Elevating cost continues driving polyester filament sales and destocking

Sales of polyester filament yarn improved again in mid-May, and price slightly moved up, which was mainly attributed to rising cost.

Price of crude oil ascended, with price of WTI and Brent up by 68.9% and 37.8% respectively to $31.82/bbl and $34.81/bbl respectively in May, which was mainly because investors expected demand to improve with eased economic regulation.

Polyester cost has increased by 6% to 4,144yuan/mt in May amid higher cost. Supply of MEG was largely loose-to-balanced under low run rate. The anticipation of accumulating stocks on PTA market mitigated a lot after unexpected shutdown of units.