Shortly after the market opened on March 23, PTA and ethylene glycol futures both fell to the limit again! Although there was a slight recovery subsequently, the decline was still huge.
PTA futures, as of the close at 15:00 on March 23, the final closing price of the main 2005 contract of PTA futures was 3394 points, down 128 points from the previous trading day. The decrease was 3.63%. As for ethylene glycol futures, as of the close at 15:00 on March 23, the final closing price of the main 2005 contract of ethylene glycol futures was 3474 points, a decrease of 169 points or 4.64% from the previous trading day. .
In terms of polyester filament, under the influence of the sharp drop in the price of polyester raw materials, the price of polyester filament fell sharply again on March 23: Jiangsu Sheng Polyester yarn from a major major factory in Zeyi fell by 150-200 yuan/ton; POY from a Xiaoshan factory dropped by 100 yuan/ton, with a discount of 300 yuan/ton depending on the volume; DTY from a factory in Zhejiang dropped by 150-200 yuan/ton…
Although textile people have been accustomed to the drop in raw material prices since the beginning of this year, some new situations have emerged this time, so the editor will continue to follow the routine. Analyze a wave.
The outbreak and rescue failed! Crude oil stocks plummet!
First of all, the epidemic in the United States continues to escalate. According to the real-time statistics system of new coronavirus pneumonia data released by Johns Hopkins University in the United States, as of 18:43 on the 22nd Eastern Time (7:00 this morning, Beijing time), there were 33,073 confirmed cases of new coronavirus in the United States. The main reason for the increase in the number of confirmed cases of COVID-19 in the United States is the increase in the number of nucleic acid tests. However, due to the shortage of test kits, many Americans still cannot be tested in time, so the real data may be much higher than what has been confirmed now.
Another thing worth noting is that as the COVID-19 epidemic continues to spread in the United States, the Trump administration is counting on borrowing more than $2 trillion. The “package plan” was to save the US economy from the impact it faced, but the plan failed to pass in the US Senate vote on the 22nd due to “dissatisfaction” by Democrats.
Affected by the double bad news of the outbreak of the epidemic and the failure of the rescue plan, the three major U.S. stock index futures opened lower and then rapidly expanded their declines, all falling by more than 5%. The circuit breaker limit is reached.
The same is true for international oil prices. WTI crude oil futures fell rapidly by 6% at the beginning of the session and are now trading at US$21.60/barrel; Brent crude oil futures fell by nearly 6%, at US$21.60/barrel. US$28.12/barrel.
U.S. stocks and international oil prices are the weather vane of the global futures market. Once they go down, polyester raw materials are likely to follow suit.
Foreign trade orders are frequently canceled, textile companies Dilemma
Relative to the continuous decline of polyester raw materials, The recent frequent cancellation of foreign trade orders has become an even more headache for cloth bosses.
Keqiao China Textile City has been open for half a month. More than 80% of the companies have begun to resume work, but the number of people is only one-tenth of the usual volume. A local industry survey report showed that 78.4% of textile companies said orders were decreasing, and 64.8% reported that existing orders had been canceled by customers.
Recently, the editor also discovered this problem when communicating with many textile bosses engaged in foreign trade: more than 80% of the bosses said that they have received orders from customers. The notices include South Korea, Italy, the United States, etc.; although the remaining 20% of bosses have not received the notices, customer communications also revealed that they are not optimistic about the future consumption, and the order speed and volume will decrease.
Starting from early March, a large number of clothing stores in Europe and the United States have closed For external business, the performance of a large number of clothing department stores and e-commerce companies has suffered a setback, which is the direct reason for the recent frequent cancellations of orders in Europe and the United States.
As the foreign epidemic continues to ferment and the number of confirmed cases increases at an exponential rate, textile companies must be more cautious in accepting orders. Even if there are orders, they must also consider The question of whether it will be canceled in the future is a huge risk if you accept the order. If you don’t accept the order, you will have no income. It can be said to be a dilemma.
The loom is not yet full and it is about to start Stopped?
Affected by the domestic epidemic, the textile market this year is much later than in previous years. In addition, restrictions on the circulation of migrant workers have exacerbated the recruitment difficulty of textile companies. The looms The operating rate has recovered slowly.
According to data monitoring from China Silk City Network, as of March 20, the operating rate of water-jet and air-jet looms in Shengze was around 80%, which was 10% lower than the same period last year.
According to the situation in previous years, “gold, three silver and four “It is the traditional peak season for the textile industry, and the operating rate of looms will continue to increase in the future. However, according to what we learned from cloth bosses during our visits to the market, as the number of chargebacks continues to increase, maybe next month, Under the pressure of high inventory of gray fabrics, some weaving companies will choose to shut down some machines, and the operating rate of looms may not increase but decrease.
Since the beginning of this year, has your company’s order volume increased or decreased compared with the same period last year?
Increase, decrease, remain unchanged
Has your company encountered any foreign trade chargebacks recently?
Encounter or not
After a chargeback, will the customer compensate me?
With or without compensation
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