During the Spring Festival, international crude oil is strong and volatile, and there is good support at the cost end, boosting the market atmosphere, and the quotation of polyester filament factory rose slightly after the festival, and the quotation increased by about 100-200 yuan/ton, and the center of gravity of polyester filament market moved up slightly. As of February 20, the POY150D/48F in Jiangsu and Zhejiang region is 7,875 yuan/ton, FDY150D/96F is 8,450 yuan/ton, and DTY150D/48F is 9,050 yuan/ton.

Returning after the festival, some of the pre-maintenance devices of polyester filament gradually heated up and restarted, and some devices stopped for maintenance, the operating rate of polyester filament increased by about 4%, and the start of construction increased to 83.39% on February 20, and some devices were still gradually restarted in the later period.
The recovery of downstream demand after the festival is slow, most of them are concentrated in the eighth day of the first month to the 16th day of the first month, and some factories have not yet resumed production. As it takes some time for workers from other places to arrive, it is expected that the downstream start of work can be increased to about 60% by the end of the month. Therefore, at present, the overall downstream demand is general, the market is light, and the field is rare.
At present, most of the undelivered orders in the hands of weaving factories are issued before the Spring Festival holiday, and the market after the holiday is mostly for inquiries, and there are fewer transactions, but considering the inventory expectations of the global textile market in 2024, the number of market orders is expected to increase or the growth rate of orders is expected to slow down.

After the Spring Festival in 2024, the inventory pressure of polyester factories and downstream factories remains. According to statistics, as of February 18, compared with the inventory level after the Spring Festival last year, most of the inventory of polyester factories and downstream factories showed an upward trend. Affected by strong expectations, the polyester market price before the festival is warm, the weaving factory and beverage factory stock is relatively sufficient, the cost support ability after the festival is OK, the polyester market price rose slightly, the weaving factory and beverage factory to buy to maintain a cautious attitude, the trading atmosphere is light, polyester filament and polyester bottle sheet factory inventory shipment pressure or still exist. Polyester chips and polyester staple fiber factory inventory pressure or relatively small. Overall, the polyester industry chain terminal inventory pressure is greater than the inventory pressure of polyester products, the subsequent demand is weak or upward conduction, at the end of February, polyester raw materials or rise, polyester market prices or stable rise.

In February, the polyester market was in the recovery phase after the Spring Festival holiday. Because the market before the Spring Festival is optimistic about the long-term recovery of domestic terminal demand, foreign textile market demand or phased release, so the polyester downstream factory stock is relatively sufficient before the festival. After the orderly promotion of the polyester factory production in the first half of the year, the polyester on-load will maintain a high level. In addition, 1.3 million tons of polyester production capacity put into operation in December last year will be released in the first quarter of this year, and there are still 980,000 tons of new production in the first quarter of this year. Overall, the polyester market in the first quarter of the follow-up supply pressure or gradually increase. However, considering the realization of medium – and long-term demand recovery, as well as the elastic change of increasing supply in the polyester market, the subsequent polyester market price or there is still some room for rebound.

Source: Zhuo Chuang Capital news, gold alliance, network