According to SunSirs price monitoring,The average spot market price of domestic polyester staple fiber on June 2 was 8,588 yuan/ton, down 0.05% from the previous trading day and up 23.69% year-on-year. Yesterday, the main domestic short fiber futures contract closed at 8,246 yuan/ton in early trading, down 1.46% from the settlement price on the previous trading day. Yesterday’s settlement price was 8250 yuan/ton. Short fiber raw material futures all closed down today, with PTA falling by 0.53% and ethylene glycol falling by 0.24%.
International oil prices corrected overnight and continued their decline yesterday. U.S. oil fell nearly2%, hitting a four-day low of $113/barrel. Because the EU’s sixth round of sanctions against Russia failed to pass as scheduled, and the Biden administration stated that it still hopes to engage with Saudi Arabia, the market viewed the move as a concrete measure by the government to actively reduce energy costs.
The decline in oil prices has dragged down the polyester industry chain.YesterdayDayPTA, ethylene glycol, and staple fiber all fell. The load of PTA equipment has been reduced, and destocking has continued. Recently, prices have continued to consolidate at a high level, and downstream prices are cautious. Ethylene glycol supply and demand have improved recently, but expectations of excess are difficult to change. The supply of short fiber is expected to increase in the near future. The start-up rate of pure polyester yarn in the Jiangsu and Zhejiang markets has declined, and downstream procurement mainly maintains rigid needs. Enterprises are dominated by shipment psychology and negotiate preferential deals. Affected by the epidemic blockade and economic downturn, the terminal fabrics and apparel industry will have difficulty recovering demand in the short term.
It is expected that short-term polyester staple fiber prices will fluctuate to a stronger trend under strong cost support.
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