The speculation supports the polyester polymerization rate in Apr

The speculation supports the polyester polymerization rate in Apr, but the rigid demand still should be noted.
Feedstock has prepared, but sales turned worse. The operating rate of fabric mills in Zhejiang and Jiangsu was around 20-50% during the Tomb-sweeping Festival, which meant sales would be stunted in some independent twisting units. The finished goods will occupy the warehouse later, but small twisting units mainly have small storage capability. Actually, high feedstock inventory has possessed some space. Therefore, the buying interest of later period may be depressed.

The demand for fabric is still affected by the COVID-19 abroad, and that for textiles and apparels will not improve much before the sales and the transportation abroad resumed.

The demand tendency of polyester products should pay attention to the results of OPEC+ meeting. Some speculators will enter if the outcome is bullish. Otherwise, eyes are suggested to the destocking of downstream market in end-Apr.