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In early September, the prices of products in the polyester industry chain continued to fall, the spot prices of PTA and PX hit a three-year low, and the price of polyester bottles fell below the new low in the year. This is partly due to the continued decline in crude oil prices in early September, but also due to a lack of confidence in the market.
But now, market confidence is gradually recovering, polyester raw materials seem to show a trend of bottoming out.
Increasingly cautious markets
Unlike the active weaving market in the first half of the year, the market sentiment in early September appeared somewhat cautious.
As the beginning of the traditional "gold nine silver ten" season, market orders did not pour in as in previous years, and the number of orders increased slightly compared with the first half of the year.
However, this is not due to lack of market demand. China is the world's largest exporter of textiles and apparel, accounting for 33.7% of the global export market, according to data released by the China Textile Import and Export Chamber of Commerce. From January to August this year, China's textile and apparel exports totaled $197.77 billion, up 1.1% year-on-year. Although the growth rate of demand has slowed down due to the global economic situation, it is still in the growth stage. In addition, the achievements of the "Belt and Road" Initiative have gradually emerged, and the development of emerging markets has also achieved relatively obvious results in recent years.
Just ahead of the US Federal Reserve's rate-cutting cycle, global monetary tightening has been accompanied by a sustained fall in commodity prices, notably crude oil, leading to a lack of confidence in markets and traders being cautious about hedging orders. That, too, is changing.
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