Slump in Chinese PSF market continues

In the just concluded week, polyester staple fiber (PSF) market continued to slump, offers from enterprises mainly declined and the drop expande compared with the previous week.

Only a handful of buyers made inquiries in the market, transaction atmosphere was deserted, trade volume continued to shrink, sales rate was moderate.

Current operation rate of polyester staple fiber industry has changed little which basically remains at 70 percent, business inventories are still rising, now inventory level is about 10 days, inventory pressure still exists.

Downstream enterprises were extremely cautious with light interest in procurement that was mainly based on rigid demand. Market traders were mostly watching and waiting, as they mainly consumed their raw material inventory.

In recent time, international oil market is still under adjustment and fluctuating between US $80-90/ barrel. New York oil futures was still above US $ 85/ barrel.

PX market fell sharply with insufficient transactions in the just concluded week. Now offers for overseas goods were around US $1240/ ton.

PTA market was moderate, trading atmosphere was flat, offers for domestic goods were 7,350 Yuan / ton and negotiated price for overseas goods were around US $940 / ton.

MEG market prices were basically stable, transaction status was moderate, mainstream discussion for domestic goods were around 6,700 Yuan / ton, negotiation price for overseas goods was around US $870 / ton.

Fibre2fashion News Desk - China