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SunSirs: There Were Many Bearish Factors in the Fundamentals, and the Price of Spandex Continued to Decline
March 28 2024 15:24:42SunSirs(John)

Price trend

According to the Commodity Market Analysis System of SunSirs, the domestic spandex market had continued to decline, with the price of 40D spandex at 30,500 RMB/ton as of March 25th, a 2.01% decrease from the beginning of the month.

Analysis review

The raw material BDO was weak and volatile, and the cost support was weak. In the spandex field, the actual negotiation reference for domestic 1,800 molecular weight PTMEG dispersion was 15,500-16,000 RMB/ton. In terms of equipment, Zhejiang Jiaxing Xiaoxing PTMEG had a production capacity of 130,000 tons/year and stable operation of the equipment, with maintenance plans in place in April; The load of the extended 46,000 tons/year PTMEG unit for petroleum was not high; Henan Nenghua's two sets of 30,000 ton/year PTMEG devices had an overall load of 70-80%, and the overall operating rate of the domestic PTMEG industry was around 82.1%. The pure MDI market was weakly adjusting, with quotes in the East China region ranging from 19,800 to 20,100 RMB/ton. Spot transactions were limited, downstream consumption was poor, and overall driving force was insufficient.

In late March, the shipment situation in the domestic terminal textile market was good, while the volume of new orders in the export market was average. The actual market orders had not been issued, and the market still mainly relied on sample inquiries. Weaving enterprises had insufficient willingness to purchase raw materials. The recovery rate of weaving start-up rate was slow, and as of March 25th, the weaving start-up rate in the Jiangsu and Zhejiang regions was over 70%, with a focus on rigid demand procurement of spandex. Spandex factories continued to accumulate inventory and actively shipped goods. It is expected that as terminal textiles gradually enter the peak season market, demand in the future is expected to improve.

Market outlook

SunSirs’ analysts believe that the cost side was bearish, with sufficient supply of spandex and inventory still at a high level. But with the traditional peak season approaching on the demand side, it may enter the stocking cycle, and the enthusiasm of spandex factories to ship may be high, which may drive a slight rebound in spandex market prices.

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