China PSF export analysis in Q1, 2024

According to the China Customs, uncombed or uncarded PSF exports of China reached 112kt in Mar, 2024, up 4.9% year on year and 60% month on month, to reach a five-year high level. Imports were about 8,000 tons, down 19.5% year on year and up 9.9% month on month.

In 2023, the monthly average exports of PSF reached 100kt, far higher than the same period of previous year. In the first quarter of 2024, the exports amounted to 279kt, down 7.1% from the same period of 2023, but were still the second highest during 2019-2024.

In terms of the top 10 export destinations in the first quarter, Vietnam remained the largest export markets, with a volume of 57,493 tons, up about 25.06% from the same period of 2023. Pakistan ranked the second place, with a volume of 26,309 tons, but down 25.53% year on year. Exports to Indonesia saw the largest decline, down by 65.6% or 12,177 tons year on year. Exports to Brazil also declined obviously affected by the anti-dumping investigation.  

In the past few years, the development of Chinese refining-chemical integration not only optimize own industrial chain, but also gains obvious cost advantages on international market. Therefore, direct-spun PSF has much stronger competitiveness on international market, and buyers from Southeast Asia and Pakistan turn to import from yarn to PSF. Nevertheless, there is a new round of anti-dumping investigation. Brazil has started in the first quarter, and there are rumors that the United States will take action later. PSF exports are forecast at the level of 2023.