More direct-spun PSF production cut due to low PSF spread

Since mid-Jan, with continual upswing of polymerization costs, direct-spun PSF prices follow higher, but as downstream spinners cannot accept well, the pre-holiday replenishment is not large. The price rise of direct-spun PSF is smaller than that of feedstock, so direct-spun PSF spread narrows to 600-700yuan/mt, approaching the lowest level since 2023.

With the impending Spring Festival holiday, some plants cut more production. Currently, the capacity under the maintenance during the holiday involves more than 3,000kta, taking a share of one third of total capacity.

Therefore, the operating rate of direct-spun PSF may reduce to below 60% during the holiday, lower than previous two years.