China's PSF export analysis in Jan-Feb, 2024

According to the China Customs, uncombed or uncarded PSF exports of China reached 97.27kt in Jan, 2024, down 7.2% year on year and were 69.9kt in Feb, a fall of 21.6% year on year.

In Jan-Feb, 2024, the exports amounted to 167.2kt, a decrease of 13.8% from the same period of 2023, but were still higher than the same period of 2019-2022.

In terms of the top 10 export destinations during the period, Vietnam remained the largest export markets, with a volume of 33,236 tons, up about 31% from the same period of 2023. Pakistan ranked the second place, with a volume of 17,839 tons, down 25.9% year on year. Exports to India, Turkey and Bangladesh saw the highest decline, down 65.4%, 56.3% and 45.3% respectively from Jan-Feb, 2023. Exports to the United States also saw a two-digit decline of 13.2% year on year.

In 2024, PSF new capacity expansion plans are 800,000 tons/yr, and the capacity may reach 10,230kta, with the growth rate hitting a new high in recent years. Plants may continue to seek for exports under the oversupplied situation. Despite of the lower exports in the first two months, the exports may be relatively optimistic for the whole year.