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Insight | Time: Mar 9 2020 11:02AM
Oil prices' plunge speeds up shuffle and upgrading of recycled market
 
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Oil prices plunged last Friday as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or OPEC+, failed to reach an agreement for further production cut, and demand collapse concerns continued to dominate the market amid the further spread of the COVID-19. WTI and Brent crude tumbled 10.07 percent and 9.44 percent, respectively. Besides, it was reported that Saudi Arabia has lowered oil prices sharply last Saturday to sell to overseas markets, like Europe, Far East and the United States, with the discounts to be the highest in recent 20 years.


Recycled market players mostly stand on the sidelines today, as the extreme situation needs to be digested, and buyers with no eager demand will use the inventory first. Virgin PSF has basically no offers yet, and downstream buyers have been cautious to purchase last week. HC virgin PSF operating rate has moved up quickly, but sales are ordinary, with sales ratio at 30-50% partially. Resumption of recycled chemical fiber plants is slow, under the pressure of virgin polyester market. And this round of fall will speed up the shuffle and upgrading of recycled market, especially conventional specifications. Currently, PET flake supply is tight, and some plants stop purchasing.
[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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