Prices of intermediates and polyester like paraxylene (PX), purified terephthalic acid (PTA), monoethylene glycol (MEG), polyester filament yarn (PFY), polyester staple fibre (PSF), and polyethylene terephthalate (PET) increased on a year-on-year (YoY) basis in the first quarter (Q1) of fiscal 2022, Reliance Industries Limited (RIL) said in its Q1 report.
During April-June 2021, PX prices increased by 75 per cent YoY with higher crude price. PX-Naphtha delta increased to $244/MT, up 14 per cent YoY and 25 per cent quarter-on-quarter (QoQ) with firm demand and supply constraints.
PTA price increased by 74 per cent YoY in-line with firm PX prices. PTA delta increased to $214/MT, up 72 per cent YoY with firm polyester demand, however marginally lower by 5 per cent on QoQ basis.
MEG prices increased by 56 per cent in line with higher feedstock prices and margins improved by 4 per cent YoY to $241/MT. Margins were, however, 17 per cent lower on QoQ basis with improved supply from US post arctic freeze.
PFY prices increased by 46 per cent in line with higher PTA and MEG prices, but margin declined by 6 per cent YoY to $225/MT; margins were up 20 per cent on QoQ basis.
PSF prices increased by 28 per cent, while margins declined by 75 per cent YoY and 43 per cent QoQ to $53/MT with higher feedstock prices and low demand from nonwoven segment.
PET prices increased by 43 per cent, while margins were 24 per cent lower YoY with higher feedstock prices. However, QoQ, margin was higher by 18 per cent at $151/MT with seasonal demand, the Mukesh Ambani-led company said.
During the quarter, “domestic polyester demand improved by 203 per cent over the pandemic hit Q1 FY21. Polyester filament and fibre markets witnessed high growth rates with improved domestic downstream operations supported by firm international markets,” RIL said.