Weekly Report on Poly Staple Fiber (9/19-9/23)
Author: Sep 26, 2011 08:26
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168tex News: Poly staple fiber price tend to downward this week, for the weakens of the macro economic environment and upstream feedstock cost support. PSF quotation is averagely decreased by 200CNY/t. Sinopec direct spinning PSF guidance quotation: semi-bright 1.4D is 14200CNY/t, increasing by 150CNY/t in compare with that of last week. Bright 1.2D is 15200CNY/t universally.
Recently, Sanfangxiang direct spinning PSF September contract price comes out. 1.4D semi-bright PSF is settled at 1380CNY/t, 1.4D bright is settled at 14300CNY/t for cash take and ex-factory. A major supplier in China published his Sept PSF settlement price: 1.4D semi-bright is settled at 14000CNY/t, and 1.2D bright PSF is settled at 15000CNY/t.
Now let’s have a look on the PSF price change over the week.
Firstly, price review in different places.
Price Change of 1.4D*38mm Direct PSF Over the Last Week
In eastern China area:
In the week, eastern China PSF price is mainly stable due to the cost support from upstream feedstock weakens, and the market turn over decreased. By the weekend, 1.4D*38mm direct spinning PSF major plants quotation is down to 13800-13900CNY/t, dropping by 200CNY/t, and its drop amount is 1.42%. The actual strike price is a little lower.
On the aspects of plants, PSF plants’ quotation tend to fall back. Now 1.4D semi-bright direct spinning PSF quotation has been down regulated to 13900CNY/t by Jiangyin Huahong. A major supplier in Jiangsu province also down regulated its price to 13850CNY/t, and a major supplier in Zhejiang province (Free Delivered within Zhejiang) has lowered its price down to 13980CNY/t, while price for free delivered outer Zhejiang province has come back to 14060CNY/t.
In Southern China area
In this week, Southern China PSF mainstream price has dropped to some degree. Now 1.4D*38mm direct spinning PSF cash take FD quotation is mainly around 13900-14000CNY/t. In compare with that of last weekend, the price has dropped by 200CNY/t, the drop amount is 1.41%, yet its turn over is till low.
Secondly, upstream feedstock cost dynamics.
See from upstream feedstock cost changes. The U.S. Federal Reserve Board holds an pessimistic outlook toward the U.S. economy, and the European and American economic data is unfavorable, under such a background, investors become more and more worry about the global economy. Crude oil futures price continue downward in the week. By closing on 22th Sept, the Oct deliver light crude oil futures price in New York Commodity Exchange was settled at $80.51/bbl, slumped by $5.41, kicking the bottom ever since 9th Aug. The Nov deliver London Brent crude oil futures price was also slumped to $105.49/bbl. With the continual price drop of bulk commodity, PX price also dropped in the week. Now Asian PX price has dropped by $33/t to $1699/t, FOB Korea, while European PX price also dropped by $42 to $1598.
On upstream PTA spots, the quotation mainly keeps stable after it came down on Tuesday. By Friday of the week, quotation in China market has dropped to 10150CNY, which is 400CNY/t lowered down, comparing with that of last Friday, and its drop amount is 3.79%. Taiwan cargo strike price has dropped to $1305, dropping by $55/t, and its drop amount is 4.04%; Korean goods price has totally dropped by $55/t over the week, now it is offered at $1285/t, and its drop amount is 4.1%.
Thirdly, on downstream yarn market
See from downstream yarn market. Pure poly staple yarn price is still stable, with a little price change on each specification and also its turn over is OK. Now 32s for weaving is offered at 17700CNY/t, 45S pure poly stable yarn is offered at 18700CNY/t. Pure poly yarn trade atmosphere is still on average, of which, 32S, 50S turn over is relatively low, while 45S pure poly stable yarn turn over is lager than other specifications. The overall production and consumption rate of the market is not high, with certain stock pressures in the plants. It is estimated that pure poly stable yarn price is likely to fall aftermarket.
Fourthly, aftermarket outlook
See from current PSF market situation, its downstream demand has changed little, and yarn plants procurement is not that actively. PSF overall trade atmosphere is cold and the turn over is hard to enlarge. PSF plants’ discount phenomenon is common. Meanwhile, with the curb of upstream cost support weakens, PSF price is estimated to slightly rebound.
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Editor: Candy From: 168Tex.com
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