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Insight | Time:Feb 6 2018 1:18PM
Large NFY plants to run at high rates during Spring Festival
 
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There are less than two weeks before Spring Festival. Both nylon 6 filament plants and weaving plants reduce or stop production gradually.

1. Downstream plants have basically ended up restocking filament before Spring Festival.

Downstream weaving plants have reduced or stopped production since end-Jan, and there would be large-scale shutdowns of weaving plants on Feb 5-10. Downstream plants have basically ended up restocking filament before Spring Festival. Accumulated stocks in Nov of nylon 6 filament plants were sold out, and products of some filament plants in Feb was also sold. Compared with the crazy replenishment in end-2016, buyers behaved more rationally this year and did not restock much.

2. Large filament plants plan to run at high rates during Spring Festival.

Large plants Capacity (kt/year) Current operation rates Planned operation rates during Spring Festival
Fujian Liheng 285 70%-80% 70%
Fujian Jinjiang 280 80% Over 70%, according to workers
Yiwu Huading 180 80% Around 70%
Xinhui Meida 145 80% 70%
Fujian Kaibang 78 100% Over 75%
Zhejiang Mesbon 76.25 60%-70% 60%
Zhejiang Xinlun 74 70%-80% 60%
Fujian Wanhong 63.4 60% 30%-40%
Fujian Xinsen 60 100% 100%
Hangzhou Jinsheng 57 70% 50%-60%
Fujian Tangyuan 50 50% 50%
Jiangsu Wenfeng 49 70% 30-50%
Zhejiang Boni 40 80% To shut down
Wujiang Yatai 37.5 70% To shut down
Fujian Jincheng 30 100% 100%
Hangzhou Xinfu 30 80% 67%

Nylon 6 filament plants destock before Spring Festival, and textile filament sources are tight. Besides, it is easier to collect account receivables. Thus, large filament plants generally plan to run at high rates during Spring Festival. Most large filament plants in Fujian plan to run at around 70%, and mainstream plants plan to run at above 70% with several at low rates. Most mainstream filament plants in Zhejiang plan to run at 60-70% as workers return to hometown for Spring Festival. Leading plants in Hai’an would keep operating, but most small plants would shut down on around Feb 10. In Zhuji, Derun plans to run at 90%, and Yongxin to run at 50%, with the rest mainly to shut down. Most filament plants in Changshu would also shut down. As a whole, the overall operation rate of large plants would be at around 45-50%, and it may lift moderately according to workers.

As downstream plants reduce production gradually, nylon 6 filament plants would also reduce operation rates to the planned ones. Textile filament sources are tight at present, and less deals would be done.
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