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SunSirs: Silk Prices Were Slightly Consolidated and Steadily Fluctuated This Week (December12-16)

December 16 2022 10:27:37     SunSirs (John)

Price trend

According to the price monitoring of SunSirs, the price of raw silk fluctuated slightly this week (12.12-12.16), with the rise and fall of raw silk of all grades varying, mainly stable overall. As of December 15, the average market price was 425,425 RMB/ton, down 0.07% from last week and down 4.09% year on year; the dry cocoon market remained stable, with the average market price at 145,000 RMB/ton, down 1.36% year on year.

Analysis review

On the spot market, since last weekend, raw silk has been mainly purchased for production. The price has not changed much, the market performance was calm, and the transaction was still light. Most manufacturers reported that it was difficult to sell raw silk of all grades, and some varieties and grades actually sold at a discount. Due to the spread of the epidemic, the downstream domestic demand was still very cautious.

According to the feedback from the silk weaving enterprises in the main production areas, high inventory and low flow were still the mainstream of the current market. Since the beginning of this year, there have been few orders. However, in order to digest raw materials and retain workers, the factory insisted on maintaining operation, resulting in a continuous increase in inventory. As a result, production has been gradually reduced since the second half of the year. Towards the end of the year, the operating rate of textile enterprises continued to decline, and the inventory of silk continued to increase. In terms of price, the overall silk market was still stable, and there was room for counter-offer for some, so it still need to pay attention to the recent situation of export orders.

Market outlook

Analysts from SunSirs believe that demand has not yet fully recovered. Small and medium-sized textile enterprises in many places are pessimistic about the future market. Large textile enterprises are also cautious in purchasing raw materials, and the overall market turnover remains low. In the current weak pattern of terminal consumption, it is expected that the upward pull of future prices will be limited, and narrow consolidation will be the main trend. However, with the optimization of epidemic prevention policies, the long-term demand is expected to be better.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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