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SunSirs: Fundamental Weakened, Spandex Prices Continued to Decline
January 17 2024 14:54:21SunSirs(John)

Price trend

According to the Commodity Market Analysis System of SunSirs, the domestic spandex market continued to decline in January. As of January 15th, the price of 40D spandex was 31,500 RMB/ton, a decrease of 1.95% from the beginning of the month and a year-on-year decrease of 10.32%. The factory quotation had been adjusted weakly, with average shipments and downstream demand remaining strong.

Analysis review

Cost side support was weakening, with pure MDI raw materials in the East China region market, spot prices were tight, and traders were hesitant to sell. As of January 15th, the local market spot prices were based on wire transfer for self pickup in barrels at 19,700-20,200 RMB/ton, but the prices had decreased by 100-300 RMB/ton compared to last month. The PTMEG market continued to decline, with domestic 1800 molecular weight loose water quoted in the spandex field concentrated at 16,500-17,000 RMB/ton.

Although terminal demand had significantly weakened, there had not been a large-scale shutdown in the downstream. As of January 15th, the comprehensive production of weaving machines in Jiangsu and Zhejiang was around 70%, and there had been no significant decline. Some enterprises purchased raw materials at low prices in stages. Considering that the Spring Festival is approaching, most downstream factories will be shut down for a month and a half for vacation, and it is expected that demand will weaken, leading to an overall increase in shipping pressure for spandex factories.

Market outlook

Analysts from SunSirs believe that the cost support in the spandex market was weakening, and downstream companies followed up on demand. Domestic orders for autumn and winter had basically come to an end, and the attitude towards raw material procurement was cautious. There was a temporary wait-and-see attitude towards stocking up during the Spring Festival. It is expected that the spandex market will continue to fluctuate and decline in the short term.

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