Bad Factors Remain, PTA Continues To Rebound Momentum Is Insufficient

According to the price monitoring of business associations, the price of domestic PTA spot market showed a trend of first decline and then up trend. As of December 27th, the market average price was 4964 yuan / ton, and the weekly gain was 1.53%, down 20.34% from the same period last year. At the beginning of the week, Yisheng announced its maintenance plan for the first quarter. However, due to the continuous entry of polyester, the PTA storage cycle remained unchanged, resulting in relatively limited profits and a decline in prices. Subsequently, in the raw materials upgrading and downstream polyester production and marketing stage warming, PTA prices ushered in a small rebound. On the device side, the current start-up load is maintained at around 93%, and the 1 million 200 thousand ton PTA plant of Sino Thai Petrochemical was put into operation in December 25th and planned to be discharged on January 1.

　　 Changes in domestic PTA plant installations

On the cost side, the PX market's buying enthusiasm has been greatly improved, and the market turnover has been active. The Asian PX market closed for 26 days at 823 US dollars / ton FOB Korea and 843 US dollars / ton CFR China, up 18 US dollars / ton compared with 20 days. The current load of downstream polyester is stable near 83%, and the mainstream polyester filament factory in Jiangsu and Zhejiang is stable and strong, of which polyester FDY (150D/96F) is reported at 7350-7600 yuan / ton. The terminal textile market gradually opened up near the end of the year. The demand follow-up was slightly cautious, mainly in the form of money recovery, and logistics and transportation gradually entered the holiday trend. The order follow-up situation was reduced. The integrated boot rate of Jiangsu and Zhejiang looms was reduced to 65% near the beginning of the week.

Xia Ting, a business analyst, believes that the cost side is strong, and that PTA will be a good short-term. However, at present, the downstream polyester factories have been releasing the overhaul and production reduction plan before and after the Spring Festival. The demand side has weakened as a whole, and PTA has entered the storehouse stage. The terminal textile market gradually entered the end of the year, focusing on accelerating parking in late December and purchasing raw materials carefully. At the same time, the new capacity of PTA has been launched, and the supply pressure of PTA will continue to rise. On the whole, the negative factors still exist, PTA continues to rebound momentum is insufficient, it is expected that before the Spring Festival, PTA will be mainly vulnerable to shock and weak operation.