Chinese exports of polyester filament yarn (PFY) amounted to 273 kilotons in October, down 97 kilotons or 26 percent when compared with September, thereby hitting a new low in the current year.
According to China customs data, PFY exports to India reached only 9 kilotons in October, a massive decline of 74 kilotons or 89.3 percent over September.
However, in the January to October period, Chinese PFY exports totaled 3,380 kilotons, growing by a significant 26.5 percent year over year.
The drop in PFY exports in October to India were in line with market expectation. PFY shipments to India have remained depressed after the Indian government implemented the BIS certification.
Many Chinese PFY manufacturers have not yet been able to secure the BIS certification, but most players are still optimistic about exports increasing to India in 2024.
PFY exports are still projected to remain high in the rest of 2023 and are expected to be at 4 million tons, in both November and December.
In some good news for PFY exporters, Pakistan removed the anti-dumping measures on Chinese-produced PFY, while Vietnam has reduced anti-dumping duty on a few varieties of PFY.