.66

51.0

2.74

2.73

46.9

2.58 2.60

45.9

1.95

1.95

34.5

2.83 2.86

40.4

2.71

2.73

39.7

2.78 2.79

25.4

2.66

46.5

2.05 2.05

51.9

2.25

32.2

2.13
2.59 2.63
2 61
2.61
2.61 2.65
2.63
2.33 2.74
2.47
2.50 2.60
2.54
1.85 1.95
1.90
2.80 2.86
2.83
2.70 2.73
2.71
2.78 2.79
2.78
2.64 2.66

2.66

2.65
1.75 2.05
1.90
2.23 2.27

2.27

2.25

Figureinitalicisaveragefortheperiod

contd/

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PolyesterFilamentYarn(contd..)

ProductSpecs

Market

Term

DTY75D/36F

Shengze

Local

DTY75/48/0

Pakistan

Local

DTY75D/72F

Shengze

Local

DTY75D/144F

Changshu

Local

DTY150D/48SD

Malaysia&Indonesia

FOB

DTY150/48/0

Pakistan

Local

DTY150/48/INT

Pakistan

Local

DTY150D/288F

Changshu

Local

DTY300/96INT

Pakistan

Local

DTY300D/72F

Malaysia&Indonesia

FOB

DTY300/96/0

Pakistan

Local

1000D/192Fhighstretch,low
shrink

ChinaMainPort

FOB

1000D/192Fhighstretch

Shanghai

FOB

1000D/192Fhighstretch,low
shrink

Shanghai

FOB

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Last12mths
Min

Max

1.96 3.03
2.38
1.98 2.83
2.35
2.23 3.23
2.60
2.26 3.21
2.64
1.55 2.20
1.80
1.85 2.50
2.09
1.93 2.83
2.23
1.95 2.67
2.22
1.78
1 78

2.53
2 53

2.03
1.52 2.20
1.77
1.70 2.40
1.96
1.68 2.70
2.05
1.60 2.50
1.90
1.78 2.70
2.09

Prev6wks
Min

Max

2.97 3.03

4Mar 11Mar %YoY


3.03 3.03

51.9

2.79

2.78

40.2

3.15 3.18

41.8

3.20

3.21

42.2

2.20 2.20

33.3

2.50

2.50

34.8

2.68 2.68

38.7

2.64

2.65

31.9

2.53
2 53

2.52
2 52

42 2
42.2

2.20

2.20

29.4

2.39 2.40

41.2

2.57

2.57

29.8

2.42 2.42

34.4

2.57

30.5

3.00
2.73 2.79
2.76
3.13 3.18
3.16
3.18 3.21
3.20
1.90 2.20
2.05
2.39 2.50
2.45
2.52 2.68
2.60
2.62 2.65
2.64
2.34
2 34 2.53
2 53
2.44
1.85 2.20
2.03
2.27 2.40
2.33
2.40 2.57
2.51
2.25 2.42
2.36
2.40 2.57

2.57

2.51

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PolyesterChips
2,000

With PTA and MEG markets undergoing downward price corrections, the cost
support to polyester chips markets eased. In China, the markets were quiet in
expectation of a rise in the deposit reserve rate. The softening of PTA futures
and earthquake in Japan, the Asian markets were uncertain on the future
trend. Many factors are now mixed, including the expectation of hike in
deposit reserve ratio, Japans earthquake, downstream demand weakening,
creatinggreatuncertaintieswithmarketfuture.

PolyesterChips
1,500

1,000

US$/Ton

500

Taiwan/Korea FOB numbers, the Asian benchmark for semidull, continuous


spinning fibre grade chip closed the week at US$1,900 a ton, rolling over
previous weeks numbers. Last week too, the numbers had rolled over. In
China, semi dull chip prices in Jiangsu and Zhejiang were at US$2,1152,130 a
ton, rolling over previous trading weeks number while super bright chips
prices were steady at US$2,0852,115 a ton. CDP PET chip prices at US$2,210
2,240aton.

D J

F M A M

TaiwanFOB

A S O

2010

N D
2011

(US$/Ton)

ProductSpecs

Market

Term

Contpolymerised(SD,filgrd)

China

Local

Superbright,filgrade

China

Local

CDP

China

Local

Semidull,fibregrade

Taiwan/ROK

FOB

Last12mths
Min

Max

1,318

Max

1,471
1 471

2,400
2 400

1,712

2,117

2,114

44.3

2,086

2,086

2,084

42.2

2,208
2 208

2,205
2 205

46 2
46.2

1,900

1,900

54.5

2,058
2,170
2 170

2,208
2 208

2,189

1,900 1,650

1,314

2,117

4Mar 11Mar %YoY

2,083

2,189 2,035

1,582

1,100

Min

2,117 2,035

1,590
1,309

Prev6wks

1,900

1,775

ValueChainpricingintensity
1.07 1.33

TaiwanKoreaSDchips/KoreaFOBPTA

1.24
1.21 1.58

TaiwanKoreaSDchips/KoreaFOBMEG

1.40
1.37 1.67

ChinaSDfilgrchips/ChinamainstreamPTA

1.50
1.53 1.96

ChinaSDfilgrchips/ChinamainstreamMEG

1.71

1.11 1.29

1.25 1.26

1.20
1.29 1.53

1.51

1.53

1.42
1.37 1.41

1.39 1.40

1.39
1.59 1.70

1.68

1.70

1.65

Figureinitalicisaveragefortheperiod

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PurifiedTerephthalicAcid
1,700

The Asian PTA market was also amid weak corrections, as the recent PTA
futures in China dropped after the rise in earlier days, and spot market also
corrected weakly. Since spot supply was relatively short, sellers generally held
tight on firm offers, and the downtrend was slower. Upstream paraxylene
prices kept inching up, providing strong cost supports for PTA values. The
overall demand somewhat weakened given the downtrend in downstream
markets and the power rationalization in some regions in China. In coming
weeks,PTAmarketwillpossiblygointoweakcorrection.

PurifiedTerephthalicAcid

1,400
1,100
800

US$/Ton

500

The Asian benchmark, Korea/Taiwan offers were pegged at US$1,5101,520 a


ton FOB at the end of this week, losing US$10 from previous weeks numbers.
In China, the mainstream numbers lost US$10 at US$1,500 a ton while goods
in bonded areas were down US$10 at US$1,5101,520 a ton. PTA import into
ChinawaspeggedatUS$1,500aton,rollingoverfromlastweek.

F M A

Korea/TaiwanFOB

N D

2010

2011

(US$/Ton)

ProductSpecs
Offers
Goodsinbondedareas
Importedgoods

Market
Korea/Taiwan
China
China
China

Domesticproducers

China

Term
FOB
CIF
CIF
Main
Local

Last12mths
Min

Max

845

1,510

58.1

1,520

1,520

1,510

55.7

1,500

1,500

1,500

57.1

1,510

1,510

1,500

56.3

1,789

1,734

46.1

1,483

1,794 1,734

1,284

1,520

1 476
1,476

1,510 1,460

1,054
1,019

1,520

4Mar 11Mar %YoY

1,495

1,500 1,455

1 049
1,049
835

Max

1,484

1,520 1,475

1,065
835

Min

1,520 1,430

1,071
835

Prev6wks

1,794

1,769

ValueChainpricingintensity
0.85 1.04

KoreaFOB/KoreaFOBparaxylene

0.94
0.83 1.01

Chinamainstream/Chinaspotparaxylene

0.92

0.88 0.92

0.92 0.91

0.90
0.87 0.91

0.91

0.90

0.89

Figureinitalicisaveragefortheperiod

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MonoEthyleneGlycol
2,000

The Asian MEG markets saw downward corrections in prices as inventories


built up to a high level. Upstream ethylene prices were also sobering following
the earthquake hitting Japan forcing many petrochemical plants to shut.
Demand from polyester producers was mute as they cut run rates given poor
performance in spinning sector. In China some regions began to take power
rationing measures forcing production cuts. The downward corrections are
likely to dominate MEG market in coming weeks, given sluggish sentiment as
wellashighinventory.

MonoEthyleneGlycol
1,500
1,000
500

US$/Ton

The Asian benchmark, Korea/Taiwan offers were pegged at US$1,2451,250 a


ton, down US$15 from previous weeks number. In China, the mainstream
numbers ended the week at US$1,2401,245 a ton, losing US$15 from last
week while goods in bonded areas were pegged at US$1,2451,250 a ton,
down US$15. Buying ideas were pegged at US$1,240 a ton, declining by US$10
from previous week. MEGlobal announced its Asian contract nomination for
AprilatUS$1,350aton(CFR,L/C90days),downbyUS$30onmonth.

F M A

Taiwan/KoreaFOB

2010

N D
2011

(US$/Ton)

ProductSpecs

Market

Term

Frontmonthoffer

Korea/Taiwan

FOB

Goodsinbondedareas

China

CIF

Buyingideas

China

CIF

Mainstream

China

CIF

MEGlobal'snomination

Asia

CFRAsia

Shell'snomination

Asia

CFRAsia

Sabic'snomination

Asia

CFRAsia

Last12mths
Min

Max

700

1,285 1,245

690

1,270
1 270

1,260

1,245

33.9

1,285

1,260

1,245

33.2

1,250
1 250

1,240
1 240

36 3
36.3

1,255

1,240

34.8

1,380

1,380

1,380

25.5

1,360

1,360

23.6

1,400

1,400

33.3

1,327
1,360

1,317

1,400 1,230

1,040

1,275

1,253

1,360 1,230

1,049

1,270
1 270

1,249

1,380 1,220

1,048

850

1,235
1 235

1,275 1,240

931

850

1,280

4Mar 11Mar %YoY

1,260

925

840

Max

1,254

942

695

Min

1,280 1,230

944
700

Prev6wks

1,400

1,343

ValueChainpricingintensity
0.64 1.14

KoreaFOB/KoreaFOBethylene

0.86
0.65 1.10

ChinamainstreamCIF/NEAsiaCFRethylene

0.84

0.94 1.01

0.95

0.97
0.92 0.97

0.93

0.93

0.94

Figureinitalicisaveragefortheperiod

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Paraxylene
The massive earthquake followed by a Tsunami devastated Japan and forcing
many petrochemical plants to shut down. JX Nippon Oil & Energy shut its
paraxylene facilities in Kashima, with a combined capacity of 600,000 ton/year,
and in Kawasaki with a combined capacity of 350,000 ton/year. In Asia,
paraxylene market reaction was swift and prices surged over US$50 a ton.
South Korean bids also flooded the market. Japan is South Korea's top
paraxylene source, accounting for more than 50% of its total import volume in
January. European markets were unclear of what impact would the event have
ontheEuropeanprices.

2,000

Paraxylene
1,500
1,000
500

US$/Ton

The Asian benchmark, Korea FOB numbers ended the week at US$1,651 a ton,
up US$5 from previous weeks numbers. Similarly, CFR Taiwan and SE Asia
numbers were up US$6 at US$1,671 a ton and US$1,680 a ton respectively. In
China, the mainstream spot values were pegged at US$1,670 a ton, gaining
US$5 from last week. The European price, although remained the highest
globally,atUS$1,782atonFOBRotterdam,wasdownUS$13fromlastweek.

F M A

KoreaFOB

2010

N D
2011

(US$/Ton)

ProductSpecs

Exxon'snomination

Market

Term

Korea

FOB

Europe

FOB

China

Spot

SEAsia

CFR

Taiwan

CFR

Asia

Contract

Last12mths
Min

Max

830

845

1,685
1 685

1,160

845
890

1,643
1 643

1,651

64.3

1,795

1,795

1,782

73.9

1,685
1 685

1,665
1 665

1,670
1 670

63 7
63.7

1,695

1,675

1,680

63.1

1,665

1,671

63.8

1,750

1,750

62.0

1,674
1,685

1,664

1,750 1,680

1,171

1,645

1,668

1,685 1,643

1,169

1,665

4Mar 11Mar %YoY

1,744

1,695 1,653

1,179

Max

1,644

1,795 1,620

1,153

855

Min

1,665 1,623

1,154
860

Prev6wks

1,750

1,715

ValueChainpricingintensity
1.29 1.91

KoreaFOB/JapanCFRnaphtha

1.50
1.33 1.94

SEAsiaCFR/JapanCFRnaphtha

1.54
1.87 2.76

EuropeFOB/Rotterdamnaphtha

2.13

1.62 1.91

1.62 1.63

1.77
1.65 1.94

1.65

1.66

1.81
2.50 2.76

2.66 2.65

2.65

Figureinitalicisaveragefortheperiod

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Ethylene
The earthquake that hit Japan late this week caused a tsunami that generated
waves up to 10 metres high, and swept inland, destroying buildings and
infrastructure and paralysing refining and petrochemical operations. The
petrochemical complexes in Ichihara, Chiba prefecture, and Sendai, Miyagi
prefecture, were on fire. Reuters reported that Maruzen shut its two naphtha
crackers at Chiba with capacities of 480,000 and 690,000 tons of ethylene per
year, respectively while JX Holdings shutting its 404,000tpy Kawasaki naphtha
cracker near Tokyo. Mitsubishi Chemical also reported halting of operations of
twonaphthacrackersatKashimaafterpoweroutage.

2,000

Ethylene
1,500
1,000

US$/Ton

500

The Asian benchmark, NE Asia CFR numbers ended the week at US$1,329
1,331 a ton, down US$20 from previous weeks numbers while the SE CFR
numbers lost US$55 at US$1,2851,287 a ton. European prices gained with CIF
numbers ending the week at US$1,5631,567 a ton, up US$40 from last week
while FD values were at Euro 1,1951,200 a ton, up Euro 40 from previous
week.

0
D J

F M A
KoreaFOB

M J

A S O
2010

N D
2011

(US$/Ton)

ProductSpecs

Market

Term

NWEurope

CIF

NWEurope

FDSpot

USGulf

FDPhy.

NEAsia

CFR

SEAsia

CFR

Korea

FOB

Last12mths
Min

Max

939

661

1,590
1 590

969

799

1,523

1,563

42.1

1,651

1,600

1,651

42.2

1,171
1 171

1,176
1 176

13.2
13 2

1,349

1,329

15.6

1,340

1,285

15.9

1,546
973

1,179
1 179

1,118
1,349

1,319

1,340 1,140

1,050

1,563

4Mar 11Mar %YoY

1,463

1,349 1,264

1,105
795

Max

1,651 1,498

1,259

849

Min

1,563 1,370

1,137
1,090

Prev6wks

1,340

1,260

1,320 1,271

1,320

1,320

1,077

ValueChainpricingintensity
1.04 1.47

KoreaFOB/JapanCFRnaphtha

1.23
1.19 1.72

SEAsiaCFR/JapanCFRnaphtha

1.39
1.91 2.80

NWEuropeFDSpot/Rotterdamnaphtha

2.36

1.23 1.47

1.24 1.23

1.35
1.27 1.45

1.32

1.27

1.36
2.31 2.45

2.37 2.45

2.35

Figureinitalicisaveragefortheperiod

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NylonChain
February11

Asia
Europe
Euro/Ton
Euro/Ton
US$/Ton
US$/Ton
low
high
low
high low
high
low
high
713
522
758
555

CrudeOil
Naphtha

728

Benzene

697

533

1,169 1,169 856

857 1,391

Caprolactum

3,460 3,485

2,535 2,554

PolyamideChips

3,738 3,750

2,739 2,748

USA
Euro/Ton
US$/Ton
low
high
low
high
649
475
776

510

568

1,393

1,019 1,021

1,295

1,296 949

949

7,714

7,427

5,652 5,442

NFY
POY15D

7,494

8,045

5,550 5,950

DTY15D

9,940 10,535

7,350 7,800

DTY40Dhoseiry
40Dwarpknit

6,215

6,744

4,600 5,000

POY70D

6,215

6,744

3,600 3,850

2,858 2,931 4,871

5,201

3,600 3,850

5,620

5,730

4,118 4,199

6,414

7,097

4,750 5,250

7,273

7,824

5,329 5,733

70Dweavingtube

3,900 4,000

DTY70D/68F
70D/24Fweaving

4,000 4,100

2,931 3,004

IndlYarn840D

3,800 5,100

2,784 3,737 4,650

5,268

3,450 3,900

5,620

5,951

4,118 4,360

4,121

5,466

3,050 4,050

3,659

5,620

2,681 4,118

BCF1200D

Benchmark ratio: USA = 100


Benchmarkratio:USA=100
Caprolactum
70Dweaving(tube)

0.69

0.70

0.87

0.91

1.00

1.00

840D,Industrial

0.68

0.86

0.83

0.89

1.00

1.00

ValueChainpricingintensity

70DNFY/CPL

1.13

1.15

4500
4000

ASIA

3500
3000
2500
2000
1500
1000
J F M A M J J A S O N D J F
CPL
PAchips
NFY

WeeklyPriceWatch11thMarch,2011
FORPRIVATECIRCULATIONONLY

3500

EUROPE

3000

US$/Ton

2.98
1.08

US$/Ton

2.96
1.08

US$/Ton

CPL/Benzene
Chip/CPL

3500

2500

2500

2000

2000

1500

1500

1000

1000
J F M A M J J A S O N D J
CPL
NFY

15

USA

3000

F M A M J
CPL

J A S O N D J
NFY

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NylonFilamentYarn
Nylon filament yarn prices firmed up on support of the still high caprolactum
and nylon chip values. Inventories with nylon fiber producers were low and the
sentiment was expected to flatten off given suppressed demand for nylon
textile yarns and cautious followup for nylon nontextile yarns. Nevertheless,
nylon textile yarn producers still saw passable profit margins given stable
downstream demand. With the expectation of a tighter monetary policy in line
withhighinflationarypressure,demandisexpectedtostaystable.

6.00

NylonFilamentYarn

5.00
4.00
3.00
2.00

US$/Kg

1.00

In China, nylon 70D/24F FDY SD was traded at US$5.555.63 per kg while


40D/12F FDY FD was pegged at US$6.166.31, both rolling over previous
weeks numbers. 70D/24F DTY closed the week at US$5.636.08 a kg, while
30D/10F DTY was at US$6.466.84 a kg, both up US cent 7 from last week.
Indian NFY prices were steady at `272 per kg and were pegged at US$6.02 a kg
inUS$term,downUScents3fromlastweek.

F M A

M J

70D/24FChinalocal

2010

N D
2011

(US$/Kg)

ProductSpecs
POY20D/1Bright
POY20D/1SD
DTY 30D/10F SD
DTY30D/10FSD
DTY70D/24FSD
FDY40D/12FSD

Market

Term
Local

India
India

Local

China

Local
Local

China

Local

China

Last12mths
Min

Max

5.79 6.18
5.97
5.79 6.18
5.97
4.69 6.46
5.24
3.96 5.63
4.46
4.13 6.17
4.70

Prev6wks
Min

Max

5.96 6.05

4Mar 11Mar %YoY


6.05 6.02

0.5

6.05

6.02

0.5

6.40 6.46

37.9

5.56

5.63

42.3

6.17 6.16

49.1

6.00
5.96 6.05
6.00
6.03 6.46
6.29
5.28 5.63
5.47
5.88 6.17
6.00

ValueChainpricingintensity
1.50 2.23

IndiaPOY20DSDLocal/SEAsiaSDchipsCIF

1.99
1.38 1.61

ChinaDTY70D/ChinaSDchiplocal

1.48
1.69 2.51

IndiaPOY20DSD/SEAsiacaprolactumCFR

2.18
1.50 1.75

ChinaDTY70D/Chinacaprolactummainstreamoffer

1.62

1.50 1.68

1.53 1.50

1.58
1.39 1.43

1.39

1.39

1.40
1.69 1.78

1.70 1.69

1.72
1.50 1.58

1.56

1.58

1.55

Figureinitalicisaveragefortheperiod

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NylonFilamentYarn
ProductSpecs

Market

Term

DTY28D/12Fsemidull

China

Local

DTY30D/10Fsemidull

China

Local

DTY70D/24Fsemidull

China

Local

DTY70D/48Fsemidull
DTY100D/36Fsemidull
DTY140D/48Fsemidull
DTY200D/72Fsemidull
DTY30D/24Fsemidull*
POY35D/10Fsemidull
POY86D/24Fsemidull

China

Local

China

Local

China

Local
Local

China
China

Local

China

Figureinitalicisaveragefortheperiod

WeeklyPriceWatch11thMarch,2011
FORPRIVATECIRCULATIONONLY

Local

China

Local

(US$/Kg)

Last12mths
Min
Max

Prev6wks
Min
Max

4.79 6.40
5.23
4.69 6.55
5.24

5.73 6.40
6.13
6.18 6.55
6.40

3.22 5.03

4.97 5.03

4.30
3.66 5.18
4.75
3.37 5.18
4.77
3.96 5.86
4.56
4.10 5.94
4.66
6.01 7.31
6.69
4.03 5.63
4.54
3.59
3 59 5.18
5 18
4.08

4Mar 11Mar %YoY


6.40

32.14

32.1

6.55 6.54

39.5

5.03

5.02

55.7

5.18 5.17

41.2

5.18

5.17

53.5

5.86 5.86

48.0

5.94

5.93

44.6

7.31 7.30

21.5

5.63

5.63

39.7

5.18
5 18

5.17
5 17

44 1
44.1

5.00
5.12 5.18
5.15
5.12 5.18
5.15
5.20 5.86
5.59
5.35 5.94
5.70
7.08 7.31
7.22
5.05 5.63
5.40
4.60
4 60 5.18
5 18
4.94

*Nylon66

17

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NylonChips
4,500

Although caprolactum prices made downward corrections, the cost pressure


on nylon chip makers was still high and they raised their offers on the back of
low inventory. However, downstream converters only consumed stocks,
preventing prices from rising. Demand from textile yarn market saw
unexpected healthy demand while most offers in other sectors firmed up and
producers showed more interest in purchasing chips given better margins. In
coming weeks, prices may remain firm in the short term given the high costs,
andbalancedsupplyanddemandfundamentals.

4,000
3,500
3,000
2,500
2,000

NylonChips

1,500
US$/Ton

1,000

The Asian benchmark, Taiwan offers were at US$4,0504,120 a ton, up US$50


from previous weeks numbers while SE Asia CIF values also gained US$50 at
US$4,000 a ton. Offers for European goods were also pegged at US$4,000 a
ton CIF China, rising US$50 from previous weeks numbers. In China,
conventional spinning nylon chips prices were at US$4,4744,640 a ton, up
US$25 while semidull high speed chips were pegged at US$4,7605,020 a ton,
gainingUS$40overpreviousweek.

F M A
SEAsiaFOB

M J

A S
2010

N D
2011

(US$/Ton)

ProductSpecs

Market

Term

SDhighspeedspinning

SEAsia

CIF

ConventionalSpngChips
(European)

China

CIF

SDhighspeedspinning(Taiwani)

China

CIF

SDhighspeedspinning

China

Local

ConventionalSpngChips

China

Local

Nylon66wetchips(EPR27)

HenanShema

Exwork

Nylon66drychips(FYR27D)

HenanShema

Exwork

Last12mths
Min
2,650

Max

2,520
2 520

4,050
4 050

3,026

3,057
4,102

4,000

48.1

4,000

3,950

4,000

47.1

4,050
4 050

4,000
4 000

4,050
4 050

51 7
51.7

4,760

4,721

4,760

41.3

4,462

4,487

38.0

5,025

5,019

22.4

5,025

5,019

20.2

4,672
4,487

4,411
5,025

4,912

5,095 4,748

4,626

3,950

3,842

5,025 4,748

4,567
4,175

3,500
3 500

4,487 4,280

3,588

4,000

4Mar 11Mar %YoY

3,817

4,760 4,491

3,708

Max

3,817

4,000 3,550

3,033

3,173

Min

4,000 3,550

3,032
2,650

Prev6wks

5,025

4,912

ValueChainpricingintensity
1.05 1.19

SEAsiaSDchip/SEAsiacaprolactumCFR

1.09
0.93 1.12

ChinaSDchiplocal/Chinacaprolactumofferprice

1.07

1.06 1.12

1.11 1.12

1.09
1.02 1.08

1.02

1.03

1.05

Figureinitalicisaveragefortheperiod

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Caprolactum
Asian caprolactum markets were stable to soft this week as demand weakened
and upstream benzene prices descended both in Asia as well as in Europe.
Prices were stable in early this week but went soft midweek due to the dip of
feedstock values. Inquiries were few, so the liquidity was weak. Buyers
adopted waitandsee stance. However, market supply was still tight, as
Taiwans CPDC has been close units for a planned turnaround and Ubes unit at
Spain met force majeure. Given the feedstock making corrections and modest
downstream demand caprolactum market is expected to make corrections in
thecomingweeks.

4,000

Caprolactum

3,500
3,000
2,500
2,000

US$/Ton

1,500

The Asian benchmark, FE and SE Asian CFR numbers closed the week at
US$3,5603,580 a ton, rolling over previous weeks numbers. Goods from East
Europe were offered at US$3,5503,600 a ton CIF China while those from
Japan were pegged at US$3,5003,550 a ton. Goods made in China were
peggedatUS$4,3504,380aton,sameaspreviousweeksnumbers.

F M A

M J

A S O

2010

SEAsiaCFR

N D

2011

(US$/Ton)

ProductSpecs

Market

Term

FEAsia

CFR

SEAsia

CFR

FromJapan

China

CIF

FromEastEurope

China

CIF

China

Mainstr
eamoff

CFRAsia

Contract

DSMNomination

Last12mths
Min

Max

2,298

2,320
2 320

3,500
3 500

2,708

2,803
3,018

3,200
3 200

3,560

45.7

3,560

3,560

3,560

45.4

3,500
3 500

3,500
3 500

3,500
3 500

44 0
44.0

3,550

3,550

3,550

43.7

4,355

4,350

47.7

4,416

4,441

47.2

3,455
4,355

4,214

4,441 4,039

3,441

3,560

3,350

4,355 3,994

3,370

3,560

4Mar 11Mar %YoY

3,493

3,550 3,220

2,744

Max

3,493

3,560 3,350

2,775

2,250

Min

3,560 3,350

2,771
2,318

Prev6wks

4,441

4,224

ValueChainpricingintensity
2.60 3.41

SEAsiaCFR/SEAsiabenzeneFOB

2.97
2.55 3.32

FEAsiaCFR/TaiwanbenzeneCFR

2.91

2.95 3.03

3.03

3.00
2.93 3.00

2.99

2.97

Figureinitalicisaveragefortheperiod

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Benzene
The Asian benzene market reacted quickly to the massive 8.9 magnitude
earthquake that struck the eastern parts of Japan on Friday. Following the
initial rise, the market then cooled down. The rise helped halting the recent
slump in Northwest European benzene prices, with a US$33 a ton rise in the
Asian market briefly pulling European levels US$10 a ton higher in early
trading. Bids for March rose as buy interest reopened a backwardation to
April,withnextmonthseenatalowerrange.

1,500

Benzene
1,000

500

US$/Ton

FOB Korea, the Asian benchmark price was assessed at US$1,174 a ton, US$5
lower than previous weeks closing. The US price was assessed at US cents
441.20441.29 a gallon FOB US Gulf, up by US cents 17.25 from last week. The
European benzene price was the highest globally at US$1,240.50 a ton CIF ARA
while Rotterdam FOB numbers were at US$1,249.50 a ton, down US$127 from
lastweek.AprilbidwasheardatUS$1,2301,245atonCIFARA.

F M A

M J

KoreaFOB

2010

S O

N D
2011

(US$/Ton)

Market

ProductSpecs

Term

Korea

FOB

USGulf

FOB

Rotterdam

FOB

ARA,Europe

CIF

Taiwan

CFR

SEAsia

FOB

Last12mths
Min

Max

763

1,330 1,253

823

1,424
1 424

1,048

1,250
1 250

1,179

1,174

30.1

1,268

1,319

35.9

1,424
1 424

1,377
1 377

1,250
1 250

27 6
27.6

1,409

1,367

1,241

28.0

1,352
1,191

1,191

1,172

1,176 1,128

930

1,330

1,365

1,191 1,143

950
751

1,183

4Mar 11Mar %YoY

1,295

1,409 1,241

1,038
768

Max

1,171

1,014

813

Min

1,183 1,160

948
784

Prev6wks

1,176

1,173

1,160

ValueChainpricingintensity
1.39 1.72

KoreaFOB/AsiacrudeCFR

1.56
1.37 1.68

SEAsiaFOB/Asiacrude

1.54
1.41 1.88

USGulfFOB/USLightcrude

1.63
1.48 2.19

RotterdamFOB/EuropeanBrent

1.69

1.48 1.67

1.50 1.48

1.59
1.49 1.67

1.49

1.60
1.51 1.81

1.51 1.56

1.65
1.48 1.94

1.64

1.48

1.75

Figureinitalicisaveragefortheperiod

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AcrylicChain
February11

Asia
Europe
Euro/ton
US$/ton
Euro/ton
US$/ton
low
high
low
high low
high
low
high
713

CrudeOil
Naphtha

728

522

758

533

697

Propylene

1,382 1,384

1,012 1,014 1,490

Acrylonitrile

USA
US$/ton
Euro/ton
low
high
low
high

555

649

510

475
568

776

1,497

1,092 1,097

1,544

1,553

1,131 1,138

2,872 3,027

2,125 2,240

2,273

2,362

1,666 1,731

2,500 2,600

1,490

1,550

1,092 1,136

ASF
ASF1.53.0D

3,125 3,225

2,290 2,363 3,380

3,510

Benchmarkratio:Europe=100
Propylene

0.93

0.92

1.00

1.00

1.04

1.04

Acrylonitrile

1.00

1.00

0.79

0.78

ASF1.53.0D

0.92

0.95

1.00 1.04

0.44

0.46

ACN/Propylene

2.02

1.47

1.52

1.18 1.16

0.66

0.66

0.25

0.26

0.27 0.28

0.12

0.12

Value Chain pricing intensity


ValueChainpricingintensity
1.93

ASF/ACN

3000
2500

3500

US$/Ton

3500

US$/Ton

US$/Ton

ASF/WoolAus.EMI

3000
2500

2000

Asia

1000

Europe

ACN

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ASF

USA

1000
500

500
J F M A M J J A S O N D J F

2500

1500

1500
1000

500

3000

2000

2000

1500

3500

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

21

F M A M J
ACN

A S O N D
ASF

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AcrylicStapleFibre
Acrylic staple fibre markets in Asia saw healthy movements while inventories
were at reasonable levels. Supported by strong costs negotiations were firm
amidst favorable trading sentiment. Given the strong cost support as well as
stable buying interest, trading sentiment was healthy. Downstream spinning
segment also saw uptrend, but trading prices were stable and would remain so
inthecomingweeks.

4.00

AcrylicStapleFibre

3.50
3.00
2.50
2.00
1.50
1.00
US$/Kg

The Asian benchmark reference number, Taiwan FOB was pegged at US$3.45
3.55 a kg at the end of this week, rolling over previous weeks values. Last
week, it had gained significantly by US cents 30 a kg. In China, 1.5D/38mm ASF
was pegged at US$3.883.95 per kg, up by almost US cents 12 from last week.
Prices in Pakistan were stable at PakRs.325 a kg (US$ 3.80) while Indian prices
wereat`180akg(US$3.98).

F M A

1.5D/38mmTaiwanFOB

2010

D
2011

(US$/Kg)

ProductSpecs
1.5D/38mm
1.5D/38mm
1.5D/38mm
0.9D
1.2D
3Dtow
3Dwetspin

Market
China
Taiwan
India
India
India
India
China

Term
Mainstr
eamoff
FOB
Local
Local
Local
Local
Mainstr
eamoff

Last12mths
Min

Max

2.98 3.88
3.36
2.60 3.45
2.89
3.09 4.00

Prev6wks
Min

Max

3.59 3.88

4Mar 11Mar %YoY


3.76 3.88

18.7

3.45

3.45

21.1

3.94 4.00

4.00 3.98

24.8

3.94 4.00

4.00

3.98

24.8

3.94 4.00

4.00 3.98

24.8

3.94 4.00

4.00

3.98

24.8

3.53 3.85

3.72 3.85

19.4

3.70
3.05 3.45
3.23

3 37
3.37
3.09 4.00
3.37
3.09 4.00
3.37
3.09 4.00
3.37
2.93 3.85
3.31

3.65

ValueChainpricingintensity
1.34 1.74

1.5D/38mmChina/NorthChinaACNselflifting

1.49
1.20 1.39

1.5D/38mmTaiwan/NESEAsiaACNCFR

1.28

1.41 1.44

1.42 1.44

1.42
1.24 1.30

1.30 1.28

1.27

Figureinitalicisaveragefortheperiod

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Acrylonitrile
3,000

Asian acrylonitrile markets were range bound this week and prices gained on
back of tight supply and continuously climbing propylene values. Firming up of
prices in Europe and USA also helped Asian numbers to climb. Sellers were
seen pushing prices up but downstream sectors lagged in following up and
some buyers were prudent to purchase highpriced feedstock, spot liquidity
was hard to improve. In coming weeks, acrylonitrile market will hold positive
factorsandspotnegotiationswillseeaslightspiraltrend.

Acrylonitrile

2,500
2,000
1,500

US$/Ton

1,000
D

F M A

M J

ChinaCFR

A
2011

S O

N D
2010

Far East CFR, the Asian benchmark numbers closed the week at US$2,649
2,651 a ton, up US$40 from previous weeks close. In China, self lifting
numbers, however, remained stable at US$3,2303,260 a ton while the CFR
values were pegged at US$2,7002,750 a ton, up US$50 from last week. The
USG FOB numbers further gained US$40 at US$2,6702,680 a ton while
EuropeanCIFnumbersgainedUS$95atUS$2,6152,620aton.
(US$/Ton)

ProductSpecs

Market

Term

NorthChina

Self
lifting

China

CFR

USGulf

FOB

Europe

CIF

Last12mths
Min
2,583

Max

Prev6wks
Min

3,266 3,045
2,700 2,500

2,254
1,895
1 895

2,670
2 670

3,228

3,224

10.6

2,700

2,650

2,700

20.0

2,630
2 630

2,670
2 670

19 0
19.0

2,520

2,615

19.1

2,600
2,375
2 375

2,217
1,840

3,228

4Mar 11Mar %YoY

3,147

2,871
1,950

Max

2,670
2 670

2,517

2,615 2,395

2,208

2,615

2,480

ValueChainpricingintensity
SEAsiaCFR/SEAsiapropyleneCFR
ChinaCFR/ChinapropyleneCFR
Europe/NWEuropepropyleneFD
USGulf/USApropylenespot

1.64 2.32

1.61 2.32

1.57 2.10

1.57 1.66

1.57

6.46

7.31 8.67

8.67

10.58

Figureinitalicisaveragefortheperiod

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Propylene
2,000

Propylene markets in Asia were stable to firm this week as oil prices remained
highly volatile giving ample support to downstream derivatives. Naphtha prices
jumped over US$1,000 a ton mark and continued to remain firm the entire
week. The initial chemical grade propylene settlements in US were heard at US
cents71.0perpoundforMarch.Europeanproducersraisedtheirpricesforthe
third month in a row with the contracts settling with an Euro 80 a ton increase
on top of the previous months increases of Euro 35 a ton and Euro 110 a ton
in February and January. Spot propylene prices in Europe moved higher by
Euro15atonsincethebeginningofthismonth.

Propylene

1,500
1,000
500

US$/Ton

The Asian benchmark number, South Korea FOB ended the week at US$1,510
1,512 a ton, gaining US$10 from last week. In the preceding week prices had
increased US$31 a ton. The same week also saw prices in NW Europe in the
range of Euro 1,1601,165 a ton, while in USA the offers were in the range of
UScents66.8867.13perpound.

F M A

M J

KoreaFOB

S O

2010

N D
2011

(US$/Ton)

ProductSpecs

Market

Term

Korea

FOB

Japan

FOB

Taiwan

CFR

SEAsia

CFR

China

CFR

Chemicalgrade

NWEurope

FD

Chemicalgrade

NWEurope

CIF

Chemicalgrade

USA

Spot

Last12mths
Min

Max

1,014

1,054
1 054

1,515
1 515

1,240

1,054
1,089

1,088

1,490

1,490

1,515
1 515

1,515
1 515

1,430

1,430

1,525

1,525

1,487
1,607

1,607

1,527
1,579

1,579

1,505

1,705 1,474

1,330

1,510

1,390

1,579 1,442

1,190

1,500

1,481

1,607 1,471

1,252
999

1,457
1 457

1,525 1,462

1,242

1,510

4Mar 11Mar %YoY

1,426

1,430 1,360

1,188

Max

1,431

1,490 1,373

1,192

1,034

Min

1,510 1,332

1,206
1,004

Prev6wks

1,579

1,474

1,516

ValueChainpricingintensity
1.78 2.28

SEAsia/AsiacrudeCFR

1.99
1.36 1.95

NWEurope/EuropeanBrent

1.55
0.08 0.13

USA/USlight

0.10

1.82 1.96

1.82

1.90
1.38 1.50

1.38

1.44
0.09 0.11

0.09

0.10

Figureinitalicisaveragefortheperiod

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20.9

ViscoseChain
February11

Asia
Europe
US$/ton
Euro/ton
US$/ton
Euro/ton
low
high
low
high low
high
low
high
Secondcutlinters

1,897 1,897

1,390 1,390

Cottonpulpstaplegr

3,143 3,143

2,303 2,303

Woodpulpstaplegr

2,592 2,592

1,899 1,899

1.5D/38mm

4,182 4,182

3,064 3,064

USA
Euro/ton
US$/ton
low
high
low
high

Cottonpulpfilgr

VSF

VFY
120DBright

7,866

5,764

120DDull

7,838

5,743

300DBright

6,497

4,761

300DDull

6,574

4,817

Woodpulpstaplegr

1.00

1.00

1 5D/38mm
1.5D/38mm

1.00
1 00

1.00
1 00

Benchmarkratio:Asia=100

ValueChainpricingintensity
VSF/Woodpulp

1.61

1.61

VSF/Cottonpulp

1.33

1.33

VFY/Woodpulp

3.04

VFY/Cottonpulpfigr

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ViscoseStapleFibre
5.00

Viscose staple fibre prices inched up in Asian markets while producers no


longer showed interest in hiking their offers given the decline in cotton prices.
Faced with uncertain future, market players chose to wait, weakening
purchasing intentions and transactions were hard to secure, but some spinning
mills were still fulfilling earlier orders. There were few new orders, and sales
looked bleak. If downstream market remains weak, rising feedstock prices will
not have any significant influence on viscose fiber market. In coming week, VSF
pricesareexpectedtochangemarginally.

ViscoseStapleFibre

4.00
3.00

US$/Kg

2.00
1.00
D J F M A M J
1.5D/38mmChinalocal

A S O
2010

N D
2011

Chinas mainstream numbers closed the week at US$4.30 a kg for 1.5D/38mm


VSF, marginally up from last week. In Pakistan, VSF in Karachi market was
traded at PakRs 320325 a kg (US$3.753.81 a kg). Indian VSF prices were in
the range of `151158 a kg or US$3.343.49 a kg, down US cents 2 from last
weeksclose.
(US$/Kg)

ProductSpecs

Market

Term

Last12mths
Min

Max

1.2Dbrightbleached

India

Produce
rsoffer

2.59 3.40

1.2Ddull

India

Produce
rsoffer

2.70 3.51

1.52.0Dbrightbleached

India

Produce
rsoffer

2.55
2 55

1.52.0Ddull

India

Produce
rsoffer

2.64 3.45

1.52.0Dspunshades

India

Produce
rsoffer

2.55 3.36

1.5D/38mm

China

Local

1.5D

Pakistan

Local

2.82
2.93
3.36
3 36

2.78
2.87
2.82
2.54 4.63
3.28
2.84 3.85
3.30

Prev6wks
Min

Max

3.22 3.40

4Mar 11Mar %YoY


3.40 3.38

30.3

3.51

3.49

29.1

3.36
3 36

3.34
3 34

30 9
30.9

3.45

3.43

29.9

3.36 3.34

30.9

4.30

4.30

46.2

3.74 3.75

31.6

3.29
3.33 3.51
3.40
3.18
3 18 3.36
3 36
3.24
3.26 3.45
3.33
3.18 3.36
3.24
4.07 4.30
4.22
3.62 3.75
3.69

ValueChainpricingintensity
1.69 2.99

1.5D/38mmChinalocal/Secondcutlinters

2.44
1.38 2.11

1.5D/38mmChinalocal/Importedwoodpulp

1.80

1.86 2.02

1.90 1.98

1.92
1.38 1.49

1.45

1.49

1.43

Figureinitalicisaveragefortheperiod

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ViscoseFilamentYarn
7.00

Viscose filament yarn markets in Asia saw producers in China hiking their
nominations on the back of higher feedstock values. However, downstream
buying interest was low at this high values. Meanwhile, trading prices were
lagging behind offers as converters still has some stock and sales were poor in
downstream sectors. On the other hand, sentiment was healthy in VFY export
market on steadily increasing demand. Prices in India rolled over previous
weeksnumbers.

ViscoseFilamentYarn

6.00
5.00
4.00

US$/Ton

3.00

Indian 100D bright VFY was at `355357 a kg (US$7.857.90), down US cents 4


from last week while 450D bright was pegged at `218219 a kg (US$4.854.87
a kg), losing US cents 2 from previous week. In China, the mainstream quotes
for 120D bright and full dull were pegged at US$8.178.26 a kg, up US cents 7
8 while 150D bright was pegged at US$7.82 a kg, up US cents 5. The 300D
brightanddullweretradedatUS$6.816.87akg,upUScents2.

F M A M J
300DChina

A S O

N D

2010

2011

(US$/Kg)

ProductSpecs
100Dbright
150Dbright
150Dbright
300Dbright
300Dbright
300Ddull

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Market
India
India
China
India
China
China

Term
Local
Local
Local
Local
Local
Local

27

Last12mths
Min

Max

6.29 7.89

Prev6wks
Min

7.60 7.89

6.77
5.36 6.98

7.89 7.85

24.8

6.98

6.95

29.4

7.77 7.82

57.0

6.81
7.55 7.82

6 10
6.10
4.67 5.01

4Mar 11Mar %YoY

7.71
6.70 6.98

5.84
4.98 7.82

Max

7 68
7.68

4.84
4.25 6.81
5.23
4.25 6.87
5.25

6.43 6.81

6.79 6.81

60.4

6.85

61.8

6.61
6.51 6.87

6.87

6.68

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WoodandCottonPulp
3,000

The wood pulp prices were up across Europe and USA while they were almost
stable in Asian markets this week. The NBSK Index value at US$961.81 a ton
was up US$11.88 (Euro 689.12, down Euro 1.14) on the European market
while the same in US market was at US$979.36 a ton, gaining US$19.36 from
weeks numbers. In China, the BHKP Index closed the week at US$743.63,
losingUS$1.98fromlastweekslevel.

WoodPulp

2,500
2,000
1,500
1,000

US$/Ton

500

In China, pulp producers hiked their offers significantly, influenced by the pulp
meeting held last weekend. Offers for staple grade pulp were offered at
US$3,285 a ton up US$11 from last week. Bamboo pulp offers soared to
US$2,890 a ton as well. Bolstered by the cotton pulp market, offers for
dissolving pulp soared. In the dissolving pulp markets, new offers were yet to
emergewhilereportsindicatetheofferswouldbeashighasUS$3,000aton.

F M A

M J

WoodpulpImported
StapleGradeChinaCIF

N D

2011

2010

(US$/Ton)

ProductSpecs
Secondcutlinters
Cottonpulpstaplegrade
Importedwoodpulpstaplegrade
Woodpulpstaplegrade

Market
China
China
China
Brazil

Term
CIF
CIF
CIF
CIF

Last12mths
Min
1,099

Max

1,980

1,962

73.9

3,285

3,274

3,285

69.9

2,600

2,600

2,600

67.7

2,600

2,600

73.3

2 595
2,595

2,600 2,400

1,915

1,980

4Mar 11Mar %YoY

3,194

2,600 2,575

1 909
1,909
1,500

Max

1,924

3,294 3,014

2,377
1,550

Min

2,216 1,778

1,438
1,837

Prev6wks

2,600

2,567

Figureinitalicisaveragefortheperiod

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Cotton
250

Cotton

Mixed price action again erupted this week as cotton futures put in a wild
performance, with oldcrop deliveries finishing in the red after soaring to new
alltime highs and newcrop contracts posting gains. Cotton Futures for May
delivery lost US cents 7.76 to settle at US$2.0494 a pound on ICE Futures in
New York. Cotlook A index too lost US cents 6.60 at US$2.2965 per pound. In
China, the Cotton Index (328) closed at 31,108 Yuan per ton, up by 195 Yuan
frompreviousweek.

200
150
100
50
Cts/pound

East and West Texas cotton were cheaper by US cents 8.25 per pound this
week while Pima cotton prices remained stable at previous weeks level. In
Pakistan, the Karachi cotton association rate jumped PakRs 700 closing the
week at PakRs 12,820 per maund. Indian cottons were cheaper this week.
Prices for the benchmark Shankar6 variety moved down by `1,300 to `58,200
acandyattheendoftheweek.

F M A

M J

Cotlook'A'Index
CFR

A
2010

N D
2011

(UScents/lb)

ProductSpecs
CotlookA

Market
FarEastAsia

AmericanPIMACol3,leaf3,st46 USA
AmericanPIMACol3,leaf3,st44 USA
NewYorkFutures
ChinaCottonIndex
Grade3,staple11/32"
Bunny/Brahma
Shanker6
MCU5

USA
China
Pakistan
India
India
India

Term
CFR
Spot
Spot
Futures
Spot
Spot
Spot
Spot
Spot

Last12mths

Prev6wks

Min

Max

Min

83.20

236.25

201.55

127.88
112.00

252.00

157.66
107.00

242.00

147 94
147.94
77.06

212.70

113.05
102.10

214.67

149.61
79.92

182.48

112.56
77.76

173.00

106.96
77.20

168.74

105.24
77.48

178.67

Max

4Mar 11Mar %YoY

236.25 236.25

229.65

174.9

252.00

115.4

242.00

126.2

204.94

154.7

214.67

110.2

182.48

123.9

169.33

117.8

164.25

112.8

177.80

129.5

221.17
232.00

252.00 252.00

248.67
222.00

242.00 242.00

238 67
238.67
167.86

212.70 212.70

191.62
198.73

214.67 213.58

207.22
165.05

182.48 172.13

170.72
150.96

173.00 173.00

165.63
146.77

168.74 168.74

161.18
153.76

178.67 178.67

132.00

Figureinitalicisaveragefortheperiod

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Wool
14.0

The Australian wool markets saw positive sales again this week with EMI
closing ending the week at Aus$13.48 cents, lifted by Aus cents 41 from
previous weeks close. In US$ terms, the index was up US cents 21 at US$13.51
a kg. The South Australia index closed US cents 26 up while West Australia
picked up US cents 19 per kg. The North Australia Index closed with the lowest
gain of US cents 14 over the week. The gains were positive for all micron
categories. In New Zealand, wool prices continued to rise at last week's North
andSouthIslandwoolsale,liftingbetween4%and14%.

Wool

12.0
10.0
8.0
6.0

US$/Kg

4.0
D

F M A

AWEXEMIAustraliaSpot

2011

D
2010

Among microns, in South Australia, 22 micron categories gained US cents 66 a


kg, the highest amongst all microns. 23micron and 26micron followed with a
gain of US cents 56 at US$11.72 a kg and US cents 25 at US$8.74 a kg,
respectively. 18micron was up US cents 7 at US$21.55 a kg while Merino
cardedclosedtheweekatUS$8.17akg,gainingUScents17fromlastweek.
(US$/Kg)

ProductSpecs
AWEXEMI
AWEXEMI
AWEXEMI
AWEXEMI
18Microns
22Microns
23Microns
26Micron
MerinoCarded

Market
Australia
NorthAustralia
SouthAustralia
WestAustralia
SouthAustralia
SouthAustralia
SouthAustralia
SouthAustralia
SouthAustralia

Term
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot
Spot

Last12mths
Min

Max

7.20

Min

13.51 12.47

9.25
7.39

Prev6wks

8 97
8.97

8.66
6.17
4.73 8.17
6.02

13.96

14.11

63.5

13.01

12.75

13.01

59.0

12.73

12.54

12.73

50.7

21.55

21.48

21.55

101.4

12.16

11.50

12.16

41.3

11.16

11.72

38.2

8.49

8.74

61.8

8.00 8.17

33.8

11.42

11.72 10.31

5.04 8.74

14.11

21.16

12.16 11.07

8.94
7.31

61.1

12.26

21.55 20.71

13.32
7.36

13.51

12 40
12.40

12.73 11.87

9.18
9.57

13.30

13.56

7.04 9.77 11.93


7.32

13.51

4Mar 11Mar %YoY

12.93

14.11 13.12

9.60

Max

11.72

10.88
7.72 8.74
8.08
7.27 8.17
7.65

Figureinitalicisaveragefortheperiod

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100%CottonSpunYarn
(US$/Kg)

ProductSpecs
21/1cardedcone
21s
21s/2
30/1cardedcone
32scone
40s
40scardedweft100%cotton
40scone
60/1cardedcone
60scarded
100scombed

Market
Pakistan
China
China
Pakistan
Pakistan
China
India
Pakistan
Pakistan
India
India

Term
Local
Local
Local
Local
Local
Local
Local
Local
Local
Local
Local

Last12mths
Min

Max

2.75 5.61
3.68
3.02 6.19
4.24
3.19 6.51
4.48
3.19 5.68
4.10
3.16 4.91
3.93
3.34 6.84
4.65
2.70 5.47
3.80
3.90 5.73
4.66
5.11 7.10
5 84
5.84
3.63 5.91
4.54
5.79 8.26
6.82

Prev6wks
Min

Max

5.02 5.61

4Mar 11Mar %YoY


5.60 5.61

100.6

5.32
5.31 5.67

5.66

5.66

87.5

5.97 5.95

86.2

5.66

5.68

77.2

4.89

4.90

54.9

6.14 6.11

83.1

5.22

5.11

88.8

5.72 5.73

39.2

7.08 7.10

26.2

5.91

5.88

62.1

8.20 8.03

25.8

5.57
5.56 5.98
5.86
5.41 5.68
5.56
4.89 4.91
4.90
5.71 6.14
6.01
4.43 5.47
4.94
5.72 5.73
5.72
6.95 7.10
7 03
7.03
5.15 5.91
5.62
7.69 8.26
8.02

Figureinitalicisaveragefortheperiod

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100%PolyesterSpunYarn
(US$/Kg)

ProductSpecs
21s
32s
45s
50s
60s

Market
China
China
China
China
China

Term
Local
Local
Local
Local
Local

Last12mths
Min

Max

1.90 3.82
2.38
2.07 3.97
2.52
2.18 4.14
2.67
2.31 4.36
2.84
2.55 4.00
3.00

Prev6wks
Min

Max

2.82 3.05

4Mar 11Mar %YoY


3.05 3.03

58.9

3.17

3.15

52.4

3.27 3.27

49.8

3.44

3.44

48.5

3.82 3.82

49.8

2.98
2.98 3.22
3.13
3.12 3.30
3.24
3.30 3.82
3.48
3.60 3.82
3.76

Figureinitalicisaveragefortheperiod

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100%ViscoseSpunYarn
(US$/Kg)

ProductSpecs
10s
20s
30s
40s
50s

Market
China
China
China
China
China

Term
Local
Local
Local
Local
Local

Last12mths
Min

Max

3.22 5.16
3.77
3.31 5.43
3.92
3.47 5.68
4.05
3.61 6.34
4.22
3.73 6.37
4.53

Prev6wks
Min

Max

4.46 4.72

4Mar 11Mar %YoY


4.72 4.71

43.7

4.90

4.90

47.9

5.07 5.05

44.8

5.21 5.20

43.2

5.68

51.5

4.63
4.63 4.90
4.82
4.76 5.07
4.98
4.91 5.21
5.12
5.41 5.69

5.66

5.60

Figureinitalicisaveragefortheperiod

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Polyester/CottonBlendedYarn
(US$/Kg)

ProductSpecs
16s65/35
21s65/35
32s65/35
45s65/35
60s65/35

Market
China
China
China
China
China

Term
Local
Local
Local
Local
Local

Last12mths
Min

Max

2.26 4.76
3.11
2.37 4.95
3.28
2.52 5.07
3.43
2.67 5.25
3.62
2.93 5.47
3.83

Prev6wks
Min

Max

4.05 4.22

4Mar 11Mar %YoY


4.22 4.21

86.7

4.39

4.37

83.9

4.58 4.58

81.7

4.90

4.88

83.1

5.13 5.13

74.9

4.17
4.24 4.39
4.33
4.40 4.58
4.52
4.57 4.90
4.79
4.81 5.13
5.03

Figureinitalicisaveragefortheperiod

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Polyester/ViscoseBlendedYarn(65/35)
(US$/Kg)

Market

ProductSpecs
18/1
20/1
24/1Bright
30/1
40/1

Pakistan
Pakistan
Pakistan
Pakistan
Pakistan

Term
Local
Local
Local
Local
Local

Last12mths
Min

Max

2.43 3.33
2.61
2.51 3.48
2.87
2.43 3.36
2.82
2.04 3.60
2.80
3.07 3.87
3.47

Prev6wks
Min

Max

2.65 3.33

4Mar 11Mar %YoY


2.65 2.66

2.99
3.42 3.48

3.48

3.48

38.8

3.35 3.35

37.9

3.50

3.51

34.2

3.81 3.82

8.2

3.46
3.35 3.36
3.35
3.35 3.51
3.46
3.81 3.87
3.83

Figureinitalicisaveragefortheperiod

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SpandexYarn
(US$/Kg)

ProductSpecs

Market

Term

20DBrightDrySpun

China

Local

20DBrightMeltSpun

China

Local

30DBright

China

Local

40DBright

China

Local

40DBrightWarpKnitting

China

Local

70DBright

China

Local

140DBright

China

Local

Last12mths
Min

Max

9.81

Min

11.73 11.61

10.50
8.82

Prev6wks

10.27

9.32
8.52 9.90
9.07
6.59 8.68
7.68
7.79 9.14
8.38
7.03 8.68
7.77
6.30 8.74
7.45

Max
11.73

4Mar 11Mar %YoY


11.73

11.71

11.0

10.20

10.19

14.0

9.90 9.89

12.5

8.68

8.67

13.8

9.14 9.13

3.8

11.67
9.80

10.20

9.97
9.80 9.90
9.85
8.44 8.68
8.58
8.59 9.14
8.82
8.59 8.68

8.68

8.67

18.4

7.92 7.91

25.6

8.64
7.84 7.92
7.88

Figureinitalicisaveragefortheperiod

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Naphtha
1,500

Asia's naphtha crack fell to its lowest after at least onethird of Japan's cracker
capacities were shut following a massive earthquake. In the naphtha market,
Japan plays the demand side and if plants were down, demand would also fall.
Physical trade was muted as South Korean and Taiwanese buyers took a
breather after some large purchases before the quake day. At the end of the
week, Japan openspec naphtha for frontmonth H2 April fell US$27 to US$990
aton,thelowestsince1March.

Naphtha
1,000

500

US$/Ton

In northwest Europe naphtha prices dropped, following oil markets lower after
a massive earthquake that shook Japan. Naphtha crack spreads fell as supply
improved on Friday. Closed arbitrage to the East and the US this week had
lengthened the market, although opportunities for transAtlantic deliveries
were again in view and could potentially tighten the system next week.
Glencores offers were heard at US$972 a ton CIF NWE, falling from US$985 a
ton on Thursday. Naphtha refining margins also slid to around minus US$4.6 a
barrellateonFriday,downfromminusUS$3.7abarreladayearlier.

F M A

M J

A S O

2010

JapanCFR

N D
2011

(US$/Ton)

ProductSpecs

Term

Market
Japan

CFR

Rotterdam

Barges
FOB

Mediterranean

Cargoes

Singapore

Cargoes

Last12mths
Min
623

Prev6wks

Max

Min

Max

1,017

860

4Mar 11Mar %YoY

1,017

1,017

1,010

35.8

760

931

442 676

649 676

676

673

27.9

537

657
719

714

24 6
24.6

768

762

28.5

485

719

696 719

586

703

503 768

717 768

608

733

FarEast

CFRBid

NA

NA

NorthWestEurope

Swapbid

NA

NA

ValueChainintensity
1.15 1.34

JapanCFR/AsiacrudeCFR

1.25
0.76 0.96

RotterdamFOB/EuropeanBrent

0.86
0.85 1.03

Med.cargoes/EuropeanBrent

0.94
0.90 1.11

Singaporecargo/AsiacrudeCFR

1.00

1.23 1.29

1.29 1.27

1.26
0.80 0.89

0.81

0.80

0.84
0.85 0.95

0.86 0.85

0.90
0.96 1.03

0.98

0.96

1.00

Figureinitalicisaveragefortheperiod

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CrudeOil
150

A massive earthquake that pounded Japan this week end raised worries of oil
demand in the world's third largest oil consumer influencing the oil prices to
decline. Further the oil markets were under pressure as security clampdown in
the Saudi capital of Riyadh kept protests muted on a planned "Day of Rage,"
and police action in Kuwait and Bahrain neutralized activists, helping keep the
oilpricefromgoingup.

CrudeOil
100

50

0
US$/bl

On the New York Mercantile Exchange, crude for April delivery settled at
US$101.16 a barrel, down US$3.26 or 3.1% for the week, the biggest weekly
percentage loss since the week to 11 February, when prices fell US$3.45, or
3.9%. In London, ICE Brent crude for April settled at US$113.84 a barrel, down
US$2.13 or 1.8% for the week, dropping for the first time in seven weeks. It
was the biggest weekly percentage loss since the week to 19 November 2010,
whenpricesfell2.3%.Thus,theAprilBrent/WTIspreadendedatUS$12.68.

F M A

M J

2011

USLight

N D
2010

(US$/Barrel)

ProductSpecs

Market

Term

Europebrent

IPE

Spot

USLight

USA

Spot

OPEC

MiddleEast

Wt
Wt.
average

NYMEXFuture

USA

Futures

Asia

FarEast

CFR
Spot

Last12mths
Min
70.79

Max

110 56
110.56

82.82
69.48
69.89

97.28
97 28

115.01 114.53

115.01

44.9

103.70 101.05

103.70

26.8

110.56
110 56 110.19
110 19

110 56
110.56

40 8
40.8

103.73

26.9

108.17

36.9

103.20
103.73 101.03

94.03

108.17 94.66

82.66

4Mar 11Mar %YoY

93.20

103.73 85.34

82.29

Max

107.18

103.70 84.13

82.05
68.87
68 87

Min

115.01 99.90

84.71
69.14

Prev6wks

108.17 107.32

100.62

Figureinitalicisaveragefortheperiod

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