- Key YTD moves: Polyester +18%; HW DWP +51%; China-origin DWP +43%; medium-grade VSF +22% and high-end VSF +32%. In contrast, Lyocell is only up 7%.
- VSF prices appear to have stabilized at RMB 14-15k/t: Prices have been stable but there has been some discounting this past week. The VSF operating rate remains stable at 79%; however, the eighth week in a row of rising VSF inventory days – now at 24.5 days. The VSF/DWP spread is up just under 1% w/w and is only up 3% YTD.
- DWP prices remain stable, with limited activity: Chinese DWP mills are operating normally. Resurgence of COVID in parts of Asia, poses a risk to demand. However, DWP prices likely to remain stable considering rising paper pulp futures.
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