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Insight | Time:Dec 4 2017 2:03PM
HC PSF---high profit drives capacity expansion
 
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When HC re-PSF fell in Oct, HC PSF price hovered around at a high level. In Nov, however, HC PSF sales weakened and price influenced by lower HC re-PSF price gradually went down. Its price fall totaled 300-600yuan/mt and the price spread between the virgin and recycled hollow PSF once again decreased to around 1,000yuan/mt.


Despite of the price fall, HC PSF cash flow remained very high. It prevailed at 1,000-2000yuan/mt in most time of 2016 and trended below 1,000yuan/mt only in Jan-Feb of 2017 while expanded to 1,500-2,500yuan/mt since Mar, a level 1.5 times of that in 2016.


Driven by high profits, operating rate was high. And next year will see new capacities emerge.

Company Capacity expansion(kt/yr) Product
Jiangsu Blue Peacock 60 HC PSF+differential fiber
Ningbo Dafa 150 Low-melting PSF+HC PSF
Zhejiang Huayi 30 HC PSF
Zhejiang Huaxing 25 HC PSF

Compared with 60kt/yr capacity expansion of HC re-PSF in 2018, HC PSF capacity is expected to increase from 365kt/yr in end-2017 to 500kt/yr in end-2018.


Such sharp increase of HC PSF capacity will very likely intensify market competition. Coupled with competition from increasing supply of chip-spun fibers, HC PSF profits are very likely to be pressed lower in 2018.
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