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Chemical industry: profit recovery of polyester filament industry boom

Hits:Updated:2018-06-01 13:06:19【Print】

Event Description
According to the CCFEI data, the price of polyester filaments has steadily risen. The mainstream POY price has reached 8,885 yuan/ton, and the product price gap has risen to 1,442 yuan/ton, which has increased by 641 yuan/ton since the Spring Festival and returned to the fourth quarter of last year. In the same period, the inventory of polyester filaments began to fall from the high point after the holiday, the operating rate of downstream weaving companies and the inventory of finished products were better than expected. The sales of filament yarns increased rapidly, and the prices of raw materials had stabilized and picked up.
Event Comment
The price of polyester filaments went up, and the spread continued to widen. Since the Spring Festival, the price of polyester filament products has steadily risen under the influence of continued cooling of downstream demand. According to the CCFEI data, prices of POY, FDY (150D) and DTY as of April 4 were 8,885 yuan/ton, 9,375 yuan/ton and 10,450 yuan/ton, respectively, and rose 2.72%, 3.59% and 2.20% since the Spring Festival. The prices of main raw materials PTA and MEG were RMB 5,445/tonne and RMB 7,590/tonne, which fell 7.56% and 5.01% since the Spring Festival. Benefited from this, the spread of polyester filament products spreads and profitability recovers. Currently, the spreads of POY, FDY (150D) and DTY are RMB 1,442/tonne, RMB 1,861/tonne and RMB 2,779/tonne, respectively, which have increased by RMB 641/ton, RMB 718/ton and RMB 632/ton since the Spring Festival.
Product inventory began to decline, and downstream demand was better than expected. According to the CCFEI data, polyester filament stocks have started to decline. As of March 30th week, POY, FDY, and DTY stocks were 11.5 days, 15 days, and 29.5 days, respectively, down 4 days, 2.5 days, and higher than the post-session highs. 2 days. Downstream weaving companies started to recover gradually, which is the main reason for the decline in the inventory of polyester filament products. According to Wind data, the operating rate of the water-jet and air-jet looms of sample weaving companies in Shengze has risen to around 90%, and the operating rate has recovered significantly from around 50% after the holiday. The inventory of grey fabrics was only 23 days, the lowest level since 2013. At the same time, the sales volume of long silk fabrics in China Textile City gradually increased. The volume on March 30 was 8.82 million meters, which was an increase of 1.78 million meters from the previous week. It has exceeded the trading platform area in the fourth quarter of last year.
Raw material prices stabilized and stabilized, supporting the price of polyester filaments. After the Spring Festival, the prices of raw materials fell sharply after a short period of firming. The price of ethylene glycol once fell by more than 17% since the high point, and the price of PTA dropped sharply to around RMB 5,450/ton. Recently, as international crude oil prices rose again, ethylene glycol and PTA stocks improved marginally, ethylene glycol prices bottomed out, and PTA prices stabilized. Considering that there are many corporate overhauls in April, supply contraction, and downstream recovery, it is expected that raw material prices will support the price of polyester filaments.
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