According to the Commodity Market Analysis System of Shengyi Society, the domestic PTA market has been weak and adjusted since January. As of January 17th, the spot price of PTA in East China was 5019 yuan/ton, a decrease of 1.17% from the beginning of the month.
Recently, PTA plant restarts and maintenance coexist. Dushan Energy’s 3 million ton plant restarted on January 14th, Yisheng New Materials’ 3.6 million ton plant stopped on January 14th, and Zhuhai BP’s 1.25 million ton plant stopped on January 16th. Overall production has decreased to around 75%.
The disappearance of geopolitical premiums coupled with inventory pressure has led to a sharp decline in international crude oil prices, ending a five-day streak of gains. On January 15th, the settlement price of the March WTI crude oil futures contract in the United States was $59.08 per barrel, a decrease of $2.80 or 4.5%. The settlement price of Brent crude oil futures for March was $63.76 per barrel, a decrease of $2.76 or 4.1%.
Downstream polyester experienced seasonal decline before and after the Spring Festival. After the concentrated fermentation of downstream polyester production reduction news, a new round of production reduction for polyester filament began (mainstream filament manufacturers decided to start a one quarter continuous production reduction from January 14th, with a magnitude of 15%), and PTA traders’ willingness to hold goods weakened.
And the overall new order atmosphere of the terminal weaving end is still poor. At the beginning of the month, driven by the rising atmosphere of crude oil and costs, some customers with low inventory or intention to stock up on raw materials after the new year were driven to purchase raw materials. The overall wait-and-see sentiment is strong, maintaining a strong demand for raw material procurement.
Business analysts believe that PTA supply and demand expectations are gradually weakening, and there is significant pressure on inventory accumulation in February. It is expected that PTA prices will mainly follow fluctuations in raw materials in the short term.
| http://www.pva-china.net |