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Insight | Time: Aug 10 2020 11:12AM
China's PSF imports from Southeast Asia and Africa in H1, 2020
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According to China customs, in Jun 2020, China's uncombed polyester staple fiber exports were 48,600 tons, a year-on-year decrease of 43%, and imports were 17,400 tons, a year-on-year increase of 33.6%. In the first half of 2020, the exports totaled 334,000 tons, down 32.5% year on year, and imports totaled 98,400 tons, a fall of 1.6% year on year.

Through communication with customers, the export situation in Zhejiang and Guangdong has improved recently. Recycled staple fiber, especially HC re-PSF, also saw better situation. On the one hand, some foreign supermarkets are replenishing goods, especially some products that are out of stock, and the prices are currently low overall. On the other hand, it is heard that sea freight has increased in August, and some sellers want to sell in July. In terms of price, export prices maintain at $850/mt in Zhejiang, FOB, and prices are lower in Guangdong. RMB prices have no big difference.

HS code 55032000 is synthetic staple fibers, of polyesters, not carded, including virgin PSF and recycled PSF. And the imports from Southeast Asia and African are mainly the recycled PSF. The following are the changes in recent years.

In the import origins of PSF, Myanmar appeared in 2017, and the overall imports were not much. In 2019, one HC re-PSF production line in Hangzhou was moved to Myanmar. In Jan-Jun, 2020, imports reached 671 tons.

Vietnam started to exert force in 2018. In 2017, imports were only a few hundred tons. Following the solid waste ban, domestic plants moved to foreign countries gradually. Vietnam has gathered solid re-PSF and a few ES plants. Imports in 2018 soared to 13,113 tons and reached 19,196 tons in 2019. In Jan-Jun, 2020, imports reached 8,400 tons.

The imports from Thailand has tripled in 2019 compared to 2016, to 45,000 tons. The local re-PSF capacity is about 250kta, and the competition focuses on HC re-PSF. In Jan-Jun, imports reached 24,913 tons.

Imports from the whole Southeast Asia were 23,749 tons in 2016, 29,228 tons in 2017, 43,374 tons in 2018, 98,390 tons in 2019, and 43,754 tons in Jan-Jun 2020.

The African market has also gradually risen in recent years. Especially in 2018-2019, some domestic production lines have also been transferred to Africa. Shandong Shenrunfa transfers its 17kt/year capacity to Nigeria, Guangdong Junfu’s 40kt/year capacity to Nigeria and Guangdong Sanlong’s 20kt/year to South Africa. No PSF has been imported from Tanzania and Egypt this year. The table below shows imports from Africa.
China's PSF imports from Africa (incl. virgin PSF and re-PSF)
Unit: tons 2016 2017 2018 2019 Jan-Jun, 2020
South Afria 0 230 24 5586 2319
Nigeria 0 0 0 5667 5326
Tanzania 0 0 0 643 0
Egypt 0 0 102 39 0
Ethiopia 0 0 0 0 98
Total 0 230 126 11935 7743

In 2020, the import origins include Ethiopia from Africa. In June, the import volumes were 98 tons from Ethiopia.
[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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