Polyester industry inventories cut production

Affected by high inventory levels and deteriorating profitability, domestic polyester manufacturers began to cut output from early June. According to industry sources, about 870,000 tons/year of polycondensation capacity was closed during the week of June 4-8, and it is expected that 1.6 million tons/year of production capacity will be closed in the remaining time of June and July.

According to ChemChina, domestic polyester yarn and fiber makers have reduced operating rates to 68% to 73% last week, while the previous week's operating rate ranged from 70% to 75%. Last week, the overall stock level of China's polyester yarn producers has reached 15 to 32 days, and the inventory level one month ago was 11 to 26 days.

Shaoxing Far East Chemical Fiber Group stated: “Our inventory is already high and the current market conditions are weak.” The company operates four 200,000-ton/year installations. Half of the company's production is polyester yarn, and the other half is polyester staple fiber. Far East Chemical Fiber Group closed one of its polyester yarn devices on June 10 for a period of 20-30 days. If market conditions continue to deteriorate, the company will close another set of polyester staple fiber production facilities later this month.

China Chemical Industry and Trade said that among all polyester products, the price of PET bottle grade and full stretched yarn (FDY) fell the most, and fell 12% to 13% in the past month. The price of polyester pre-oriented yarn (POY) and PET fiber chips also fell by 11% to 12%, and the price of polyester staple fiber fell by 8%. The sharp drop in the price of polyester products was hampered by the sharp drop in prices of raw refined terephthalic acid (PTA) and monoethylene glycol (MEG). In one month, PTA prices fell by 19% to 20%, while MEG prices fell by 13% to 14%.

A major PTA producer in Zhejiang said: “We have received requests from customers. As customers cut production, they demand reductions in supply in June and July.”

PTA producers in Taiwan and South Korea are also cutting output. Taiwan Petrochemical Corporation closed its 400,000-ton/year PTA plant in Taiyuan on June 10 and is expected to close for a week. Due to the weak market, China Eastern America Petrochemical Corporation (CAPCO) closed its 25kt/yr No. 4 PTA unit in Kaohsiung on June 11 for a period of approximately 20 days. In South Korea, Samsung Petrochemical shut down the 450,000-ton/year No. 2 PTA unit in Ulsan on June 7 for a period of 9-10 days. Samsung Petrochemical Company stated that if the market continues to be weak, downtime will be extended.

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