Opening snapshot
The polyester feedstock chain experienced its sharpest weekly disruption of **** between July ** and ** as renewed geopolitical tensions in the Middle East disrupted Gulf petrochemical exports to Asia. The reinstated US naval blockade of Iranian ports, followed by the Islamic Revolutionary Guard Corps**; (IRGC) restriction on maritime traffic through the Strait of Hormuz, sharply tightened prompt supply. TexPro data show MEG CFR Southeast Asia surging **.** per cent week on week to $***/mt, while Dated Brent climbed *.** per cent to $**.**/bbl. Although PX and PTA also strengthened, weak downstream demand prevented the full increase in feedstock costs from flowing through to polyester yarn prices.
Key price movement
The week**;s biggest movement occurred in the ethylene glycol (MEG) market. MEG CFR Southeast Asia jumped from $***/mt to $***/mt between July ** and **, while MEG CFR China increased *.** per cent to $***/mt. Domestic China MEG rose **.** per cent to CNY *,*** (~$***)/mt.
