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Insight | Time: Jun 17 2020 3:40PM
The fluctuation of direct-spun PSF to sustain
 
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Direct-spun PSF has been volatile within 5,500-6,000yuan/mt since May. Though the low is rising, but it is still hard to break through 6,000yuan/mt.


Crude oil price moved up to $40/b at the highest in Jun from about $20/b in early May, which stimulated downstream traders, spinners and over-the-counter capital to participate in stocking up successively and the sales of direct-spun PSF to improve continuously.


PX and PTA were also pushed up with PX up to $300-350/mt from $200/mt and PTA up to 3,600yuan/mt from 3,300yuan/mt.


With the expectation to the startup of Hanbang, the increase in PTA was much less than that in PX, making direct-spun PSF lack strong impetus to climb up. On the other hand, the considerable cash flow of direct-spun PSF restricted its increase too.


The largest barrier still lies in downstream. Foreign orders were reported to recover by downstream since May, but the recovery was very slow. The yarn involving polyester was at a loss or hovered around cost line, so the rise of PSF cannot be accepted well.
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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