Opening snapshot
Asia**;s polyester feedstock complex repriced sharply lower during the week ended * July as the reopening of the Strait of Hormuz removed the geopolitical premium embedded across Gulf-linked feedstocks. MEG (Monoethylene Glycol) CFR SE Asia dropped *.** per cent to $*** per mt, leading declines across the chain. Crude softened, naphtha strengthened on regional restocking expectations, and downstream polyester feedstocks weakened. The move reflected a geopolitical risk unwind rather than a deterioration in underlying demand.
Key price movement
MEG recorded the week**;s largest decline. TexPro data show MEG CFR SE Asia fell $** per mt to $***, down *.** per cent within a week. MEG CFR China declined *.** per cent to $*** per mt, while domestic China MEG fell *.** per cent to CNY *,*** per mt. PTA (Purified Terephthalic Acid) weakened across most markets and PX CFR Taiwan dropped *.** per cent, although PX CFR SE Asia remained unchanged at $*,*** per mt. Brent and WTI crude eased, while naphtha bucked the broader trend, with CFR FE Asia rising *.** per cent to $*** per mt as regional crackers positioned for replenishment.
Why prices moved
Three factors drove the week**;s price action.
