According to the commodity market analysis system of Shengyi Society, the price of polyester filament has shown a fluctuating and slightly rising trend this month, but the overall trend is relatively stable. As we enter the end of the month, some manufacturers mainly offer discounts for shipments. On February 28th, the mainstream polyester filament factories in Jiangsu and Zhejiang quoted POY (150D/48F) at 7300-7400 yuan/ton, polyester DTY (150D/48F low elasticity) at 8450-8600 yuan/ton, and polyester FDY (150D/96F) at 7600-7800 yuan/ton.
In terms of cost, international crude oil prices have fluctuated (such as the average price of WTI crude oil in February being about $75/barrel), PTA processing fees remain at a low level of 300-350 yuan/ton, and the cost side has weak support for polyester filament. The center of gravity of ethylene glycol prices has shifted downwards, coupled with a slowdown in demand growth, further weakening cost support.
In terms of demand, the operating rate of the polyester filament industry increased in February, and the previous shutdown reduction devices were gradually restarted. However, the recovery rate of downstream weaving enterprises was slow (the load rate of Jiangsu and Zhejiang weaving machines was about 67%), and the mismatch between supply and demand led to inventory accumulation. After the Spring Festival, the downstream replenishment demand was lower than expected, and the market mainly focused on essential procurement. Some polyester filament production enterprises adjust their production strategies based on market demand and raw material prices. Some enterprises try to increase their quotations, but most focus on shipping. At the end of the month, the profit margin for some specifications of products was moderately reduced, and the proportion of low-priced source transactions increased.
In terms of inventory, the average production and sales of polyester is 40%, and the overall inventory is concentrated in 9-19 days; In terms of specific products, POY inventory is around 9-20 days, FDY inventory is around 7-19 days, and DTY inventory is around 8-20 days.
Overall, currently, the prices of polyester filament in most polyester factories remain largely unchanged, and there is a high probability of short-term weak adjustment. Next, as the traditional “golden three silver four” consumption peak season approaches, if downstream textile and clothing orders significantly recover, coupled with export recovery (Southeast Asian demand growth), prices may rebound temporarily. Business Society believes that the decline in the polyester filament market is limited.
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