PET flakes likely to keep downward shortly BALL YARN FANCY YARN

Spot PTA prices started to dive in early May, and spot MEG prices have seen downward trend continually since Mar. Polyester feedstock costs collapsed when PTA saw larger decrement.

Since early Apr, polyester products showed weakness overall, and prices ticked down generally, which speeded up the decrement of PTA prices. Virgin PFY prices have declined nearly by 2,000yuan/mt compared to a year high and decrement of direct-spun PSF 1.4D and PET fiber chip reached around 1,500yuan/mt. HC PSF saw smaller decrement, at 800yuan/mt.