Polyester industry shows signs of shrinking demand

May 05 16:01:58, 2021

In the early stage, upstream PTA and MEG increased under the support of tight supply of goods. The downstream polyester manufacturers and distributors are increasingly worried about the continued rise in raw material prices in the afternoon. The enthusiasm for stocking is high, and the purchases of PTA and MEG are greatly increased. Some manufacturers Even in the fourth quarter of raw material procurement in advance, the inventory growth was significant. In late August, PTA suffered from a sluggish futures price and fell deeply. MEG was viewed as bearish by the market due to the expected increase in ocean shipments in the late period, and prices continued to weaken. The price of raw materials plummeted, polyester polyester sales tended to slump, prices continued to fall, polyester staple fibers, polyester chips, and polyester filaments suffered a certain loss. Production and sales ratios continued to decline (currently, the daily sales rate was less than 90%), and shipments were not smooth. Product inventory pressure continues to increase. When domestic demand shrinks, export pressure increases. At present, the European Commission has sent a note concerning the application of the EU Manmade Fiber Association and intends to launch an anti-dumping investigation against high-strength polyester yarns exported to the European Union in China, South Korea and the Taiwan region.
The price of upstream polyester products declined, downstream demand was weak, and the recovery process of the domestic chemical fiber industry was slow. According to statistics from the Statistical Center of the China Textile Industry Association, the first 7 months of chemical fiber products were affected by the weak demand from the downstream, and the output increased only year-on-year. At 4.76%, the growth rate fell sharply by 13.23 percentage points from the same period of last year, which was the lowest output growth rate since March 2006.
Benefited from the revitalization plan of the textile industry, the increase in export tax rebates and the recovery of the domestic real economy, the increase in production orders for textile enterprises has been significant since the domestic industry recovered and exports stopped falling in 2009. However, it is still too early to define the recovery of the textile industry. The situation of domestic demand for export is still not optimistic. According to data released by the National Bureau of Statistics, the purchasing managers' index of the textile industry in July was lower than 50%, which was lower than the average level of China's manufacturing Purchasing Manager Index (PMI) of 54%, and the severe export situation continued. Affected by the financial crisis, the demand for textiles in Europe and the United States has weakened, and international trade protectionism has risen. This has been hampered by the decline in demand for global textile products and the dilemma of anti-dumping measures in individual countries. Domestic textile exports have been difficult to change.

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