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Insight | Time:Mar 27 2018 4:57PM
Will VSF price further drop in Apr?
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VSF market ranged bound in early Mar as downstream plants troubled by labor shortage resumed operation slower than expected, but high-end VSF saw smooth off-takes by virtue of steady customers. In mid-Mar, VSF offers were generally pushed up by cost as nominal quotation of high-end and medium-grade VSF climbed up to 15,300yuan/mt and 15,000yuan/mt respectively, boosting traded prices to some extent. Downstream buyers were inactive in taking offers, but they were not eager to go short temporarily.

After mid-Mar, downstream sector was lack of hotspots and demand for VSF was not released much. Moreover, some spinners still had orders to be fulfilled by VSF plants, so there was less procurement and VSF sales slipped obviously. As to VSF producers, nominal prices still kept firm as there were massive contracts to be implemented and cost hiked, especially increasing caustic soda price. Meanwhile, VSF profit was squeezed much.

Negative rumors started to increase in late Mar, weighing on VSF market sentiment. Trades were thin as downstream plants generally purchased feedstock on a need-to basis. The mainstream price of medium-grade VSF retreated to 14,600yuan/mt from 14,700yuan/mt for small and mid-sized deals. High-end VSF temporarily ruled around 15,000yuan/mt, but sales were weaker than before. Sales ratio was around 60-70%, with the higher above 100% but lower around 20-30%.

VSF sales keep unsatisfactory as rayon yarn market also witnesses weak sales in the first quarter. VSF market is still under downward pressure and the price may still dip before the first half of Apr.
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