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Insight | Time: Feb 5 2020 11:21AM
Post-holiday re-PSF market situation
 
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Most recycled plants delay the restart time after the Spring Festival holiday affected by the limited workers, unrecovered logistics caused by the novel coronavirus and tight feedstock. The situation of some representative plants is showed below.
Plants Restart time Remark
One re-PSF plant in Hebei unconfirmed No offer and delivery
A close virgin PSF plant in Jiangsu Feb 15 10 days of product inventory
B close virgin PSF plant in Jiangsu Feb 20 in earliest Tight feedstock and not high product inventory
Solid re-PSF in Jiangsu Feb 10 in earliest Plants in Wujiang and Jiangsu delay the operation overall
A HC re-PSF plant in Zhejiang Feb 11 Workers may return work from Feb 9
B HC re-PSF plant in Zhejiang unconfirmed Prices not confirmed
Solid re-PSF in Sichuan Feb 12  
HC re-PSF in Guangdong Feb 10 The plant has not received the notice to delay the resumption
Re-PSF plant in Fujian after Feb 10  


The restart time of close virgin PSF plants is delayed in general, as the migrant workers are hard to return work. Currently, product inventory in plants is relatively low, and some plants have not offered prices and delivered goods. Some plants plan to resume operation on Feb 15-20, while some plants have not decided the restart time.

HC re-PSF plants originally plan to resume work late after Feb 8. Product inventory in plants is mostly high, at 20-30 days in East Chin and South China. Inventory of some specifications is only low in Hebei and Shandong.

For late market, most market participants hold pessimistic mood. In spite of the support from tight PET flakes, downstream plants also delay the resumption caused by the coronavirus, and some may restart till end Feb or early Mar. On Feb 3, commodity market has slumped and PTA futures have hit the maximum fall. Recycled market is under great downward pressure, especially close virgin PSF. During the Spring Festival holiday, some virgin PSF plants continue to operate, and inventory is at yearly high level, mostly at 10-20 days, a few highly at around one month. HC PSF inventory has been low before the holiday, and prices have some support. HC re-PSF plants hold looking-on mood.

[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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