The recent decline in the domestic PTA market has improved slightly, showing a slight rebound. According to the Commodity Market Analysis System of Shengyi Society, as of March 18th, the average price of PTA market in East China was 4855 yuan/ton, an increase of 2.26% compared to March 12th.
| Gamma-PGA (gamma polyglutamic acid) |
Crude oil tends to fluctuate strongly. On March 17th, the settlement price of the main contract for WTI crude oil futures in the United States was $67.58 per barrel, and the settlement price of the main contract for Brent crude oil futures was $71.07 per barrel. In the PX market, some South Korean PX facilities have delayed restart or extended maintenance time, which is favorable for the PTA market. Starting from mid March, Zhejiang Petrochemical’s 2.5 million tons, CNOOC Huizhou’s 1.5 million tons, Jiujiang Petrochemical, Hainan Refining and Chemical’s 660000 tons, and Tianjin Petrochemical have all planned maintenance, and the domestic PX operating rate has gradually decreased. The planned maintenance of PX units in April and May is still relatively concentrated, and the scale of maintenance is slightly lower than the same period last year. It is expected that the destocking of PX in the second quarter will exceed 500000 tons, and the spot liquidity of PX may be tight in the future.
In March, PTA plant maintenance increased due to low processing costs and lower than expected terminal demand. In March, with the maintenance of more facilities such as Yizheng Chemical Fiber and Hengli Dalian, the scale of PTA maintenance has expanded again, and the current operating rate is around 75%. The expected PTA destocking in March is around 300000 tons, and the overall destocking in the second quarter is expected to be around 500000 tons.
The downstream polyester performance is weak, and the pressure is mainly affected by weaving. The performance of “Golden Three Silver Four” is not as expected, and the current operating rate of Jiangsu and Zhejiang weaving machines is only 67%. This year’s spring and summer orders are insufficient compared to the same period in previous years. At the same time, the release of US tariffs has further dragged down the textile market with orders placed in the export market, resulting in average demand support. Finished fabric inventory remains high, post holiday orders are insufficient, the market is cautious, and purchasing enthusiasm is not high.
Business analysts believe that with the strengthening of cost support, PTA will show a trend of destocking in March. At present, downstream consumers mainly consume pre season inventory. With the traditional peak season of the textile industry gradually approaching, if the downstream order situation improves, it is expected to continue to boost the PTA market.
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