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Crude Oil In the beginning of the first half of last fortnight, Crude oil prices declined because of increase in the U.S. crude oil inventories. Crude oil prices declined, triggered by increase in the value of the US greenback, which prompted investors to offload their stakes in dollar-denominated commodities like crude. In the beginning of the second half of last fortnight, the rise in prices is also a result of gains in US equity indices and a fall in the value of the US dollar. Naphtha In the beginning of the first half of last fortnight, prices of Naphtha tumbled mainly due to being heavily over supplied by Northwest European market to Asian markets. Asian markets are coming under pressure from thinning end-user demand, as the regional petrochemical plant turnaround season gets under way from the weight of import volumes. In the beginning of second half of last fortnight, due to price hike in Dated Brent Crude oil prices, Naphtha price increased compare to last fortnight. In the last fortnight, selling offers for PTA prices declined significantly in line with PTA futures. Market experts believed that pressure had been exerted in the market due to sufficient inventories with the downstream plant. In the beginning of the first half, PTA prices declined slowly in Asian markets. In the second half of last fortnight, selling offers for PTA declined marginally mainly due to cautious attitude from traders.

Ethylene In the last fortnight, Ethylene market sentiments remained bearish mainly due to ample product availability and sluggish downstream demand trends in Asian countries. In the European market, selling offers for Ethylene declined due to bearish upstream market coupled with dry demand trends in the region. In the beginning of second half, selling offers for Ethylene went down in Asian markets due to weak support from the downstream market. Monoethylene Glycol

Paraxylene In the beginning of the first half of last fortnight, selling offers for PX plunged down in the global market. In Asian markets, selling offers for PX prices went down due to bearish feedstock prices coupled with weak downstream demand. In the second half of last fortnight, PX prices continued to remain bullish in tandem with energy market. In the second half, the prices of PX improved in Asian markets due to firm sentiment as feedstock prices went up coupled with improved demand.

In the last fortnight, MEG selling offers declined due to ample availability coupled with weak downstream demand and sluggish regional buying interest. In the European market, selling offers for MEG declined due to weak support from downstream market. In beginning of the second half, selling offers for MEG declined in Asian markets due to drop in allied polyester feedstock prices coupled with weak energy market. In the European domestic market, selling offers for MEG remained steady due to firm energy market.

Purified Terephthalic Acid

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Polyester Filament Yarn Polyester filament yarn market presented stableto-weak appearance and prices were relatively stable due to subdued demand from the downstream market in the Chinese domestic market. Polyester filament yarn market showed soft performance initially due to weak feedstock market and dull demand, but close to the end of the first half, the market stabilized. In the second half, Polyester filament yarn market presented a firm appearance and prices were relatively stable due to robust demand from the downstream market. Propylene In the last fortnight, selling offers for Propylene declined in Asian markets due to weak buying sentiments coupled with bearish downstream demand. Speculators turned further bearish due to weak upstream markets. In the U.S.A domestic market, selling offers for propylene plunged down due to weak market cues from rest of the world market. In the second half of last fortnight, selling offers for Propylene remained range bound due to volatile energy market, coupled with moderate downstream demand. Acrylonitrile In the beginning of the first half of last fortnight, ACN prices declined in Asian market due to ample availability coupled with weak support from the upstream market. In the European market, selling offers for ACN declined due to subdued buying coupled with weak upstream energy values. In the beginning of the second half of last fortnight, selling offers for ACN fell back in Asian market due to ample product availability coupled with bearish downstream demand trends in the region. Polyester Staple Fibre Polyester staple fibre market followed a downward trend due to subdued demand from the downstream market and unfavorable macroeconomic outlook in the Chinese domestic market during the first half. Polyester staple fibre market was under pressure and directionless amid lackluster market fundamentals during the period. Polyester staple fibre market presented a soft outlook and prices remained stable due to moderate demand from the downstream buyers in the Chinese domestic market during the second half.

PET Chips PET Chips prices declined due to subdued demand from the downstream market and unfavorable market fundamentals in the Chinese domestic market during the first half. PET Chips prices remained stable-to-up due to improved demand from the downstream market in the Chinese domestic market during the second half of last fortnight. Polyester chips prices went up slightly in the Chinese domestic market as downstream buyers started procurement of materials before May Day holidays during that period.

Acrylic Staple Fibre

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Acrylic staple fibre market went down in line with weak feedstock market and bearish market fundamentals in the USD based market during the first half. Acrylic staple fibre market remained range bound amid lackluster market fundamentals during the period. In the USD based import market, trading activities remained scarce and prices went down during the second half. Downstream buyers were inactive in buying and kept a sidelined stance amid weak market fundamentals during the second half. followed an upward trend and prices inched up in the Asian markets due to robust buying sentiments in the regions during that period. Overall Benzene market remained stable-to-firm in the global market in line with the firm demand from the downstream buyers during the second half. Caprolactam CPL market showed a weak performance and prices declined further due to sluggish demand from the downstream buyers and unfavorable market fundamentals during the first half of last fortnight. CPL suppliers were reluctant to release offers due to unclear market fundamentals during that period. During the second half of last fortnight in Asian markets, CPL market portrayed a weak outlook and prices went down further due to unfavorable macro-economic outlook.

Polypropylene In the last fortnight, selling offers for PP declined due to lack of support from upstream and downstream market. Many of the PP producers were considering maintenance outage in short term future as an option to curb the ample of availability for PP in the market. In the second half of last fortnight, PP prices continued to decline due to bearish indication from global markets. In Asia, major markets like China and India remained weak as market pulse subdued.

Nylon Chips During the last fortnight, Nylon chip prices declined due to weak support from downstream demand. In the beginning of the first half, Nylon Chip buyers in China were optimistic as prices of feedstock declined slowly and sales were quite stable. Many downstream buyers preferred to keep a wait and-watch stance as macroeconomic aspects were dull and particularly in the textile sector, the demand was highly depressing. Selling offers for Nylon Chip increased at slow and steady pace during the second half. Nylon Filament Yarn Nylon filament yarn market showed a soft appearance and prices went down due to subdued demand from the downstream buyers in the Chinese domestic market during the first half. In the second half, Nylon filament yarn market continued to follow a downward trend and prices went down due to subdued demand from the downstream market in the Chinese domestic market. In spite of firm feedstock market, prices of nylon filament yarn went down due to subdued

Benzene In Asia, Benzene market followed a downward trend due to subdued demand from the downstream market and drop in upstream energy value during the first half of last fortnight. In the second half of the last fortnight, Benzene market

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demand from the downstream buyers during the period. Viscose filament yarn market presented a weak performance and prices declined due to subdued demand from the downstream market in the Chinese domestic market. VFY prices went down amid less active downstream buying sentiment and saw limited transactions amid bearish expectations. Viscose filament yarn prices moved down due to unfavorable market fundamentals and lack of support from downstream buyers during the second half of last fortnight. Spandex In the last fortnight, Spandex market remained unchanged due to stable market fundamentals. During the first half of last fortnight, Spandex market remained stable despite sporadic trading volume in the Asian markets. In the second half, selling offers for Spandex remained steady due to moderate demand and improved availability. In the earlier period of the second half of last fortnight, Spandex offers opened at the same level, but with the support of firm trading volume Spandex sellers maintained stable prices. Cotton International cotton market presented a soft outlook and prices declined towards the end of the first half of last fortnight. Cotton prices went down attributed by the news of release of reserved cotton in China and India. International cotton prices continued to follow a downward trend due to subdued demand from the downstream market and release of Cotton in India and China during the second half of last fortnight. In India, cotton market moved down as Cotton Corporation of India started to release the stocks. Wool Wool prices went up during the first half of last fortnight in Australia. Buyers for China were dominant, with support from buyers for India. Buyers for Europe were noticeably quitter this week. Wool prices followed a downward trend during the second half of last fortnight in Australia. Buyers for China were dominant, with support from buyers for India and Korea. Buyers for Europe were noticeably quitter again this week.

Cotton Linters & Pulp Cotton linter market portrayed a weak appearance and prices went down due to subdued demand from the downstream cotton pulp market in the Chinese domestic market. Imported dissolving pulp market presented a soft outlook due to sluggish demand from the downstream market during the first half. Cotton linter prices went down due to subdued demand from the downstream market during the second half. Dissolving pulp prices were relatively stable due to a sluggish demand from the downstream buyers. Viscose Staple Fibre In the first half, Viscose staple fibre market presented a modest performance and prices remained stable due to moderate demand from the downstream market in the Chinese domestic market. Viscose staple fibre market followed a downward trend and prices went down due to subdued demand from the downstream market in the Chinese domestic market during the second half. Viscose staple fibre market remained under bearish tone due to lack of support from the downstream buyers during the period.

Viscose Filament Yarn

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(April 15 - 30, 2013)