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Insight | Time:Jun 27 2018 8:47AM
Brief summary on operation situation of PFY in H1 2018
 
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Supply and demand of polyester filament yarn was balanced in the first half of 2018, and the profit was slanting high in recent years. Run rate of polyester filament yarn plants remained high in H1 2018, far higher than past years, and new production of PFY was huge, but demand also grew under high speed. Inventory of PFY was low now, reflecting moderate consumption capability of downstream market.

Polyester capacity increased by 2230kt in the first half of 2018, and capacity of PFY added by 1600kt. Growth rate of polyester production was as high as around 14%, higher than 9.9% during the same period of last year, which was mainly attributed to high operating rate.


Price of polyester filament yarn kept climbing up since 2016 with mounting feedstock cost, especially greatly rising crude oil price in recent two years, and tight supply with rapidly increasing downstream demand. Price of polyester filament yarn continued edging up in the first half of 2018 no matter how feedstock market fared.


Profit of polyester filament yarn was sound in the first half of 2018, obviously higher than the same period of last year, but that of DT was relatively lower mainly because of strong POY. However, profit of downstream market was worse than past years.

Average cash flow of major polyester filament yarn in 2016-2018 (Unit: yuan/mt)
Date POY FDY DTY
2016 116.6 319.5 354.7
2017 415.2 422.7 419.7
H1 2018 384.8 452.5 212.4



Operating rate of polyester filament yarn plants was high in the first half of 2018, and inventory was lower than past years although production of PFY prominently accumulated with rising run rate. If inventory of PFY sustains low, price of PFY is unlikely to decline greatly in the second half of year.
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