Recently, the domestic PTA Spot market has shown a volatile upward trend. As of June 22, the average price of Spot market in East China was 5695 yuan/ton, up 1.77% from June 12.
The burden reduction of large raw material PX devices has led to a decrease in operating load, resulting in a tightening of PX supply. In the short term, prices may strengthen, providing positive support for PTA.
The profit performance of downstream polyester products is fair, the overall inventory of the market is reasonably controllable, and the factory production enthusiasm is high. At present, the polyester industry starts at more than 90%. And after the new device is put into operation, the load gradually increases, and it is expected that the overall market supply will slightly increase.
However, there have been many restarts of PTA devices in China recently, and the current operating load of PTA devices has increased to around 80%. At the same time, the off-season of terminals has dragged down the demand market, with some weaving factories shutting down for holidays or reducing operating rates. The comprehensive operating rate in Jiangsu and Zhejiang is around 60%, and there is currently no sign of improvement in the domestic and foreign markets.
Analysts from Business Society believe that short-term crude oil prices fluctuate widely, and a tightening of PX supply may result in strong cost support for PTA. Downstream polyester factories currently do not have the power to actively reduce load, and will still maintain a relatively vigorous operating state. But in the situation where it is difficult to open terminal orders, there is still pressure on the demand side. Overall, short-term PTA is expected to be mainly adjusted with cost fluctuations.
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