The changes of feedstock market continue

The changes of feedstock market continue. Oil prices go firmer. On one hand, OPEC is expected to cut production. On the other hand, market players worry about global economic downtrend and weak demand. Under such condition, oil market seesaws. On Nov 10, U.S. released its Oct CPI, which was significantly lower than market anticipation. U.S. stocks and commodity moved up. Polyester feedstock market also bolstered by arbitrage from Asia to US. Spot PSF prices stopped decreasing. On last Friday, the State Council's Joint Prevention and Control Mechanism released 20 measures aimed at optimizing disease control measures, which laid out changes ranging from quarantine periods for inbound visitors to designation of risky regions and contacts. PSF sales improved, with sales ratio averaged at 170%, while PFY sales ratio only averaged at 60%, and polyester yarn market saw no improvement. On one hand, PSF got support from futures market. On the other hand, the downstream application of PFY and spinning mills was similar, and fabric mills paid more attention to own orders, and under high inventory and inadequate orders, they lacked interests to replenish feedstock.