The four major “black hands” strangled oil prices, and OPEC was unable to recover; on May 4, international oil prices experienced a “big plunge”, hitting the lowest level since November 29 last year.
Since mid-to-late April, international oil prices have been in a weak downward trend, and the decline has intensified in recent days. As of May 4, New York oil futures closed at US$45.52 per barrel, down US$2.3, or 4.81%, and fell more than 5% intraday; Brent oil closed at US$48.38 per barrel, down US$2.41, or 4.75%; It gave up all the gains made since OPEC announced an agreement to reduce production on November 30.
Do you think it’s just the fall in international oil prices? NO, NO, NO! In addition to crude oil, commodity futures such as basic metals, precious metals, and ferrous metals showed general declines on Thursday, dragging down the Dow Jones Industrial Average to a depth of 100 points before midday. The energy and materials sectors led the decline and also pulled down the market. S&P 500 and Nasdaq performance.
In particular, the black commodity futures, represented by iron ore, set off a trend of lower limits in the daily trading on Thursday. Iron ore, rubber, hot rolled coils, and Zheng Chun mainly sealed the lower limits; rebar and coke closed down by more than 6%, and coking coal fell by more than 6%. 5.8%, Shanghai Nickel fell 4.4%; the decline also continued in night trading, and the decline in iron ore expanded to 6%.
PTA futures are naturally unable to escape the fate of the market decline. The main 1709 contract of Zhengzhou Commercial Exchange PTA futures fell sharply at the end of Thursday, closing at 4890 yuan/ton. Compared with the settlement price on the previous trading day, it dropped significantly by 108 yuan/ton. The decrease was 2.16%. On the 5th, the market also opened lower and moved lower. As of the close, it dropped another 2.56% to 4,788 yuan/ton.
Commodities have collectively plummeted on a large scale. Is it difficult to say whether it is good or bad for the weaving market? But for polyester manufacturers, this must be a “sad moment”!
Since the May Day holiday, under the pressure from upstream and downstream, the polyester filament market has been declining for many consecutive trading days; this round of bad news has made the polyester market even worse! Polyester filament manufacturers have lowered their quotations, especially POY manufacturers.
For example, the quotation focus of Zhejiang Rongsheng chemical fiber polyester yarn has weakened today. Its semi-glossy FDY product quotation has dropped by 100-200 yuan/ton, glossy FDY 41D-108D has dropped by 200 yuan/ton, and other specifications have dropped by 100 yuan/ton. In addition, DTY Product quotations have also dropped by around 100-200 yuan.
The quotation focus of Zhejiang Kaishi polyester yarn has been reduced. Now its FDY 54D-100D is reduced by 200 yuan/ton, and 120D-150D is reduced by 100 yuan/ton; all POY specifications are reduced by 200 yuan/ton; all DTY specifications are reduced by 100 yuan/ton.
The quotations of Jiangsu Shenghong chemical fiber polyester yarns have been weakly downward. Now the quotations of some of its semi-gloss FDY products have dropped by 100 yuan/ton, while the quotations of POY products have dropped by 100-150 yuan/ton.
Tongkun Group’s polyester yarn quotations continued its downward trend; now its product quotations fell by 100-150 yuan/ton.
The quotations of Lianda chemical fiber polyester yarns in Zhejiang have generally fallen, and the quotations of its POY products have generally fallen by 100 yuan/ton.
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Then the point is here! The polyester filament market has been in such a downturn recently, when will it stop? In the short term, the author believes that the bearish sentiment in the polyester filament market is still relatively strong!
The first to bear the brunt must be the collapse of its cost side. Not only is the international oil price falling sharply, the raw material PX is also experiencing a decline; the polyester raw material PTA is also facing the same dilemma. Although PTA will usher in the equipment maintenance season in May, the actual driving force is At present, there is no obvious effect. Instead, under the pressure of futures, the spot market continues to run weakly.
In addition, the demand side of the weaving market has insufficient purchasing power. Judging from the recent downstream weaving market, the performance of the fabric market is mainly stable, and product transactions are somewhat differentiated. The sales momentum of light and thin fabrics is good, but most of them are shipped in small batches and multiple batches; however, in China The sales of thick-type products are declining. As the off-season atmosphere gradually approaches, it is expected that the operating rate of weaving manufacturers may weaken slightly in the later period, and their enthusiasm for purchasing raw materials will be relatively reduced.
The final concern is naturally the supply situation of polyester filament itself. It is reported that the start-up of a 200,000-ton polyester device in Jiaxing has been advanced to May 11; the start-up of a 250,000-ton polyester device in Xiaoshan is tentatively scheduled for May 18, both equipped with polyester filament. With the restart of production of these two units, the supply of polyester yarn market may be further boosted.
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