The domestic polyester filament market showed a slight rebound as a whole. As of September 3, mainstream factories in Jiangsu and Zhejiang provinces, polyester POY (150D/48F) price is 7150-7400 yuan/ton, polyester DTY (150D/48F low elasticity) price is 8650-9000 yuan/ton, polyester FDY (150D/96F) ) The quotation is 7600-7850 yuan/ton.
The operating rate of the polyester industry dropped slightly to below 83%. The overall market inventory was concentrated in 19-29 days, of which POY inventory was 16-25 days, FDY inventory was around 19-21 days, and DTY inventory was around 22-30 days.
From the upstream perspective, the international crude oil at the raw material end has rebounded. As of September 2, the settlement price of the main contract in the WTI crude oil futures market in the United States was reported at $69.99/barrel, and the settlement price of the main contract in the Brent crude oil futures market was reported at $73.03/barrel. Recently, PX spot liquidity has been loosened and the price has shown a downward trend this week. The current price of PTA has continued to weaken slightly, and the tail rebounded within a narrow range. The current operating rate of the PTA industry remains above 80%, and the load will increase with the planned restart of the device in September. In addition, the supplier Yisheng's September contract full supply ratio, Hengli increased the September contract supply ratio to 80%. Therefore, the spot supply will rebound significantly in September, and PTA will enter the accumulated inventory.
As of September 2, 2021, the comprehensive start-up load of the downstream looms in Jiangsu and Zhejiang is around 71%. Weaving factories in Jiangsu and Zhejiang generally stated that in September, the number of samples in the market did not increase significantly, and the placement of new orders was still slow. Most factories indicated that subsequent orders may continue to increase, but the pressure on market inventory is greater. For example, in Shengze, Jiangsu, the inventory pressure is less than 20 days, and the inventory pressure is greater than one and a half months. The stocks of grey fabrics in mainstream warp knitting factories in Haining, Zhejiang have risen to 30-55 days, and some are higher than two months. At present, most factories are in the state of receiving orders while doing business. Due to factors such as higher export costs, foreign trade orders have slightly decreased compared with the previous period, and they are waiting for the launch of the domestic market.
The current concentrated period of raw material PTA maintenance has passed, and the supply and demand side has weakened. However, in the short-term, driven by the good crude oil, there is a good support on the cost side. Affected by inventories and losses, polyester filament factories still maintain their expectations of continuing to reduce production. The terminal textile market is cautiously waiting and watching, sporadic demand for replenishment, and market transactions are still light. With the arrival of autumn, it is expected that domestic winter grey fabric orders will be placed one after another. Affected by this, there will be room for future polyester yarn prices to rise.