Xinfengming announced today (October 19) that with the joint efforts of all employees of the company, through the early stages of equipment installation, single machine commissioning, linkage commissioning, cold commissioning, hot commissioning and material commissioning, phase II of Dushan energy, a wholly-owned subsidiary, has put into operation a green intelligent PTA project with an annual output of 2.2 million tons. The PTA phase I plant with an annual output of 2.2 million tons has been put into operation on October 30, 2019.
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This is a major measure for xinfengming to extend the industrial chain upstream, complete PTA self-sufficiency, further reduce the cost of main business, and enhance the comprehensive strength of the company. Also further enhance the company’s profitability, competitiveness and anti risk capabilities, improve the comprehensive utilization of resources, consolidate the company’s competitive advantage of polyester filament products.
According to the statistics of the business agency, the domestic PTA capacity increased rapidly from 2010 to 2014, while the period from 2015 to 2016 experienced a period of de capacity and entered a stable period. It is estimated that PTA will usher in a new round of production capacity release cycle from 2020 to 2022. By the end of 2022, PTA has a total capacity release plan of 29.3 million tons. The new capacity mainly comes from the raw material matching of downstream leading enterprises and the expansion of PTA’s main suppliers. The era of PTA’s high boom will come to an end.
Statistics of domestic PTA new capacity in 2020 (unit: 10000 tons)
Change of annual production capacity of enterprise name
Zhongtai Petrochemical Co., Ltd. 120 to be discharged on January 1, 2020
Hengli Dalian 250: 1.25 million tons of lines will be discharged on January 14, 2020, and the other 1.25 million tons of lines will be put into operation on January 18
2.5 million tons of lines will be put into operation on June 28, 2020, and products will be produced on June 29, 2020, and another 1.25 million tons will be put into production on July 10
Dushan energy 220 will be put into operation on October 19, 2020
Fujian Baihong 250 is planned to be put into operation in October 2020
Sinopec 330 is planned to be put into operation near the end of 2020
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2020 is the peak of PTA production, and the production capacity has increased significantly. Since this year, 6.2 million tons of units have been put into the market, including 1.2 million tons of Zhongtai chemical, 2.5 million tons of Hengli Petrochemical phase 4 and 2.5 million tons of phase 5 of Hengli petrochemical. In addition to the 2.2 million tons of Dushan energy put into production today, the domestic PTA production capacity has reached 61.055 million tons. It is estimated that Fujian Baihong 2.5 million ton unit will be put into operation in October in the fourth quarter, and the 3.3 million ton unit of Sinopec is planned to be put into operation near the end of the year. If the unit is put into operation smoothly, the production capacity may reach 66.855 million tons by then, which will greatly increase the domestic PTA supply pressure, and the pattern of excess supply is still severe, which will bring pressure on the market price. According to the price monitoring of the business agency, as of October 19, 2020, the average price of PTA spot market in China was 3442 yuan / ton, a year-on-year decrease of 31.67%.
Xia Ting, an analyst at the business agency, believes that in the near future, the demand for downstream terminals is picking up and PTA devices are undergoing large-scale maintenance, and PTA prices are facing a wave of upward trend. However, the new production capacity feeding has a certain impact on the market. In addition, the production and sales of polyester in the downstream have fallen down as a whole. Only relying on the high production and sales of polyester staple fiber can not boost the market. It is expected that PTA market will continue to rise, with insufficient power.
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