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SunSirs: Saudi Crude Oil Production Cuts, Polyester Staple Fiber was up (12.31-1.6)

January 07 2021 09:47:12     SunSirs (Linda)

The early closing of futures: January 6 PF2105 contract futures price closed at 6714, up 4.55% from the same period last week. Both the intraday and closing prices hit new highs since listing.

Spot price situation: The average price of East China staple fiber was 6,100 yuan/ton, an increase of 150 yuan/ton or 2.52% from the same period last week.

Upstream: On January 5, the 13th OPEC+ ministerial meeting ended. Saudi Arabia stated that it will unilaterally reduce production by 1 million barrels per day on the basis of its existing crude oil production quota. Affected by this news, New York crude oil soared to around $50/barrel.

Supply: Sanfangxiang (600370) 200,000 tons of polyester staple fiber plant was overhauled on December 31, Suqian Yida's 400,000 tons of polyester staple fiber/year plant was under maintenance on the 7th, Fujian Xianglu polyester staple fiber plant was 160,000 tons It is planned to start maintenance in mid-January, which will cause short-term polyester staple fiber spot market supply to shrink.

Production and sales: After New Year's Day, the production and sales of polyester staple fiber are still relatively high.

Market outlook: cautious

Related listed companies: Hengyi Petrochemical (000703), Sinopec (600028), Sanfangxiang (600370), West China (000936), Tongkun (601233), etc.

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