Fabric Products,Fabric Information,Fabric Factories,Fabric Suppliers Fabric News The prices of chemical fiber products have soared, and the performance of these listed companies is expected to recover.

The prices of chemical fiber products have soared, and the performance of these listed companies is expected to recover.



The chemical fiber industry, which had been silent for a long time, suddenly came like a spring breeze overnight. Since September, driven by multiple positive factors such as the return of overseas orders, my c…

The chemical fiber industry, which had been silent for a long time, suddenly came like a spring breeze overnight.

Since September, driven by multiple positive factors such as the return of overseas orders, my country’s textile industry has seen signs of overall recovery. Textile companies in Guangdong, Zhejiang and other places have expressed orders. It’s mid-November.

The recovery of the textile industry has driven up the volume and price of upstream chemical fiber raw materials. According to a reporter from the Shanghai Securities News, as the main textile materials, chemical fiber products such as viscose staple fiber and spandex have surged in the past two months, and the performance of related listed companies has already emerged in the third quarter.

The prices of these two chemical fiber products have risen sharply

According to data from China Fiber Network, the price of viscose staple fiber fell to 8,100 yuan/ton, a new low since 2004. Since the third quarter, as the impact of the epidemic has weakened and overseas clothing demand has recovered, the price of viscose staple fiber has increased significantly, especially since October, which has accelerated and has now risen by about 26% from the bottom to 10,550 yuan/ton.

Since September, the price of spandex has risen under the support of downstream recovery and rising raw material prices. The price of spandex 40D has increased from 28,000 yuan/ton in early August to 345 million yuan as of October 31. / ton; in addition, polyester filament, nylon filament and other chemical fiber products also increased to varying degrees.

▲Since the end of August this year, both viscose staple fiber (first from left) and spandex have experienced sharp increases. Source: Baichuan Yingfu

Viscose staple fiber, commonly known as “artificial cotton”, is a regenerated fiber of natural cellulose. It is the same raw material for cotton yarn as cotton, and its texture is similar to cotton. . Spandex, also known as polyurethane fiber, has high elasticity and can stretch 5-7 times than the original shape. Therefore, it is comfortable to wear, soft to the touch, wrinkle-free, and can always maintain its original contour. It is a highly elastic fiber.

With the superposition of multiple factors, the industry is expected to reach an inflection point

As an upstream raw material for textiles, the recovery of the textile industry is due to viscose The main reason for the increase in prices of chemical fiber products such as staple fiber and spandex.

From the perspective of downstream demand, a large number of overseas orders have returned to China recently. Some overseas countries are experiencing a second wave of outbreaks in September. Taking India as an example, 25% of textile and garment factories may be permanently closed due to the impact of the epidemic. With the Christmas major consumption season approaching at the end of the year in Europe and the United States, a large number of orders are expected to continue to return to China.

From a supply perspective, the chemical fiber industry has been undergoing a process of clearing out small and medium-sized production capacity in the past two years. Take viscose staple fiber as an example. In 2018, my country’s viscose staple fiber production capacity expanded rapidly, resulting in an imbalance between supply and demand, and the industry’s profitability weakened. Currently, devices with a capacity of less than 30,000 tons/year have basically exited, and there will be no production after the industry completes the resumption of production and production increase in 2019. Expansion plan.

Soochow Securities believes in the latest research report that under the background of continuous improvement on the supply side and recovery on the demand side, the fundamental inflection point of the viscose staple fiber and spandex industries is approaching. Among them, viscose-cotton prices are upside down, cotton has good fundamentals, and there is huge room for viscose price increases. Historically, the prices of cotton and viscose are highly positively correlated, and the overall price difference between the two fluctuates within a range of ±3,000 yuan, which is determined by the supply and demand situation at that time. From a long-term perspective, the average reasonable price difference between viscose and cotton is around 2,000 yuan/ton. Since the beginning of this year, the price difference between cotton and viscose has been above 4,000 yuan/ton for a long time. Cotton prices have been supported by the shrinking production areas, so viscose still has room for price increases. In terms of spandex, pure MDI is an important raw material for spandex. Due to the support of the increase in the price of pure MDI raw materials in the upstream, and the expectation of a cold winter and the transfer of orders from India in the downstream textile and apparel industry, the spandex market is optimistic.

These listed companies are leaders in related industries

Among the A-share listed companies, Sanyou Chemical is the leading viscose staple fiber company , with an annual production capacity of 850,000 tons; Nanjing Chemical Fiber has a viscose staple fiber production capacity of 80,000 tons/year, and its production capacity is in the middle of the industry; in addition, Jilin Chemical Fiber and Xinxiang Chemical Fiber also have part of the viscose staple fiber production capacity. In terms of spandex, Huafeng Spandex and Xinxiang Chemical Fiber are the industry leaders.

◎Sanyou Chemical: Prices of short fiber products are firm and supply of some models is tight

On the evening of October 28, the company released its third quarter report for 2020. In the first three quarters of this year, the company achieved operating results Revenue was 12.58 billion yuan, -18.72% year-on-year, and net profit attributable to the parent company was 32 million yuan, -93.88% year-on-year. In the third quarter, the company achieved revenue of 4.598 billion yuan, -8.03% year-on-year, and net profit attributable to the parent company was 302 million yuan, turning a loss from the previous quarter, with a year-on-year increase of 119.65%. Benefiting from the high price of PVC paste in the third quarter and the rising prices of various viscose staple fiber products, the company’s performance in the third quarter improved significantly.

The company’s current viscose staple fiber production capacity is 850,000 tons/year, ranking second in domestic production capacity (the first is the foreign-funded enterprise Sateri), with a market share of approximately 17%. According to Soochow Securities, if If the price of viscose staple fiber increases by 2,000 yuan/ton, the company’s performance will increase by 1.275 billion yuan.

◎Huafeng Spandex: The company’s spandex is at full production

On October 27, Huafeng Spandex disclosed its third quarter report for this year , the company achieved total operating income of 9.94 billion yuan in the first three quarters of this year, a year-on-year decrease of 1.8%; net profit attributable to the parent company was 1.24 billion yuan, a year-on-year decrease of 8.3%. It is understood that with the recovery of domestic demand and the launch of the company’s new production capacity, the company’s operating income in the third quarter of this year achieved operating income of 3.844 billion yuan and net profit of 576 million yuan, an increase of approximately 13% and 16% respectively from the same period last year.�right.

The company’s annual output of spandex is nearly 180,000 tons, ranking second in the world and first in China. When Chongqing’s differentiated spandex project with an annual output of 100,000 tons of spandex is fully completed, the production capacity will exceed 200,000 tons.

In a recent institutional survey, the company stated that it is understood that the average operating rate of the spandex industry is about 90%, which is higher than before, and the company’s spandex is at full production. The company also stated that the first phase of the 100,000-ton differentiated spandex project reached production at the end of June this year and is currently operating well. The second phase of the project is also under construction.

◎Xinxiang Chemical Fiber: “Viscose long fiber + spandex” double faucet

Xinxiang Chemical Fiber’s current spandex production capacity is 120,000 tons/year. The company masters the production technology and key technologies of super-soft spandex Successfully applied to the production stage, the spandex equipment has been upgraded from the initial 24 heads to 120 heads, and the proportion of high value-added differentiated spandex has been increased. The company is equipped with robots for automatic sorting and automatic warehousing. The production line occupies a small area, saves labor and consumes low energy. It also conducts in-depth research on the recycling process of spandex waste.

In addition, the company is also a leading domestic viscose filament yarn enterprise with continuously expanding production capacity. The current production capacity is about 80,000 tons/year. In 2019, the company’s viscose filament export volume accounted for 40% of the country’s total.

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