Semi annual summary of feather like psf: the first half of the year is fluctuating and tends to decline, while the second half may increase first and then decrease

The average price of polyester feather like psf in the first half of the year decreased compared to the same period last year, mainly driven by the cost side of polyester feather like psf and the fundamentals of polyester feather like psf themselves. In the second half of the year, with the arrival of the traditional peak season, the demand side for polyester feather like psf may continue to improve, and the slowdown or suspension of the Federal Reserve's interest rate hike will alleviate the adjustment pressure on the energy market. The polyester feather like psf market may rebound in the third quarter of the second half of the year, and with the good output of the traditional peak season in the fourth quarter, the price of polyester feather like psf may fall.

In the first half of the year, the domestic polyester feather like psf market showed an overall trend of increasing first and then decreasing, with the average price of the half year declining compared to the same period last year. The trend is basically consistent with our prediction in the "2022-2023 China polyester feather like psf Market Annual Report", and the difference between the predicted half year average price of polyester feather like psf in the annual report and the actual value is only 20 yuan. From the perspective of price values, from January to June 2023, the average price of domestic polyester chips (Zhejiang, cash in exchange, self withdrawal, tax included, the same below) for half a year was 6768 yuan/ton, a decrease of 5.42% compared to the same period last year. On June 30th, domestic polyester chips closed at 6650 yuan/ton, a price drop of 15.02% compared to the same period last year

The peak of polyester feather like psf market operation in the first half of 2023 occurred in mid April, with a price of 7250 yuan/ton. The main driving force behind the high prices comes from the cost side: unplanned production cuts in oil producing countries, and the return of crude oil prices to the year's high, driving up PX prices. In addition, there are not many PTA available in stock, and some PTA suppliers are still shipping slowly. In the middle to early April of the trade phase, there are not many sources of goods, and the price increase has led to a rise in polyester feather like psf prices. At the beginning of May, the cost side crude oil fell and the price weakened due to sufficient PTA supply, which provided insufficient support for the polyester feather like psf market. In addition, there was room for negotiation on the gross profit of polyester chips. Therefore, the polyester feather like psf industry allowed profits to be taken over, and prices entered a downward trend. The price trend also deviated from the same period last year.