According to the Commodity Market Analysis System of Shengyi Society, the domestic PTA spot market has shown significant weakness since April. As of April 17th, the average market price in East China was 4318 yuan/ton, a decrease of 12.04% from the beginning of the month.
| Gamma-PGA (gamma polyglutamic acid) |
The crude oil market is intertwined with bullish and bearish factors, and based on the subsequent impact of current US tariff policies, crude oil may enter a new cycle in the long run. The supply-demand balance will be disrupted, and in the process of rebalancing, crude oil prices will fluctuate and adjust in the short term. As of April 16th, the settlement price of the main contract for WTI crude oil futures in the United States was $62.47 per barrel, and the settlement price of the main contract for Brent crude oil futures was $65.85 per barrel.
During the maintenance of PX facilities both domestically and internationally, the domestic PX load has decreased to 73%. In the maintenance of Yangzi, Jiujiang, and Zhejiang Petrochemicals, Hainan Refinery and Pengzhou Petrochemicals have reduced their load and improved their supply. However, under the tariff war, costs and demand are greatly affected, and the overall situation is relatively weak.
PTA is undergoing planned maintenance, and the industry’s operating rate is currently around 75%. Hengli Petrochemical plans to inspect the Huizhou 2 # 2.5 million ton PTA plant on April 28th and the Dalian 2 # 2.2 million ton PTA plant around May 10th, simultaneously reducing the contracted supply for May.
Downstream demand performance is weak, polyester load remains stable at 90% peak season level, demand uncertainty is high under the tariff war, inventory pressure is high, and cash flow surges and falls. The expectation of terminal demand is pessimistic, and there is no sign of improvement in the weaving market. There is insufficient follow-up on new orders, and there is a strong wait-and-see atmosphere.
Business analysts believe that PTA itself has limited short-term room for improvement as its supply decreases with the implementation of maintenance. However, the tariff policy continues to suppress the export of terminal textiles, leading to a pessimistic attitude towards terminal demand and concerns about a decrease in the operating rate of terminal looms, as well as a high probability of a decrease in the negative impact on the polyester end. Under the bearish game, PTA lacks a clear direction drive and may maintain a wide range of fluctuations in the short term.
| http://www.lubonchem.com/ |