PSF and polyester yarn stopped falling and stabilized.

In mid-Dec, PSF and polyester yarn stopped falling and stabilized. As crude oil strengthened and PTA run rate declined, they showed uptrend, and then speculative demand appeared. At first, export orders were placed intensively. Most spinners with export business in Fujian, Jiangsu and Zhejiang received orders to be scheduled until Jan and some to Feb. In Hubei, polyester sewing thread also seemed moderate. Secondly, some downstream weavers and traders started pre-holiday restocking, despite at a small volume. In Foshan, Shaoxing and Quanzhou, much more orders were placed compared with early Dec. It is noteworthy that due to severe pandemic in Shaoxing, the logistics was hindered and a lot of physical stocks had to be left in the spinners, influencing later order-placing.