China's PSF export change in Jan-Aug, 2024

According to the China Customs, uncombed or uncarded PSF exports of China reached 121.9kt in Aug, 2024, up 20% year on year and 22.68% month on month. Imports were about 10,206 tons, up 4.6% year on year and 17.6% month on month.

In the first eight months of 2024, the exports amounted to 846.7kt, up 5.2% from the same period of 2023, to be the highest during 2019-2024.

In terms of the top 10 export destinations in the first eight months, Vietnam remained the largest export markets, with a volume of 180,857 tons, up about 32.15% or 44,002 tons from the same period of 2023. Russia saw the largest yearly growth of 39.60% to 42,379 tons. Pakistan ranked the second place, with a volume of 84,946 tons, but down 1.68% year on year. Exports to Indonesia saw the largest decline, down by 32% year on year. Exports to Turkey and the United States also declined obviously, down by 28.2% and 16.5% 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. From Jul, the prices of PSF in China have been constantly declining, which may be one reason for the higher PSF exports in Aug. Currently, PSF prices have declined to a low level within the year, which may be reflected in the export volumes next month.