• Key w/w moves: VSF +2%; polyester +4%; and high-quality cotton liner +5%.
  • VSF prints further gains, despite the onset of the CNY: Despite increases going ahead, most spinners have built up sufficient inventory for now and post the holidays.
  • VSF operating rate drops to 79%: This is on the back of maintenance of VSF plants in West China. VSF inventory days remains tight at 10.5 days. VSF market will be totally closed, lasting up to 10-15 days.
  • DWP supply tightness eases slightly: Sun Paper continues to operate, while Hunan Juntai has converted to HW DWP.
  • DWP price flat w/w with no takers above USD 900/t: With further VSF price momentum, DWP fundamentals remain strong.

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