According to the Commodity Market Analysis System of Shengyi Society, the domestic polyester staple fiber market began to weaken in mid May. As of May 23, the average market price of domestic polyester staple fiber (1.4D * 38mm) was 6597 yuan/ton, a decrease of 1.94% from May 16.
The weakening of raw material support has led to a decline in international crude oil prices. On May 22, the settlement price of the main contract for WTI crude oil futures in the United States was $61.20 per barrel, and the settlement price of the main contract for Brent crude oil futures was $64.44 per barrel. The malfunctioning devices in the early stage of the PX market have gradually recovered, coupled with the expectation of weakening demand, resulting in a weak performance of the PX market’s high-level decline.
There were many restarts of maintenance equipment in the early stage of PTA market, and there was a slight increase in domestic supply. Downstream polyester expectations are pessimistic, with insufficient cost support and a lack of favorable support, leading to a fluctuating decline in PTA prices. As of May 22, the average price of PTA market in East China was 4913 yuan/ton, a decrease of 1.88% from May 16.
The risk of insufficient orders from downstream textile enterprises and unstable cost support has increased. Cotton mills are cautious in pursuing higher prices, maintaining on-demand procurement, and adopting a wait-and-see attitude.
Analysts from Shengyi Society believe that there is an expectation of a decline in costs, and the physical inventory of mainstream polyester staple fiber manufacturers is under pressure. Their own production will also increase, and demand is stagnant. It is expected that the price of polyester staple fiber will remain weak.
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