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Insight | Time:Apr 27 2018 2:35PM
Can VFY market benefit from termination of anti-dumping duty?
 
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VFY price climbed up steadily in the first quarter of 2018. Rising pulp and chemical material prices kept exerting pressure on VFY cost. Given tighter supply resulting from shutdown of VFY plant, offers were picked up by 500-1000yuan/mt before and after Chinese Lunar New Year holiday. Downstream plants followed up while building up or replenishing stocks amid better expectation for the outlook. However, the price had been stable since the middle of Mar as bright VFY 120D had been 38,300yuan/mt for more than one month.


VFY plants still faced cost pressure in the first quarter. Dissolving pulp price was pushed up by paper pulp and chemical materials like caustic soda and sulfuric acid also hiked again. Owing to higher VFY price, cost pressure was partially transferred. Export price increased, but exchange rate also posed impact on VFY companies. To sum up, the improvement of VFY profits was limited during the period under review.

Overseas demand kept growing in Jan-Feb, especially for continuous spinning high-quality fine-denier VFY. Enterprises would eye on export market in the second half of 2018 after new unit starts up and export market is expected to be the major target, but there is uncertain influence from exchange rate and trade policy.

Ministry of Commerce and Industry of India on Apr 20 released the final ruling on sunset review of anti-dumping investigation against imports of viscose filament yarn (VFY) originating in China. It suggested the termination of anti-dumping measures on VFY imports from China, which means that the ant-dumping duty that had been levied on China's VFY by Indian government starting from 2005 is going to be cancelled. After the policy is taken into effect in May, the change of VFY trades is worth expecting.
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