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Insight | Time: Sep 29 2018 3:45PM
Does VFY market have upward momentum in the short run?
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VFY market in early Sep was largely stable without big changes of production. New capacities were absorbed and producers had no big inventory burden, but the market still lacked upward momentum. First and second-grade VFY plants mostly kept normal operation while third-grade VFY plants partially cut or suspended production, focusing on selling stocks in the short run.

More small and mid-sized VFY plants were shut down in Q3 and there were just four companies able to keep running. Some idled units might be closed permanently. However, the four companies occupied higher percentage and they were running with higher O/R when other plants were closed, so the general output of VFY changed little.

VFY prices of most specifications held steady, despite minor increase of dull VFY. The increment of orders for the traditional peak season was limited, but sales partially improved both at home and abroad, so VFY inventory inched down and producers had no big selling pressure. Fine-denier VFY still enjoyed better sales than coarse-denier one.

Some traders and downstream plants had holiday schedule for National Day holiday, but there will be no big impact on the production. VFY market is expected to keep stable in the short term if there is no obvious stimulus.
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