According to the commodity market analysis system of the business community, the decline of the domestic PTA market slowed down in June, mainly due to shock adjustment. As of June 28, the average price of Spot market in East China was 5631 yuan/ton, down 0.51% from the beginning of the month, down 18.73% year on year.
| Gamma-PGA (gamma polyglutamic acid) |
There is no obvious driving force on the supply and demand side of crude oil, and the oil price range fluctuates. As of June 27th, the settlement price of the main contract for WTI crude oil futures in the United States was $67.70 per barrel, while the settlement price of the main contract for Brent crude oil futures was $72.51 per barrel. However, the unplanned production reduction and operation of PX large factories in June caused concerns about the tight supply of PX, providing positive support for the cost side of PTA. At present, overseas PX supply has resumed, new domestic devices have been successfully discharged, and PX supply is becoming more relaxed.
The PTA market is facing destocking in June, but there have been many restarts of domestic PTA devices since late July. Currently, the operating load of PTA devices has increased to over 80%, and it is expected to enter the accumulation phase after July.
The off-season of downstream 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. The performance of the foreign trade market is poor. According to customs data, China’s cumulative exports of textile and clothing products from January to May amounted to 118.2 billion US dollars, a year-on-year decrease of 5.3%, including a 9.4% year-on-year decrease in textiles and a 1.0% year-on-year decrease in clothing. In May, textiles decreased by 14.1% year-on-year, while clothing decreased by 12.4%.
Analysts from Business Society believe that there is still support for the cost side stage, but there is an expected increase in PTA inventory and supply, and the off-season characteristics of terminal textiles from July to August will become more obvious. Negative feedback on demand is heating up, and it is expected that PTA prices may operate weakly in July.
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