The polyester filament market, which has been in a stalemate for more than half a month, is moving again today! It is reported that on the 15th, stimulated by various news, the price of polyester filament ushered in a general rise!
Oil prices have soared by more than 40% in the past 6 weeks! A second attack on a Saudi oil tanker may once again trigger a rise in oil prices.
On Monday, shipping company Hafnia said that its BW Rhine oil tanker was attacked by an external source and exploded while unloading cargo at the port of Jeddah, Saudi Arabia. The hull was damaged and the possibility of oil leakage cannot be ruled out. The Port of Jeddah is an important port on the Red Sea and a distribution center for oil giant Saudi Aramco. This is the second attack on a Saudi oil tanker in the past two months. There have been many attacks on oil tankers and cargo ships in waters near Saudi Arabia.
On November 25, an oil tanker exploded while moored at a Saudi port, causing damage. Earlier this month, a cargo ship named “Hassan” was attacked in the waters near Yemen. Fortunately, there were no casualties on board. The turmoil in the Middle East may cause oil price fluctuations again.
OPEC will hold a meeting of the Ministerial Supervision Committee of OPEC and non-OPEC oil-producing countries on Thursday. Boosted by news of a new coronavirus vaccine, oil prices have soared more than 40% in the past six weeks.
In addition, high-frequency data clearly shows that the tightening of epidemic prevention measures in many European countries and some states in the United States has not had an adverse impact on overall economic activity. These positive factors could push oil prices higher and open the door for prices to retest pre-pandemic levels in March. U.S. crude oil rose slightly on Monday, trading around 46.87, supported by hopes that the launch of the new coronavirus vaccine will boost global energy demand, and the extension of Brexit negotiations also eased related concerns. Oil prices have risen for six consecutive weeks, the longest streak since June.
Driven by international oil prices, PTA and chemical fiber manufacturers are motivated to increase prices. According to price monitoring, the domestic PTA market has started a rebound mode since the beginning of November, and prices have continued to rise in December. As of December 14, the domestic PTA spot market price was 3,628 yuan/ton, a single-day increase of 3.71%, and an increase of 9.62% from the beginning of the month. %.
The quotations of polyester filament companies have been gradually raised. Driven by the rising terminal buying atmosphere, production and sales have picked up, and the volume and price of polyester filament have risen. The focus of discussions on polyester filament continues to rise. Polyester POY (150D/48F) from mainstream factories in Jiangsu and Zhejiang is quoted at 5350-5750 yuan/ton, an increase of 300-500 yuan/ton from the beginning of the month.
In terms of production and sales, the polyester filament market in Jiangsu and Zhejiang is booming. The average production and sales of major mainstream manufacturers are 100%-120%, and the production and sales of some better factories are as high as 280%. In terms of inventory, the overall inventory of the polyester market is concentrated in 17-32 days, of which POY inventory is around 4-11 days, FDY inventory is around 12-29 days, and DTY inventory is around 19-32 days.
In addition, downstream weaving manufacturers still have strong demand for polyester filament. At the same time, after experiencing the early sluggish production and sales, weaving companies also have the need to replenish supplies. At the same time, as the price of polyester filament increases, some manufacturers of gray fabric accessories are also adjusting their quotations.
Some raw material dealers have expressed their optimism about the market. Thanks to the boost of good news such as vaccines and oil prices, polyester filament companies are more willing to stabilize their operations. However, production and sales have picked up in recent months, and corporate inventory pressure has declined slightly, which supports corporate confidence to a certain extent. In addition, most varieties have suffered cash flow losses. At the same time, the current price is still low and there is still room for growth, so the probability of continuing to issue price increase notices in the future will be greater. </p
