PFY import and export in Jan-Oct, 2021

Export

According to the latest data from China customs, PFY export amounted to 215kt in Oct, up 11.6% on the month and down 20.3% on the year. In Oct, exports of POY declined by 60% on the year and increased by 24.6% on the month to 25kt, those of DTY approached 100.1kt, down 18.6% on the year and up 13.9% on the month, those of FDY dropped by 6.9% on annual basis and rose by 17.4% on monthly basis to 35kt and those of PIY totaled 47kt, up 10.9% on the year and flat on the month. Exports of textured yarn and other PFY was at 5.2kt and 1.7kt respectively.

In Jan-Oct, PFY exports totaled 2,480kt, up 17.2% on annual basis. With weaker demand outside China, the growth rate of PFY export kept falling in the second half of 2021 and it may reduce to near 8% throughout 2021.

The delivery was good in Oct. Taking POY, FDY and DTY as example, export in Oct rose by 16.2% on the month. Among this, exports to Egypt, Pakistan and Vietnam increased by 52%, 43.3% and 70.9% on the month respectively, those to South Korea and Italy rose by 18.5% and 92.9% m-o-m respectively but those to Bangladesh, Turkey and India dropped by 19.4%, 23.8% and 57.5% on monthly basis respectively.

With eased regulation of energy consumption, prices of coal, natural gas and oil kept reducing in Nov, dragging down polyester cost. Under such circumstance, overseas customers were cautious in placing orders and mainly purchased on a need-to-basis. Therefore, export orders of PFY in Nov were worse than Oct, which may be at 200-210kt and amount to 2,900kt throughout 2021.

The freight to Southeast Asia increased recently. The freight to Ho Chi Minh has surged to near $2,200/40HQ from earlier $900/40HQ, that to Jakarta was at $2,600/40HQ from earlier $1,600/40HQ, and that to Bangladesh and Karachi was near $6,000/40HQ and $6,500/40HQ. (One 40HQ can assemble 24 tons of PFY at most.)

Import

PFY imports were at 7.5kt in Oct, hitting 5-year new low and down by 2.2kt on the month. Among this, imports of POY, FDY, DTY and PIY were at 1.2kt, 1.4kt, 1.5kt and 2.7kt respectively. The PIY unit of Hailide slashed run rate in Vietnam due to the spread of the pandemic. Therefore, imports of PIY from Vietnam reduced by 1.7kt. In Jan-Oct, 2021, PFY imports amounted to 98.2kt, up by 47.8% compared with the corresponding period of last year.