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    Oil And Electricity Price Increase: The Heavy Burden Of Chemical Fiber Industry

    2008/7/2 0:00:00 67

    The good days of the chemical fiber industry passed last year.

    International crude oil prices have reached record highs, and China's foreign trade export growth has slowed down and other negative factors have followed. This year's bullish industry is being squeezed on both sides.

    "Compared with the same period last year, the price of sulphuric acid alone increased by 496%."

    Hubei gold ring has no choice but to announce.

    Doom is much more than that. Since June 20th, the national development and Reform Commission has raised the price of refined oil by 1000 yuan per ton, and will raise the national average electricity price by 2.5 cents per kilowatt hour in July 1st.

    Cost increase has become an unbearable burden for the chemical fiber industry.

    A bad day on both sides.

    "The chemical fiber industry has a direct correlation with the world economy about 47%, considering the fabric, the indirect correlation is as high as 87%."

    Zheng Zhiyi, President of China Chemical Fiber Industry Association, told reporters.

    China's chemical fiber products are mainly exported to the United States, India and Turkey, and fabric exports are also concentrated in these countries.

    Unfortunately, the butterfly wings of the US subprime mortgage also affected China on the other side of the ocean.

    In the silk city of Wujiang, Jiangsu, a large number of textile export enterprises are on the verge of collapse.

    Textile enterprises are the most important customers in the chemical fiber industry. Spandex, polyester and other chemical fiber products are important raw materials for clothing fabrics.

    As demand weakens, there is also appreciation of the renminbi and rising cost of raw materials.

    "Spandex price has dropped from 80 thousand yuan / ton last year to 5~6 yuan / ton now, but caustic soda, coal, electricity and oil are all rising in price, directly eroding the profits of the company."

    Xinxiang chemical fiber securities department, Mr. Ji told reporters.

    Reporters noted that Huafeng spandex and Xinxiang chemical fiber announced that the medium-term net profit reduction of less than 30% and 50% to 95%.

    Some broker's research reports also expressed little optimism for the chemical fiber industry. GAHUA securities recently lowered the Yizheng chemical fiber (S) A and H stock rating to "sell". The main products of Yizheng chemical fiber are polyester and polyester industrial yarn, as the downstream products of naphtha extract, the impact of high oil prices on polyester and polyester is even more serious.

    Against this background, the NDRC has raised the price of refined oil and electricity, which will undoubtedly make the chemical fiber industry, which has already been struggling, suffer even more.

    Spandex Industry: plummeted after soaring

    Spandex listed companies are the shining stars in the two cities of last year.

    Guotai Junan research data show that in 2007, the average price of spandex 40D was 79136 yuan / ton, an increase of 57.27% over the same period, while the price of raw materials increased by about 13%, and the profit growth rate of the industry increased significantly.

    Shu Ka shares and Huafeng spandex were the targets of the investors in the two tier market. They rose by 5 times and 4 times respectively from 1~10 months in 2007.

    However, as the industry boom continued to decline and market adjustment, the two companies staged a high-profile diving, almost losing their gains.

    Even Yantai's spandex, which has a relatively high differentiation rate of newly listed products, has been "tied up". Its first day of listing rose 19%.

    The main raw materials for spandex production are PTMEG (poly four methylene ether glycol) and MDI (two phenyl methane diisocyanate).

    The former accounts for about 45% of the cost of production, while the latter accounts for about 10%.

    At present, the company that produces PTMEG in China has three dimensions in Shanxi. According to Ding Side, an analyst at Tian Di, because 90% of PTMEG is used to produce spandex, the latest factory price of Shanxi 3D PTMEG has dropped to 29000 yuan / ton despite high oil price.

    But a woman at the Huafeng spandex Securities Department said that even this is not enough to offset the rise in other production costs, and there is no specific data on how much it can write off.

    The increase in electricity charges directly led to an increase in the cost of spandex production.

    According to the different power consumption degree of each spandex plant, Chen Junxian, deputy manager of Zhejiang Huarui Information Technology Co., Ltd. calculates that the increase cost per ton is 150~200 yuan / ton.

    Hua Rui is a professional researcher dedicated to the chemical fiber industry. Chen Junxian told reporters at the same time that the sharp rise in gasoline and diesel prices had no direct impact on spandex production.

    However, the pportation cost of spandex raw materials and spandex yarn will rise to a certain extent. As the spandex manufacturers are mostly consignments, the increase of specific pport costs will depend on the adjustment of pport companies.

    Polyester and polyester industry: injured at high oil prices

    "Polyester represents the most advanced engineering technology in our industry. It is our quality asset."

    China Chemical Fiber Industry Association has previously told reporters.

    However, in the case of soaring crude oil prices, the advanced polyester industry is also booming.

    Last Wednesday, Asian naphtha prices recorded a record high for third consecutive days, while naphtha was the most important raw material for polyester production.

    In the two cities, the main products of polyester companies are mainly S Yihua and Wan Wei hi tech.

    A quarterly report shows that S lost 27 million yuan in the reporting period, compared with a profit of 5 million yuan in the same period last year.

    Although the largest shareholder is Sinopec, PTA prices still rose sharply, while the product rose by only 3% over the same period last year, which has led some institutional investors to escape. In the first quarter, the number of shareholders of the company increased by 25% compared with the previous period, and the concentration of chips decreased.

    Polyester fiber can be used to produce polyester filament and staple fiber. At present, there are mainly Jiangnan high fiber, Huaxi Village and Halliday. Compared with spandex and viscose products, the synthetic fiber industry mainly based on polyester is relatively stable.

    Also due to overcapacity, polyester prices are hard to keep up even under rising oil prices.

    The price rise of crude oil has hurt the polyester polyester industry listed companies.

    Overcapacity has sprinkled salt into the wounds of the industry.

    Now, what negative effects will the NDRC raise the price of electricity and refined oil on polyester?

    Chen Junxian took Zhejiang Province as an example to give reporters a count.

    At present, the average industrial electricity price in Zhejiang is around 0.65 yuan / kWh, with an average increase of 5% or so. The rise in electricity price will bring pressure on the production cost of polyester factories. The electricity consumption per ton of polyester chips will be about 70~75 kwh, and the production of polyester chips per ton will be 45~48 yuan / ton, and the production cost of polyester chips per ton will increase by about 2.2 yuan to 2.4 yuan per ton.

    The impact of refined oil prices is also concentrated on pport costs. Polyester and polyester products are mainly concentrated in Jiangsu and Zhejiang provinces, but the consumption areas are relatively scattered. At present, the pportation cost of Zhejiang to Guangdong has risen from 300 yuan / ton in May to 380~400 yuan / ton, and there is still possibility of further rise on the basis of rising oil prices.

    Tian Ding analyst analyst Ding Ding told reporters that the electricity price impact on polyester and polyester industry costs is far less than that of crude oil prices. The biggest impact of electricity prices should be viscose industry.

    Viscose industry: harvest, joy, trouble

    The viscose industry also had a bumper harvest last year, and prices of staple fiber, staple fiber and filament rose sharply.

    Statistics from China Chemical Fiber Industry Association show that in 2007, the export value of viscose staple fiber was US $101 million 468 thousand, up 180.13% over the same period last year.

    Shandong Hailong, Australia ocean technology, which is the main viscose long and short fiber, quickly strengthened in the two tier market.

    Australian technology annual report shows that in 2007, the company's EPS was 1.54 yuan, the net assets yield was 19.74%, even the Jilin chemical fiber producing viscose filament at the end of 2007, EPS also reached 0.21.

    However, good scenery is not long after all.

    Since 2008, the viscose industry has also been in a predicament with the anticipation of the global economic recession and the change of export tax rebate policy.

    Different from other sub industries of viscose fiber, viscose is a natural cellulose material widely used in renewable, biodegradable cotton lint and fast-growing materials.

    The rise of crude oil prices has no impact on the sub sector, but makes the industry more extensive in today's increasingly tense energy.

    The only drawback is that viscose is a high power consumption product. The cost of industrial electricity increases significantly on the cost of viscose fiber.

    Data from Zhejiang Huarui show that the production of tonnage fiber consumes about 1000 degrees, and the cost of electricity will rise by about 25 yuan after the electricity price is raised.

    The cost of viscose filament increased more obviously, the power consumption of ton viscose filament was about 4500~8000 degrees, and the cost of electricity increased by 125~200 yuan.

    Some companies also produce raw cotton pulp. The output of tonnes of cotton pulp is also between 300~500 degrees. After the electricity price is raised, this part of the cost will rise by 7.5 to 12.5 yuan / ton.

    This part of the cost increase, the current poor operation of the viscose fiber industry is worse.

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