In January 2024, the global manufacturing industry had initial signs of getting rid of the continued weak operation, the recovery strength was significantly increased compared with the previous month, and the universality of the recovery is relatively good, and the improvement of the recovery strength of the global manufacturing industry has brought a positive impact on improving global economic expectations. According to the global manufacturing purchasing managers' index released by the China Federation of Logistics and Purchasing, the global manufacturing purchasing managers' index in January 2024 was 49.3%, up 1.3 percentage points from the previous month, ending the trend of running below 49% for 9 consecutive months, and the index level is a new high since March 2023. In January, China's cotton textile prosperity index was 50.9%, up 0.2 percentage points from December, and the prosperity index continued to increase. The purchasing managers' index of China's manufacturing industry released by the National Bureau of Statistics in January 2024 was 49.2%, an increase of 0.2 percentage points from the previous month, indicating that the level of prosperity in the manufacturing industry has rebounded. China's cotton textile prosperity index is 1.7 percentage points higher than China's manufacturing purchasing managers' index, and is in the recovery stage. From the sub-index point of view, the composition of China's cotton textile boom index of 7 sub-indexes, raw material purchase index, raw material inventory index, production index, product sales index, business confidence index is higher than the critical point, product inventory index, operating index is lower than the critical point. Raw material purchase index, raw material inventory index and product sales index rose compared with December, while production index, product inventory index, business operation index and business confidence index fell compared with December.

Raw material purchase index

In January 2024, the raw material purchase index was 52.9%, up 4.2 percentage points from December. In the same month, affected by the continuous improvement of downstream demand and the downstream stock market before the festival, raw material prices fluctuated and rose, and the prices of cotton, polyester staple fiber and viscose staple fiber rose by different margins. Specifically, the average monthly spot price of domestic 3128 cotton is 16,273 yuan/ton, up 412 yuan/ton, or 2.6%; 1.4D direct spinning polyester short monthly average price 7362 yuan/ton, up 97 yuan/ton, an increase of 1.3%; Mainstream viscose fiber monthly average price 12,797 yuan/ton, up 13 yuan/ton, an increase of 0.1%. At the beginning of the month, cotton textile enterprises have good raw material procurement intentions, and after entering the middle and late months, as the Spring Festival approaches, the procurement of raw materials gradually comes to an end, and the raw material procurement index in January is higher than the critical point.

Raw materials inventory index

In January 2024, the raw material inventory index was 52.5%, up 4.2 percentage points from December, and the inventory of major raw materials in the industry rose. Due to the favorable replenishment market in the past year, cotton textile enterprises have a good willingness to purchase raw materials, and raw material inventories have risen quarter-on-quarter. Among them, the cotton inventory index was 51.4% and 47.8%, up 3.6 percentage points from December; The non-cotton fiber inventory index was 53.7%, up 4.9 percentage points from December.

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