It is said that the new year brings new atmosphere. At the beginning of 2019, the international oil prices, which have been sluggish for a long time, finally hit a wave of “red envelopes”! The dormant polyester market has finally become more active, especially the polyester filament market, where production and sales have also picked up significantly!
International oil prices rose by more than 2%!
On January 2, although the market is still worried that the slowdown in global economic growth may harm oil demand, with the support of negative factors such as a slight rebound in the U.S. stock market, International oil prices rose by more than 2% in volatile trading. Brent crude oil futures rose $1.11, or 2.1%, to close at $54.91 a barrel that day, settling at $52.51-56.56. U.S. crude futures settled $1.13, or 2.5%, higher at $46.54 a barrel, after trading between $44.35 and $47.78.
Polyester production and sales increased to slightly above 100%!
Spurred by the surge in international oil prices overnight, although polyester manufacturers’ quotations on the 3rd were still focused on stability, some manufacturers even offered discounts. goods; but the overall production and sales of the market have actually increased! The production and sales of polyester, which had been hovering around 40% to 60% in the early stage, finally climbed strongly and the transaction volume increased. On the 3rd, the production and sales of the polyester filament market heated up significantly, and the overall production and sales were concentrated at a level slightly above 100%. According to incomplete statistics, for example, the production and sales of some manufacturers are at 120%, 90%, 100%, 70%, 80%, 50%, 200%, 105%, 500%, and 250%.
PTA futures follow suit and rise!
Driven by the surge in international oil prices, Zhengzhou Commodity Exchange PTA futures rose in the night trading on the 2nd, and continued to close up at the end of the 3rd; among them, the main The 1905 contract closed at 5,668 yuan/ton, an increase of 66 yuan/ton, or 1.18%, compared with the settlement price on the previous trading day. As for the spot price, the price has not changed much. The internal quotations are concentrated around 6070-6150 yuan/ton, while the transaction negotiations are around 5920-6000 yuan/ton.
Ethylene glycol prices are also rising!
Similarly, as a raw material for polyester, the market price of ethylene glycol has also risen due to the boost of oil prices. The internal price of ethylene glycol market is relatively strong, with the spot price concentrated at 5090-5100 yuan/ton, and the counter-offer price at 5080-5090 yuan/ton; the offer price of cargo in the external market is around 620 US dollars/ton. In addition, on the futures side, the MEG futures of Dalian Commodity Exchange closed higher on the 3rd. The main 1906 contract closed at 5,127 yuan/ton. Compared with the settlement price on the previous trading day, it increased slightly by 43 yuan/ton, or 0.35%. . However, the electronic trading of Huaxi Village Ethylene Glycol ended slightly lower.
Although after New Year’s Day, there will inevitably be a certain demand for stocking in the weaving market; the rebound in raw material prices brought about by the sharp increase in international oil prices has also truly stimulated the procurement of downstream weaving manufacturers. enthusiasm.
After all, the current high inventory status of polyester manufacturers has a great suppressive effect on the market. Judging from the statistics of China Silk City Network, the overall polyester market inventory is around 14-21 days, which is at a high level; in terms of specific products, POY inventory is concentrated around 12-16 days, FDY inventory is around 14-19 days, and DTY The inventory lasts for about 17-23 days. Under this pressure, polyester manufacturers also hope that stocking in the downstream market can start early, and there will be several more waves of stocking before the year!
However, it is not difficult to find that, especially since the second half of 2018, the market has been very turbulent; international oil prices have fluctuated sharply, and the mood of the polyester market has also fluctuated!
According to statistics, from the end of September 2018 to the end of the year, U.S. crude oil prices fell sharply by 38%, the largest quarterly decline since the last few months of 2014. The oil market is feeling pressure from a surge in supply as overproduction in the United States and slowing economic growth undermine OPEC-led market support.
Similarly, concerns surrounding the slowdown in global economic growth are sweeping the polyester market; the “distress” since the second half of 2018 has made the market even more entangled in Polyester Quotes. Will the stocking surge in the polyester filament market come to fruition as promised? Can the market turn around in the first half of the year? </p
