[Announcement]: Starting from January 2022, the processing cost of Longzhong direct-spun polyester staple fiber will be adjusted from 1,100 yuan/ton to 1,200 yuan/ton (Note: The above processing costs are cash flow costs, excluding depreciation, financial costs and freight ).
Affected by factors such as coal-to-gas conversion and rising labor costs year by year, the processing costs of polyester staple fiber companies have increased year by year in recent years. Especially since the second half of 2021, due to the impact of the rising costs of coal, natural gas, electricity, labor and other auxiliary materials, the processing costs of polyester staple fiber companies have increased significantly. Even though coal prices have gradually dropped in the later period, the comprehensive processing costs of companies are still higher than last year. In the same period, it will increase by 100-150 yuan/ton.
Proportion of processing costs of some major polyester staple fiber companies
According to a survey by Longzhong Information (the sample of companies surveyed has a total production capacity of 5.78 million tons, accounting for nearly 85% of the cotton production capacity), more than half of the companies have processing costs of around 1,200 yuan/ton, and processing costs of around 1,100 yuan/ton. The proportion of sample companies and below is only around 7%, and there are still some leading companies whose processing costs are as high as 1,300 yuan/ton.
Comparison of trends in polyester staple fiber processing fees and operating rates from 2021 to now
Judging from the trend of short fiber processing fees and operating rates in 2021, when the short fiber processing fees drop below 1,100 yuan/ton, the downward trend in the operating rates of short fiber companies is very obvious; however, after a long period of proactive burden reduction and policy After the temporary production restriction, the average processing fee of short fiber companies in the fourth quarter has reached around 1,245 yuan/ton. However, under the background of low inventory of short fiber companies and continued tight shipments of some companies, the industry’s operating rate has always been difficult to return to the beginning of the year. The height of more than 90% also shows that since the fourth quarter, due to factors such as rising fuel/power costs and increased losses caused by continued dissatisfaction with corporate loads, the current level of processing fees is not enough to attract companies to fully resume production.
From the perspective of 2022, there are basically no new plans from January to May, so the actual increase in the industry in the first half of the year is limited, so what the market is actually paying attention to is the operating rate of enterprises. Judging from next year’s maintenance plans, companies such as Desai, Jingwei, and Huahong have currently implemented or plan to carry out maintenance. Although other companies’ maintenance plans are unclear, the current industry inventory is generally low, and the market is optimistic about demand recovery. Overall, the valuation of industry processing fees in the first quarter should not be too low. In the second quarter, we must focus on the support of demand. Judging from the current trend, the market in 2022 is not expected to experience overdraft conditions like the beginning of 2021. Therefore, it is expected that the market will not be as low as in the second quarter of 2021 as it was in the second quarter of 2021. of low processing fees. However, in the third and fourth quarters, the market will re-examine the impact of newly commissioned production capacity on market supply and demand.
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