Inventory·The most valuable hot spots of the week
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Crude oil reached a new high this week, Hengli Petrochemical built a number of large projects, spandex raw materials rose again and again, and new virus strains swept more than 90 countries…
Let’s take a look at what’s new this week!
Crude oil reaches new high
WTI crude oil in the US market on Wednesday It once stood at US$74 per barrel, continuing to hit a new high since October 2018.
Affected by this, polyester chain varieties have obviously gained support from the cost end, superimposing The polyester end maintained a high start-up. Polyester chain product futures collectively surged yesterday, with EG leading a rise of 3.61%, PTA rising 2.81%, closing at the highest level since the rebound in November last year, and short fiber closing up 2%.
The editor has something to say: The rise in crude oil has driven up the price of polyester raw materials , making the originally not very good downstream weaving market even more difficult to describe.
Hengli Petrochemical builds a number of new large projects
Hengli Petrochemical (600346) announced on the evening of June 24 that the company plans to invest more than 24.2 billion yuan to build a functional polyester film and functional plastic project with an annual output of 800,000 tons, and a PBS biodegradable plastic project with an annual output of 450,000 tons. 1.5 million tons/year green multi-functional new textile material project and new material supporting chemical project to further expand the downstream new material industry.
The editor has something to say: As a well-known domestic chemical company, Hengli Petrochemical is Polyester products in the lower reaches of the industrial chain mainly focus on the development path of market differentiation, high-end technology, and business integration. Relying on its advantages in raw materials, Hengli Petrochemical continues to develop towards refinement and differentiation.
Spandex raw materials have risen again and again
In the past year, the price of spandex, an important chemical fiber raw material for downstream elastic fabrics, has been as high as ice and fire. Chongtian, in terms of the average price of 40D specifications, hit new lows last year. After hitting the lowest price in three years at 30,900 yuan/ton on August 12, it turned around and went up. By June 25 this year, the average price of 40D had reached 71,400 yuan. / ton, a cumulative increase of 130.1%.
At present, although spandex manufacturers are operating at a high level, inventory levels are still low, and Affected by tight supply and strong downstream demand for elastic fabrics, the price increase of spandex remains unabated.
The editor has something to say: spandex raw materials have been rising since the beginning of the year. In the model, the popularity of four-way elastic is also very high, and the price of fabrics will definitely increase in the future.
The new strain swept more than 90 countries
Recently, The WHO has listed four “new coronavirus variants worthy of global concern”. Among them, the Delta variant is fierce and has spread to more than 90 countries or regions around the world, and is still spreading rapidly. This strain is not only highly contagious, but infected people are more likely to develop severe disease. The WHO said that Delta is becoming the main prevalent mutant strain in the world.
It is understood that there are currently many countries in Singapore, Germany, Peru, Kenya… Countries have successively reported new cases of new coronavirus infection with the Delta strain. In particular, the epidemic in the UK has rebounded sharply recently. According to statistics released by the UK on the 19th, in the past 24 hours, there were 10,321 new confirmed cases of COVID-19 in the UK, and the number of newly confirmed cases exceeded 10,000 for the third consecutive day.
The editor has something to say: Vaccination is in full swing around the world, and the weather Although the situation is getting hotter, the overseas epidemic is still in the midst of an outbreak. This is not good news for the textile industry in the off-season.
Market review
Polyester: PTA prices rose sharply this week. Affected by the continued strength of crude oil and the announcement by suppliers to continue contracted supply reductions next month, PTA is advancing rapidly. At the same time, the downstream weaving market has begun to partially recover, demand has increased, and PTA prices have been supported. The current mainstream quotation of PTA is 4930-5000 yuan/ton.
In terms of polyester filament, this week’s polyester filament��Prices were stable but rising. On Tuesday, polyester manufacturers once again conducted price reduction promotions, and production and sales were booming. However, prices continued to rise in the following days, and polyester factory quotations basically returned to pre-promotion levels. Downstream, most of the demand for replenishment is maintained, and the shipment of raw materials required for some autumn and winter orders is slightly better, but the overall polyester market transaction volume is still flat. It is expected that in the short term, the focus of polyester yarn transactions will remain within a narrow range.
In terms of profit, PX’s loss this week narrowed slightly compared with last week, and its current loss space has reached US$133/ton. As for PTA, its losses have shrunk this week, and its current loss is around 76 yuan/ton. In terms of ethylene glycol, the loss expanded this week, and the current loss is US$39/ton. In terms of polyester filament, polyester filament prices have stabilized overall this week, but costs have risen sharply and profits have begun to decrease; FDY profit has reduced to 202 yuan/ton; POY 150D profit has shrunk, and the current profit is 208 yuan/ton; DTY 150D has expanded its losses, and is currently at a loss 77 yuan/ton.
In terms of operating rate, the average weekly operating rate of PTA this week is concentrated at 75.7%, down 0.3% from last week; real-time The operating rate is 75.2%, and the real-time effective operating rate is 82.7%. In terms of polyester, the average load of polyester this week was concentrated at 92.5%, an increase of 0.3% from last week. In terms of weaving, the recent weaving operating rate has stabilized at around 63.5%.
In terms of production and sales, the transaction atmosphere of polyester yarn in the market this week is relatively sluggish. On Tuesday, polyester manufacturers once again conducted price reduction promotions. However, outside of the promotion days, the overall production and sales are average and currently remain at around 20-50%.
In terms of inventory, according to statistics from China Silk City Network, the overall inventory of the polyester market is now concentrated between 11-24 days; in terms of specific products, POY inventory lasts until 8-19 days, FDY inventory lasts around 11-14 days, and DTY inventory lasts around 14-25 days.
Weaving: From the Shengze Index of the Ministry of Commerce, it can be seen that the overall transaction atmosphere in the textile market has been dull in the recent stage. Some autumn and winter fabrics Driven by the rebound in foreign trade orders, shipments are booming. Especially for four-sided elastic, the sales volume has driven up the price of raw materials frequently, and some downstream weavers and traders have begun to stock up in advance. On Tuesday this week, polyester filament prices were reduced again, but raw materials increased partially in the following three days. Except for the day of the promotion, the overall performance of production and sales was average at other times. Now the operating rate in Shengze area has dropped back to about 63.5%; in addition, due to the good sales of some hot-selling products, the overall gray cloth inventory has now dropped to about 39.5 days.
Printing and dyeing: The activity of the printing and dyeing market this week has picked up slightly compared with last week, and the number of gray fabrics entering the warehouse has increased slightly. The operating rate fell slightly to 72%. Recently, the domestic sales market has received stable orders, and the foreign trade market has also improved. Orders have improved. Therefore, printing and dyeing factories have been affected, and the number of warehouses has also increased, and the operating rate has also increased slightly. But after all, it is in the off-season, the increase in orders is limited, and the overall busyness of printing and dyeing factories is good.
In terms of products, we still use elastic fabric, nylon silk, pongee, etc. Mainly, other fabrics lack highlights. In terms of delivery time, with the rebound in orders and partial production restrictions, the production time has been slightly extended, and the overall delivery time is about 10 days.
Outlook
This week, the market is still in a relatively weak situation under the influence of the general environment. As the weather becomes hotter, The atmosphere in the off-season will be more intense and market orders will gradually decrease.
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