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SunSirs: Both Cost and Demand Were Weak, and Spandex Prices Continued to Decline in December
January 02 2024 13:45:48SunSirs(John)

Price trend

According to the Commodity Market Analysis System of SunSirs, the domestic spandex market continued to decline in December. As of December 29th, the price of 40D spandex was 32,125 RMB/ton, a decrease of 1.38% from the beginning of the month and a year-on-year decrease of 9.51%.

Analysis review

The cost side continued to weaken, and the pure MDI market for raw materials was declining. The spot reference in the East China region was between 20,000-20,300 RMB/ton for self delivery, a decrease of 500-1000 RMB/ton from the beginning of the month. The overall wait-and-see atmosphere in the market was strong, and downstream inquiries were light. In December, the raw material BDO was weak and downward, with average overall cost support. The PTMEG market declined, and mainstream factories quoted 17,000 RMB/ton, a decrease of about 1,500 RMB/ton from the beginning of the month. As of the end of December, the overall operating rate of the industry was around 78%.

Under the seasonal off-season background, the terminal elasticity, weaving, and printing and dyeing startup rates had slightly declined to around 72%. In terms of exports, as the end of the year approached, there were signs of a rebound in foreign trade orders. In November, textile and clothing exports amounted to 23.66 billion US dollars, a decrease of 1.8%, and a month on month increase of 3%. Among them, textile exports amounted to 11.12 billion US dollars, a decrease of 0.5%, and a month on month increase of 3.8%. Clothing exports amounted to 12.55 billion US dollars, a decrease of 3%, and a month on month increase of 2.4%.

Market outlook

According to analysts from SunSirs, as the Chinese New Year approaching, terminals will gradually take a break from mid January, leading to a rapid decline in production in the weaving industry and further contraction in demand. Due to insufficient cost support, it is expected that spandex prices will continue to be weaker in January 2024.

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