The CNY central parity rate is the official daily reference rate for the RMB against major foreign currencies, published by the People's Bank of China (PBOC). It serves as the benchmark for the onshore RMB exchange-rate trading band.

The CNY selling rate is the exchange rate quoted by commercial banks when selling foreign currency, such as USD, to customers. It can change during the trading day based on market conditions and typically incorporates the bank's spread and other transaction costs.

Therefore, the two rates may differ because the central parity rate is an official reference rate, while the bank selling rate is a customer transaction rate that includes a commercial spread.

It is calculated on a CIF basis, which is based on the transaction price of the goods and includes the transportation and related expenses and insurance expense incurred before the goods arrive at the import place within the territory of the People's Republic of China for unloading.

It is calculated on an FOB basis, including the transportation and related fees and insurance expense incurred before loading the goods to the export destinations within the territory of the People's Republic of China.

Yes, but only as a general reference, not as a direct representation of actual market transaction prices. The import or export unit price is calculated as:
Import/Export unit price = Import/Export value ÷ Import/Export volume

The import and export value and volume aggregate transactions with potentially different prices, product specifications, origins or destinations, the resulting average represents a statistical average unit value, rather than the actual transaction price of a specific shipment or market deal.

Therefore, the import and export unit prices can be used to indicate general trade-price levels or trends, but they should not be directly interpreted as prevailing market prices or specific transaction prices.

No. China Customs import and export statistics do not include customs duties or VAT. The customs value of imported and exported goods is determined based on specific valuation criteria.

Imported goods: The customs value is calculated on a CIF basis, based on the transaction price of the goods and including transportation, related expenses and insurance costs incurred before the goods arrive at the import location within China for unloading.

Exported goods: The customs value is calculated on an FOB basis, including the transaction price of the goods and the transportation, related expenses and insurance costs incurred before the goods are loaded for export.

Therefore, customs import and export values should be understood as CIF-based import values and FOB-based export values, rather than prices inclusive of customs duties or VAT.

1. Ordinary trade
Ordinary Chinese imports incur regular import duties and are not subject to any exemptions. They include final goods purchased from abroad for sale in China, as well as foreign materials used in production for the domestic market. Ordinary exports are often manufactured exclusively with local inputs. However, some firms might import intermediates from abroad, combine them with domestic parts, and then sell both in China and in foreign markers.

2. Processing with Import materials
Processing with imported materials means that a Chinese corporation purchases raw materials and components (either from the ultimate foreign purchaser or a third party). Therefore it has to make foreign currency payments. The ownership of those imported commodities remains that of the Chinese enterprises. The Chinese enterprise exports the finished products to any foreign customer after processing and assembling.

3. Processing and assembling
Processing trade refers to the business activity of importing all or part of the raw and auxiliary materials, parts and components, accessories, and packaging materials from abroad in bond, and re-exporting the finished products after processing or assembly by enterprises within the mainland. It includes processing with supplied materials and processing with imported materials. Under processing with supplied materials, the imported materials and parts are supplied by the foreign party which is also responsible for selling the finished products.

4. Entrepot Trade by Bonded Area
It refers to storage and transit goods from abroad stored into bonded area or storage and transit goods transported abroad from bonded area, not include storage and transit goods from abroad stored in the non-bonded area and transported abroad from non-bonded area.

5. Customs Warehousing Trade
Bonded warehouse inbound and outbound goods , refers to storage goods from abroad stored into bonded area or storage and transit goods transported abroad from bonded area, and goods transported abroad from export supervised warehouse, not include storage and transit goods from abroad stored in the bonded area.

6. Border Trade
Border Trade refers to the trade of goods between border residents or enterprises within a certain range and border residents or enterprises in the border areas of neighboring countries.

Under normal circumstances, the General Administration of Customs of China (GACC) releases monthly import and export statistics around the 20th of each month, covering data for the previous month.

For February 2026, GACC announced a special publication arrangement: no separate import and export statistics would be released in February. The combined January–February 2026 data were scheduled to be released from March 20, 2026.

Publication dates may vary depending on official arrangements. For the latest release schedule, please refer to announcements from the General Administration of Customs of China.

When polyester melt is pelletized directly, it becomes PET chip, including fiber grade PET chip and film grade PET chip. Only when downstream spinning or film-stretching equipment is integrated can fiber grade and film grade PET chip be turned into PFY, PSF, or PET film.

So there is no specific figure for PET fiber chip capacity, since PSF, PFY and PET film lines can all convert to PET fiber chip production, and when producing PFY, PSF and PET film, there are side-product PET chips coming along as well.

CCFGroup's PTA spot price assessment is based primarily on weighted-average transaction prices for compliant PTA transactions. When transaction prices are unavailable, CCFGroup considers basis quotations together with the settlement price of the main PTA futures contract. When neither transaction prices nor basis quotations are available, bids and offers may be considered. In exceptional market conditions or when market samples are insufficient, CCFGroup reserves the right to conduct an independent price assessment based on market conditions.

The CCFGroup Methodology for PTA Spot Price was developed following industry discussions and an online public voting process and has been officially implemented since January 1, 2024.

For the complete methodology, including product specifications, assessment window, delivery locations and excluded transactions, please refer to the CCFGroup Methodology for PTA Spot Price.

CCFGroup uses two different methodologies to calculate PTA operating rates, depending on the purpose of the analysis: the producer-reported operating rate and the production-based operating rate. The two figures may differ because they are calculated using different approaches.

1. Operating rate based on producer-reported operating rates
This figure is calculated using operating rates reported directly by PTA producers. For example, if a producer reports an 80% operating rate, estimated output is calculated as: Installed capacity × reported operating rate
However, producers may use different operating-day assumptions when calculating their reported rates, such as 330, 350 or 365 operating days per year. These differences can affect the aggregation of producer-reported operating rates.

2. Operating rate based on actual daily production
This figure is calculated based on directly collected daily production data:Actual PTA daily output ÷ (Domestic PTA capacity ÷ 365)

Because this methodology is based on actual daily production rather than producers' reported operating rates, it provides a more direct indication of actual PTA output.

Therefore, the two operating rates may not be the same. CCFGroup uses both indicators to provide a more comprehensive view of PTA plant operations and production.

CCFGroup calculates PTA inventory days based on the average in-plant PTA inventory reported by a range of PTA and polyester factories. The calculated average inventory level is then converted into days of inventory and categorized into the inventory range published in CCFGroup weekly reports.

For example, if the calculated average inventory level corresponds to 4.1 days of PTA inventory, CCFGroup reports the result as 3–5 days.

The published inventory range is therefore a categorized representation of the calculated average, rather than the exact inventory level at any individual plant.

CCFGroup's total PTA inventory consists of five main components:
PTA inventory at futures delivery warehouses — represented by Zhengzhou Commodity Exchange (ZCE) warehouse receipts.
PTA inventory at PTA plants.
PTA inventory at polyester plants.
PTA inventory at ports.
PTA cargoes in transit.

The ZCE warehouse receipt data are published by the Zhengzhou Commodity Exchange. The inventory data for the other four components are collected and monitored by CCFGroup based on its market research and industry data collection.

CCFGroup uses these components to assess the overall PTA inventory position. However, CCFGroup does not publish the total inventory data.

Ethylene-based MEG cash flow = CFR China MEG - 0.605*CFR NEA ethylene - $100/mt

RMB-based cash flow in China's domestic market = Domestic MEG - (0.605*CFR NEA ethylene*1.13*1.01*USD/CNY selling rate + 1,000 yuan/mt)

Naphtha-based MEG cash flow = CFR China MEG - 0.81*CFR Japan naphtha - $150/mt

Methanol-based MEG cash flow = Domestic MEG - 1.74*domestic methanol - 1,500 yuan/mt

Syngas-to-MEG via DMO is a multi-step indirect process that converts synthesis gas (a mixture of carbon monoxide and hydrogen) into high-purity ethylene glycol, with dimethyl oxalate (DMO) as the key reaction intermediate. Feedstocks can be coal, natural gas or coke oven gas. In China, it is commonly referred to as coal-based MEG.

CCFGroup tracks weekly prices of both feedstock coal and thermal coal delivered to a sample company in Henan province. Based on these inputs, we calculate the company's cash flow, which broadly reflects the industry-average cost level. As these data are proprietary to the sample company, we are unable to publish or share the related coal prices or cash flow figures.

MEG inventory at MEG plants.
MEG inventory at polyester plants.
MEG inventory at ports*.
MEG inventory in other sectors.
*CCFGroup currently publishes MEG inventory at selected East China ports, covering Shanghai & Changshu & Nantong, Zhangjiagang, Taicang, and Jiangyin & Changzhou.

Inventory = stock /daily output or stock/daily capacity
Unit: day
To keep the reporting consistent, CCFGroup generally uses daily capacity. We would only consider switching to a daily output benchmark if a unit's production consistently falls below its capacity over the long term.

In reality, this daily output figure also represents a relatively stable volume over a period of time, so we wouldn't adjust it lightly. For instance, if there's just a brief fluctuation in production, or a temporary shutdown for maintenance, we wouldn't touch the denominator. We would only adjust it if the unit runs stably at that lower volume for several consecutive months, or even a whole year.

PFY sales ratio=PFY sales volume/PFY output of the day; sales volume refers to order volume other than delivery volume.

The daily sales ratio of PFY is incomplete statistics. The factories mostly report it based on the order criteria. Monthly sales ratio figures of PFY are complete statistics, which is compiled after the fact. The factories report it based on the delivery criteria. All these figures are collected by our analysts directly from the PFY factories.

Export prices of PFY are mainly obtained from filament manufacturers, traders, and some small DTY plants, then calculated as an arithmetic average of the collected data.

The export offers are only for reference as the actual price differs according to different payment terms and the size of containers and so on, requiring further negotiation.

Logical inventory: it refers to theoretical inventory of PSF plants, largely equivalent to the figure of deducting the volume of unfulfilled contracts from physical inventory. Physical inventory: it refers to the inventory physically in PSF plants.

Recycled polyester fibers mainly fall into three categories: Re-PFY, solid re-PSF and HC re-PSF, with differentiated downstream applications.

1. Re-PFY: After spinning into recycled yarn, followed by weaving, dyeing and finishing to fabric. End uses: apparel fabrics, sportswear, home textiles, luggage and outdoor products.

2. Solid re-PSF: For spinning: underwear, home textiles, socks, casual wear and sportswear; For nonwovens: automotive interiors, sound insulation felts, construction materials, filtration media, greenhouse blankets and other industrial uses.

3. HC re-PSF: Used as filling materials for home textiles, toys, furniture and apparel.

Ordinary recycled PFY is filament yarn processed from waste polyester (plastic bottles, waste filaments, etc.). Third-party supply chain certification is not mandatory; only spinning-related physical performance indicators need to be satisfied. GRS-certified recycled PFY means recycled PFY whose entire supply chain has passed third-party audits under the Global Recycled Standard (GRS). Apart from fiber physical properties, it also needs to meet requirements for recycled content, material traceability, environmental and social compliance.

Original name: Semi-dull HS chip
Revised name: Nylon 6 low-viscosity semi-dull chip
Relative viscosity: approximately 2.45
End‑use applications: Mainly for textile filament production

Original name: Nylon 6 bright conventional spinning (CS) chip
Revised name: Nylon 6 medium-viscosity bright chip
Relative viscosity: 2.7-2.8
Applications: Widely used in engineering plastics, film, staple fiber and fish‑net filament

In China the main classification by relative viscosity (RV) for PA6 chips is as below:
Low viscosity: approx. 2.45
Medium viscosity: 2.7 2.8
High viscosity: 3.2 3.4
Super high viscosity: above 4.0

PA6 chips for industrial yarn applications typically feature 3.3‑3.4 RV.
Fish‑net filament‑grade PA6 chips cover two viscosity ranges. Inland Chinese producers mainly adopt the 2.7‑2.8 grade, while high‑viscosity grades of 3.2 and above are also used.

The price of spandex is based on price from mainstream spandex factories, after-tax, by acceptance, short-distance delivered, conventional AA-grade products.
Unit: yuan per metric ton (yuan/mt), spot
Price term: delivered
Settlement: by acceptance

Price cycle
The PTMEG market prices published by CCFGroup include daily prices, weekly average prices and monthly prices.

The daily price is based on the transaction, inquiry and offer information submitted by domestic producers, market traders and downstream factories during 8:00-16:00 Beijing time on the working day, and is the arithmetic average of the high and low values of the price range according to CCFGroup's price collection standards.

The weekly average price is the arithmetic average of the prices published within the period, calculated based on the daily average prices (from Monday to Sunday).

The month-end price is derived from the transaction information of PTMEG with a molecular weight of 1800 during the month, giving the high and low range and the average value at month-end.

Basic principles of price collection
The CCFGroup PTMEG Price selects cargoes from mainstream domestic suppliers and takes the corresponding product's basic transaction price as the benchmark. Generally, based on the product prices of mainstream suppliers in market transactions, the high and low range is taken, and the PTMEG price is obtained by arithmetic averaging of the high and low range. When there are no or few transactions in the market, the mainstream bid/offer prices and the previous day's price are appropriately weighed in determining the price.

Fibers ordered from VSF plants, part of which are still at the fiber plants and have not yet been delivered to the yarn mills. For example, if feedstock physical inventory is 8 days and feedstock logical inventory is 10 days, it means 2 days' worth of raw materials are still at the fiber plants and have not been picked up by the yarn mills.

Chinese cotton 3128 on our website is the standard cotton index on the Chinese market, published by CCFGroup. It reflects the mainstream trading price in the Chinese spot cotton market (conditioned weight, ex-works), involving transactions between ginners and traders, between ginners and spinners, between traders and spinners, between traders and traders. The regions involved include Xinjiang warehouses and inland warehouses. The price calculated by CCFGroup weights the domestic spot cotton trading prices of samples surveyed nationwide, ultimately forming a mainstream trading price for the day.

Cotlook A index is intended to be representative of the level of offering prices on the international raw cotton market. It is an average of the cheapest five quotations from a selection of the principal upland cottons traded internationally. Taking the average of the five cheapest quotations is a tried and tested means of identifying those growths which are the most competitive, and which therefore are likely to be traded in most volume. This practice is a proxy for weighting, which is impractical, owing to the absence of timely data by which it could be calculated. Changes in the selection are made solely to reflect shifts in the cottons most frequently traded. The base quality of the A Index is MIDDLING 1-1/8".

Industrial stocks: stocks in industrial enterprises, like spinning mills.

Commercial stocks: stocks that are in circulation on the market except industrial stocks, including stocks in Xinjiang warehouses, stocks in inland warehouses outside Xinjiang, and imported cotton stocks.

Social stock is the sum of industrial stock and commercial stock.

Taking cotton yarn inventory of spinning mills as an example, inventory days are calculated based on the average production volume of the previous three months.

For instance, if a spinning mill's production in the previous three months was 300 tons, 290 tons, and 310 tons respectively, the average monthly production would be 300 tons.

Assuming 30 days per month, the daily production would be 300/30 = 10 tons. If the current inventory is 200 tons, then the inventory days would be calculated as 200/10 = 20 days.

Spinning mills are categorized into three sizes: small mills (fewer than 100,000 spindles), medium mills (100,000–200,000 spindles), and large mills (more than 200,000 spindles). Average inventory days are calculated separately for each category, then a weighted average is applied based on each category's proportion in the survey sample. For example, if large mills have average inventory days of 25 days (weight 0.4), medium mills 20 days (weight 0.35), and small mills 28 days (weight 0.25), the overall inventory days would be: 25 × 0.4 + 20 × 0.35 + 28 × 0.25 = 24 days. A similar methodology is applied to inventory assessments for other product categories as well.

Theoretical yarn profit = Yarn selling price – [cotton cost × (1 + waste rate)] –-processing cost-freight cost

Yarn production cost = cotton price × (1 +waste rate) + processing cost

Theoretical yarn cash flow=theoretical profit + depreciation

The processing cost in cash flow calculation excludes depreciation; loss rate depends on yarn count and cotton blending.

No. In early years, woven fabric accounted for the largest share of the fabric market, but the proportion of knitted fabric has now increased to about 50%, so the turnover index cannot reflect the full market situation.

Its turnover has been widely used as a reference because it was once one of China's trading centers, but other fabric trading markets—such as Dongfang Silk Market in Shengze—have developed quickly in recent years, and the influence of China Textile City has weakened.

Coal-based hydrogenated benzene (commonly referred to in China as hydro-benzene) is high-purity, industrial-grade benzene produced by catalytic hydrorefining (hydrogenation) of crude benzole (crude benzene), a volatile liquid byproduct of high-temperature coal coking.

Unlike petroleum-derived benzene produced via steam cracking or catalytic reforming, this process provides an alternative, coal-based chemical pathway to extract pure aromatics.

Both are the weighted average of the spot offers, bids, and transaction prices in East China (mainly Zhejiang, Jiangsu, and Shanghai), covering mainstream specifications in the market. For delivered goods, the offers, bids, and transaction prices are assessed after the freight cost is deducted.

1. Total inventory of PP and PE at domestic coal chemical and private petrochemical plants in China.

2. Total inventory of polyolefin (mainly PP and PE) at Sinopec and PetroChina.

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