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SunSirs: As the Spring Festival Approaching, Demand Slowed Down and Spandex Prices Tended to Be Weaker
January 24 2024 14:56:07SunSirs(John)

Price trend

According to the Commodity Market Analysis System of SunSirs, the domestic spandex market continued to decline in January. As of January 22, the price of 40D spandex was 31,375 RMB/ton, a decrease of 2.33% from the beginning of the month and a year-on-year decrease of 10.68%. The spandex factory's quotation had been adjusted weakly, resulting in weaker cost support. The factory's shipments were average, and downstream purchases were made on demand.

Analysis review

The pure MDI raw material market had shown stable performance, with domestic supply being tight and imported supply gradually increasing. Traders had different attitudes, but downstream inquiries were light. As of January 22nd, the spot reference price in the East China market was 19,700-20,200 RMB/ton (barrel, self delivery). The PTMEG market continued to decline, with domestic 1800 molecular weight quotes in the spandex field concentrated at 16,500 RMB/ton. The Chongqing Jianfeng 46,000 ton/year PTMEG device was inspected on January 22nd, and is expected to take about 15 days. As of January 22nd, the overall operating rate of the domestic PTMEG industry was around 75.9%.

At the end of January, the weaving market entered the countdown to the end of the year. After the last wave of rigid demand procurement by downstream weaving factories ended, some weaving factories gradually shut down for holidays, and the industry operating rate of weaving enterprises in the Jiangsu and Zhejiang regions decreased to below 70%. It is expected that the comprehensive weaving start-up rate will show significant signs of decline by the end of the month. As of January 22nd, there was sufficient stock of raw materials before the shutdown and holiday. In addition, downstream companies had a strong willingness to stock up and purchase low-priced raw materials before the Spring Festival, resulting in a significant weakening of demand. The main focus was on stocking up for just in needed, while the main tone of demand remained light.

Market outlook

SunSirs’ analysts believe that there were many negative factors in the upstream and downstream of the spandex market, especially on the demand side. As the Spring Festival approaching, it is expected that most weaving factories will shut down for vacation in early February, and the comprehensive weaving start-up rate may significantly decrease. Textile markets in various regions were gradually stopping shipments, and the industry is also expected to enter the end of the year. It is expected that the price of spandex will remain stable and weaker in the short term.

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