The market’s concern about the banking crisis in Europe and the United States eased somewhat, and most varieties of the domestic commodity market closed higher on March 17. PTA futures strengthened, with key contracts gaining 3.14%. The spot market rose with the average market price in East China at 5827 yuan/ton, up 2.27% from the previous day.
| Chitosan oligosaccharide |
Crude oil prices rebounded slightly, boosting sentiment in the energy and chemical sector. In addition, some PX factories were reduced in load and delayed in restarting, resulting in a decrease in expected incremental production, which to some extent boosted PX prices and supported PTA’s cost side. In terms of its own supply, the PTA device load has slightly increased to over 76%, with supply increasing slightly. However, in March, the supply was mostly concentrated in the hands of a few traders, and some traders closed their orders.
| Gamma-PGA (gamma polyglutamic acid) |
The downstream polyester maintenance stage is on the high side, but production and sales are poor, and the demand for PTA is weak. Downstream wait-and-see sentiment is relatively strong, and procurement is mainly for immediate needs. The comprehensive start-up rate of Jiangsu and Zhejiang looms has been lowered to below 70%.
Analysts from the Business Agency believe that overall, cost PX support is still strong, coupled with a tight supply and circulation of PTA goods, which is the main factor driving the strength of PTA prices. In the future, it is necessary to pay attention to PTA production, spot market liquidity, and downstream demand.
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