Introduction: After the two polyester raw materials PTA and ethylene glycol have experienced separation and consolidation, the relative viscosity between the two has strengthened again since late July. The author still clearly remembers that two years ago, ethylene glycol basically followed the PTA. After that, as the attention of the ethylene glycol market increased, it started to stand on its own, separated from the PTA, and the market became ups and downs. In the first half of this year, ethylene glycol was still relatively willful, but after July, ethylene glycol and PTA unexpectedly moved forward hand in hand again. Speaking of ethylene glycol and PTA, the two main raw materials of polyester, their every move always affects the market trend of downstream polyester products.
Now let us take a look at the role and impact of the two major polyester raw materials, PTA and ethylene glycol, on the polyester filament market in September.
1. The two major raw materials declined weakly in September, suppressing the trading atmosphere of polyester yarn
In September, the financial situation of polyester raw materials, whether PTA or ethylene glycol, was slightly weak, which caused the trends of these two major polyester raw materials to show a downward trend. Although the spot market does not have as much ups and downs as futures and electronic trading, overall the prices of PTA and ethylene glycol are much lower than the bull market in August. Especially on the 21st, ethylene glycol almost fell to the limit, and on the 28th, the PTA market plummeted, pouring a lot of cold water on the already dull market.
The market price of polyester raw materials has fallen more than it has risen, which makes weavers and traders who have been keeping an eye on the stock market afraid to rush to stock up. According to the polyester production and sales monitored by China Silk City Network, the polyester market atmosphere has been relatively dull since mid-September. Although the low inventory in the early stage still makes polyester filament very resilient, downstream eateries have not stopped stocking up, leaving polyester filament Manufacturers are in a hurry. Towards the end of the month, the POY4+2 meeting was held. Although this round of meetings once set off a purchasing boom, the downstream enthusiasm came and went quickly. After the market “one-day trip”, the polyester filament market returned to only 70-80%. The dilemma of production and sales and the weakness of raw materials make the expectation of pre-holiday stocking really become a hope.
2. The two major raw materials fluctuated and declined, but created high cash flow for polyester filament
In September, raw materials fell back from their high levels, freeing up more profit margins for polyester filament yarns. In this month, the profitability of all products, including FDY, POY, and DTY, has surged. The profit has almost doubled compared with August, and it has properly won the title of profit king. In particular, FDY performed the most eye-catchingly. It is reported that in mid-September, the profit of FDY 150D exceeded 1,000 yuan per ton, which was close to the profit high of the year. Although the price of FDY fell, the profit was still good. As of September 28, the profit of FDY150D was 824 yuan/ton, the profit of POY150D was 570 yuan/ton, and the profit of DTY was relatively stable, maintaining around 874 yuan/ton.
At present, although there is no expected intensive pre-holiday stocking in the downstream, the rigid demand under high load is there. If you are not prepared before the holiday, if the weaving manufacturers see that the price is suitable after the holiday, they will still buy goods. . At present, the profits of polyester filament are pretty good. How the market will fare after the holiday mainly depends on the changes in the upstream and the mentality of the downstream. Have you noticed that nowadays, during the peak seasons of Gold, Silver, and Ten, we don’t play by the rules anymore? We come and go as we please, and we are all very willful!
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