A good start for direct-spun PSF in 2025

On the first trading day of 2025, direct-spun PSF futures market surged, with Mar contract rising to 6,900yuan/mt. The market activities became active.

Since late Dec, as direct-spun PSF prices continued to hit new lows, downstream spinners increased the purchasing volumes of feedstock at low level, but in general, they were cautious to purchase, and most of them replenished for the quantity that could be used before the Spring Festival holiday. With the higher prices on the first trading day of 2025, spinners began to replenish the feedstock that could be used after the holiday. Currently, the feedstock inventory in spinning mills was around half a month.

PSF plant inventory continued to reduce, and currently, the inventory was below 10 days. Plants have no pressure, and some plants pre-sell PSF.

Currently, some PSF plants have released the shutdown plans for Spring Festival holiday, and some plants have not the confirmed plans. According to CCFGroup, the operating rate of direct-spun PSF plant may drop to a low of 65-70%.