Weekly Report: PSF (Sept.26-Sept.30)

 This week, polyester staple yarn showed weakly decreasing tendency due to weakened feedstocks support and the worse macro environment. Recently, Sinopec disclosed October advanced charges; among which, 1.4D semi-dull PSF quotation is 14,100 Yuan. On a smaller scale, quotations from East China market kept dropping and 1.4D direct spinning PSF is quoted 13,300-13,400 Yuan/ton by now; which dramatically reduce 500 Yuan/ton compared with last weekend, down 3.60%.

Judge from the upstream market, the international oil price surged and slumped while the overall tendency is uptrend. Ended by September 29, the futures price of light crude oil delivered by November in New York was closed at 82.14 dollars, increased 2.29 dollars compared with last week, up 2.87%. The futures price of North Sea Brent oil delivered by November was closed at 103.95 dollars. 

From the downstream yarn market, some of the goods on market still decreased in prices and the production-marketing was weak. At present, 32s 100% Polyester yarn is around 17,400 Yuan/ton and 45s 100% Polyester yarn focused around 18,500 Yuan/ton. The trades of 100% polyester yarn market is not ideal this week.

Non-interest factor is dominating the PSF market by now. Neither upstream side nor downstream side is beneficial for the PSF and people are all pessimistic about the market. Therefore, the PSF market is meant to decrease and we sill need pay close attention to the macro tendency.