Entering February, polyester filament continued to rise:
On the 2nd, overnight international oil prices rose, polyester raw materials showed strong trends, polyester filament cost-end benefits were obvious, and polyester long yarn Silk prices rose by 50-200 yuan/ton;
On the 3rd, crude oil, PX and polyester raw materials continued to rise, and polyester filament generally rose by 50-400 yuan/ton;
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For example, polyester yarn from a major mainstream factory in Tongxiang rose by 100-150 yuan/ton;
Polyester yarn from a major mainstream factory in Shengze, Jiangsu rose by 50-300 yuan/ton;
FDY, a major mainstream factory in Shaoxing, rose by 100 yuan/ton;</o:p
Judging from the feedback from major mainstream manufacturers, the current round of polyester filament price increases has benefited from strong upstream cost support, from international crude oil to PX and PTA. Frequent good news has boosted its price.
OPEC+ strictly adheres to its commitment to reduce production, and crude oil reaches a new high
On the 2nd, New York crude oil futures for March rose 1.21 US dollars to settle at 54.76 yuan/ Barrel, Brent April futures rose $1.11 to settle at $57.46/barrel.
In the early stage, Saudi Arabia voluntarily cut production by an additional 1 million barrels per day in February and March. It helped support oil prices, gave OPEC+ a temporary sigh of relief, and also helped increase crude oil prices.
Major oil-producing countries have said they will cut crude oil production in line with their commitments to limit crude oil production, supporting a market that has been thrown off balance by weak demand during the new coronavirus pandemic. This also caused the price of U.S. crude oil futures to rise by more than 2% in the European market on the 2nd, hitting a new high of $54.96 per barrel since January 24 last year. The price of Brent oil returned to $57 after nearly a year. It can be seen that Saudi Arabia’s voluntary production reduction has bought time for OPEC+ and also pushed up the cost support of the polyester industry chain, and the market’s bullish mentality has been mobilized again.
02
ACP negotiations were unexpectedly reached, and the cost of polyester was high again
The recent surge in polyester filament prices is largely due to the support of PTA. On the 1st, the price of PTA hit a staged new high of 4,134 yuan/ton, and the PTA market also continued to remain at a high level. On the 3rd, PTA prices fluctuated. As of 15:00, the closing price of PTA was 4,108 yuan/ton.
The rise in PTA prices is mainly stimulated by the price increase of cost-end PX and the unexpected conclusion of ACP negotiations . It is understood that ACP (Asian Contract Price) refers to the pricing model in which Japanese and Korean sellers announce the proposed price for next month, the seller makes a counteroffer, and when the final price is consistent, the ACP is announced. It has long been the benchmark price for Asian PX. Market participants said that the February negotiation price of $705/ton was close to the high range in the coming months.
According to the current form, if the agreement is reached, the PTA production cost will need to refer to 50% of the ACP price, which will lead to the PTA production cost being raised. This will affect the PTA price. It undoubtedly formed a strong support. Although PTA social inventory has been accumulating at present, a large number of supply sources are locked in the futures market, and spot inventory is tight. In addition, some PTA factories have intention of maintenance in March and April, market supply and demand will further tighten, and PTA prices may will be further boosted.
Crude oil prices are firm, PX supply is tight, PTA is still expected to rise, and the cost aspect is positive It gave polyester filament manufacturers the strongest increase, and this increase was also higher than the previous period. However, considering that the downstream weaving market generally entered the Spring Festival holiday cycle in February, the market operation dropped significantly, and the rigid demand for polyester filament was not strong, which also restricted the power of polyester filament to continue to rise.
Sample companies monitored by China Silk City Network found that starting last week, the operating rate in Jiangsu and Zhejiang areas has dropped widely. Except for Haining, where there are more local workers, the operating rate has slowed down. The operating rates in Wujiang, Changxing, Xiaoshao, and Changshu regions all experienced large declines.
As of last Friday, the operating rate of water-jet looms in Wujiang was about 40%; Changxing, Xiaoshao, and Changshu areas were basically on holiday, and the operating rate was only about 10%. Haining warp knitting remains at a high level of 70-80%. The market load will further decline this week and will fall to the lowest level this week.
As for the expected start of construction after the holiday, some areas have issued notices requiring “low risk outside the province” “People returning to the area require 14-day health monitoring.” After the holiday, the resumption of work in the weaving market is expected to be concentrated in early March. At the end of February, some workers who stayed in the local area for the New Year will start work in advance, but the resumption of work will be delayed.�� will not be very high, so for polyester manufacturers, the market has been in a low demand stage throughout February, and the “vacuum period” of polyester filament yarns is also longer than in previous years during the Spring Festival. Therefore, polyester filament yarn prices may increase significantly in February. The inventory is accumulated, which will restrict the space for polyester filament to rise sharply after the Spring Festival.
The editor has something to say
However, judging from the current market, polyester filament yarn is still running on the warmer side before the Spring Festival. , after the Spring Festival, the market is due to uncertain factors such as the recovery of terminal consumption and the accumulation of corporate inventories. Therefore, there is still resistance to continue to pull the market. The market price may have a correction from the end of February to the beginning of March. However, for textile bosses, the current rise in raw materials is real. If low-price raw materials are not stocked in the early stage, then the rise in raw material costs is a certainty. Perhaps with the resonance of upstream and downstream, the market will also see a small wave of rise after the Spring Festival. Price tide. </p
