2020-09-27
Event description
According to CCFEI data, the price of polyester filament products has steadily increased. The price of mainstream products POY has reached 8,885 yuan/ton, and the product price difference has risen to 1,442 yuan/ton. Since the Spring Festival, it has expanded by 641 yuan/ton, returning to the level of the fourth quarter of last year. In the same period, the inventory of polyester filament products began to fall from the post-holiday high. The operating rate of downstream weaving enterprises and the inventory of finished products were better than expected. The transaction of filament fabrics rose rapidly, and the prices of raw materials have stabilized and rebounded.
Event comment
The price of polyester filament products rose, and the spread continued to widen. Since the Spring Festival, the price of polyester filament products has been steadily rising under the influence of continuous recovery in downstream demand. According to CCFEI data, as of April 4, the prices of POY, FDY (150D) and DTY were 8,885 yuan/ton, 9,375 yuan/ton and 10,450 yuan/ton, respectively, up 2.72%, 3.59% and 2.20% since the Spring Festival. The prices of main raw materials PTA and MEG were 5,445 yuan/ton and 7,590 yuan/ton, down 7.56% and 5.01% since the Spring Festival. Benefiting from this, the spread of polyester filament products has widened and profitability has recovered. At present, the spreads of POY, FDY (150D) and DTY are respectively 1,442 yuan/ton, 1,861 yuan/ton and 2,779 yuan/ton, which have been expanded by 641 yuan/ton, 718 yuan/ton and 632 yuan/ton after the Spring Festival.
Product inventory began to decline, and downstream demand was better than expected. According to CCFEI data, polyester filament stocks have begun to decline.As of the week of March 30, POY, FDY and DTY stocks were 11.5 days, 15 days and 29.5 days, respectively, which were 4 days, 2.5 days and 29.5 days lower than the post-holiday high. 2 days. The gradual recovery of downstream weaving enterprises is the main reason for the decline in the inventory of polyester filament products. According to Wind data, the operating rate of water-jet and air-jet looms of sample weaving enterprises in Shengze has risen to about 90%, which has recovered significantly from about 50% after the holiday. Grey fabric inventory is only 23 days, the lowest level since 2013. At the same time, the trading volume of filament cloth in China Textile City gradually increased. On March 30, the trading volume was 8.82 million meters, an increase of 1.78 million meters from the previous week, which has broken through the trading volume platform area in the fourth quarter of last year.
The price of raw materials stopped falling and stabilized, supporting the price of polyester filament. After the Spring Festival, raw material prices fell sharply after a short-term firm. The price of ethylene glycol fell more than 17% from the high point, and the price of PTA dropped sharply to around 5,450 yuan/ton. Recently, as international crude oil prices rose again, ethylene glycol and PTA inventories improved marginally, ethylene glycol prices bottomed out, and PTA prices stabilized. Considering that there were more business maintenance in April, supply contraction, and downstream recovery, it is expected that raw material prices will support the price of polyester filament.
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