After the Qingming Festival, the polyester chip market experienced a short-term recovery trend. Enterprise offers gradually strengthened, and they were reluctant to sell at low prices. The focus of transactions moved upward in a narrow range. However, the good times did not last long. The upstream and downstream were surrounded by negative news. Polyester chips were not immune to it and rebounded again and again. nipped in the bud.
In the first quarter, polyester chips are in the stage of continuous bottoming. The raw materials at the top are falling one after another, which drags down the market atmosphere. The terminals at the bottom are highly resistant and purchase on demand. The production and sales data of polyester chips are sluggish, corporate inventories are under pressure, and prices have repeatedly Go down. On the eve of the Qingming Festival, market production and sales improved slightly, and slice manufacturers regained their confidence. As raw materials rebounded slightly after the holiday, slice companies’ willingness to stabilize their operations increased, and the focus of slice transactions also moved up slightly in the week or so after the festival. However, the rebound momentum of raw materials is insufficient and it is difficult to continue to rise. There are many uncertainties in the ethylene glycol market, which has been falling frequently recently. The drop in the electronic trading limit of ethylene glycol in the middle of the month has aggravated the wait-and-see atmosphere in the polyester chip market, and the pull-up of chips has been blocked again.
As shown in the figure below, the inventory of polyester varieties is relatively high, and the post-holiday inventory of polyester chips continues to rise. Although the pressure on chip manufacturers has been slightly relieved after recent destocking, the inventory of some factories is more than half a month, and it is difficult to pack chips lightly. Going into battle, the uphill climb is tough.
It is understood that the start-up of terminal looms has returned to around 80%, and the inventory level of terminal finished products is not high. The inventory is mostly concentrated in polyester and its upstream and downstream fields. The industrial chain has no major positive boost and continues to be in a downturn. Directly The procurement of downstream chip spinning factories maintains a rigid demand, and polyester films and industrial yarns in other fields are also cautiously traded. Bottom-up production and sales are hindered, which also restricts the rebound of raw materials to a certain extent.
At present, the downstream of polyester chips has not yet fully recovered, and the support from the cost side is also slightly insufficient. The market is surrounded by negative news, and it is difficult to make a big improvement in the short term.
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