China PSF exports hit multi-year high in H1, 2024

According to the China Customs, uncombed or uncarded PSF exports of China reached 117kt in Jun, 2024, up 15.9% year on year, but down 6.3% month on month. Imports were about 6,793 tons, down 22.5% year on year 18.9% month on month.

In the first half year of 2024, the exports amounted to 625kt, up 3.3% from the same period of 2023, to be the highest during 2019-2024.

In terms of the top 10 export destinations in the first six months, Vietnam remained the largest export markets, with a volume of 131,103 tons, up about 28.9% or 29,395 tons from the same period of 2023. Russia saw the largest yearly growth of 62.1% to 32,456 tons. Pakistan ranked the second place, with a volume of 66,066 tons, but down 4.7% year on year. Exports to Indonesia saw the largest decline, down by 37.5% year on year. Exports to Brazil and the United States also declined obviously, down by 16.4% and 22.9% respectively.

The development of Chinese refining-chemical integration in the past few years 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. In addition, sea freight is high and PSF producers support the processing spread. Exports may be suppressed later.