According to the price monitoring of business club, the current price of domestic PTA continued to strengthen slightly today (September 6). The average price in the spot market was 4884 yuan / ton, with a single day increase of 0.14% and a year-on-year increase of 35.55%. The main futures 2201 closed 4908, up 12 or 0.25%.
In terms of supply, Sinopec’s 1.2 million ton PTA plant was shut down on August 6, 2021 and restarted on September 6. Honggang Petrochemical’s 2.4 million ton unit is scheduled to be overhauled on September 7, with half of its capacity in about 10 days. At present, the operating rate of PTA industry is around 81%.
In terms of raw materials, concerns about increased supply remain, and the pressure on oil prices is weakening. As of September 3, the settlement price of the main contract in the U.S. WTI crude oil futures market was reported as USD 69.29/barrel, and the settlement price of the main contract in Brent crude oil futures market was reported as USD 72.61/barrel. Cost side support is relatively limited.
As there is no significant improvement in the demand of the terminal market, the polyester market trading in the downstream Jiangsu and Zhejiang regions is relatively flat, and the operating rate of the polyester industry is around 84%, so the PTA demand performance is relatively weak. The price remains stable. The quotation of mainstream factories in Jiangsu and Zhejiang is temporarily stable, of which the quotation of polyester POY (150D / 48F) is 7250-7400 yuan / ton.
Business analysts believe that today, boosted by the maintenance of the unit, the PTA price increased slightly, but the production capacity of the new unit moved up, and the PTA in the follow-up maintenance plan decreased and the PTA supply increased. Due to the superposition, it is difficult to significantly improve the start-up of the downstream polyester unit. As the supply will increase and the demand side performance is relatively weak, PTA social library is in a slightly accumulated inventory state, and PTA prices are expected to operate in a weak and volatile manner. In the near future, attention should be paid to the start-up of domestic demand for terminals in the traditional peak season in September.
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