China Textile Downstream Slows as Spring Festival Shutdowns Deepen

Downstream plants in Zhejiang & Jiangsu are on holiday; DTY operating rate at 17%, around 40% in Xiaoshan/Shaoxing and 10–20% in Taicang, Cixi & Changxing, with full shutdowns from this weekend.

Filament grey fabric plants fell to 9% operating rate; water-jet mills at 10–20%, warp knitting 10–20%, circular knitting below 10%, while Changshu mostly shut.

Printing & dyeing plants run at 45% overall: about 50% in Wujiang/Xiaoshan/Shaoxing and ~20% in North Jiangsu & Haining, with holidays between Feb 6–10.

Fabric mill operating rates dropped below 30% about 5 days earlier than 2024–25, and recovery above 50% is expected only after the Lantern Festival (Mar 3).

Downstream raw material inventory is just ~12 days, grey fabric stocks remain high, and PFY inventories are likely to build in Feb, raising depreciation risk once capital support fades.