From September 20 to 24, the domestic PTA market fluctuated upward. The average spot market price was 5141 yuan/ton, a weekly increase of 4.02% and a year-on-year increase of 50.93%.
The overhaul of PTA devices has increased, and the industry start has dropped to around 68%. Among them, Jiaxing Petrochemical’s 2.2 million tons plant was overhauled for about 2 weeks on September 15; Yangzi Petrochemical’s 650,000 tons plant was overhauled in the evening on September 22 until after the National Day; Honggang Petrochemical’s 1.5 million tons plant was overhauled on September 14, with 2.4 million tons. All production capacity will be overhauled on September 14, and the restart time is yet to be determined; Hengli Dalian 2.2 million tons will be overhauled on September 19, and the restart time is to be determined. At the same time, supplier Hengli Petrochemical's October supply decreased by 30%, and there is no pressure on the supply side for the time being.
In addition, the raw material side also has a certain boost. Crude oil continued to rise at a high level, and the PTA cost support increased. As of September 23, the settlement price of the main US WTI crude oil futures contract was reported at 73.30 US dollars per barrel, an increase of 1.07 US dollars. Brent crude oil futures The settlement price of the main contract was reported at 77.25 US dollars per barrel, an increase of 1.06 US dollars.
The downstream polyester factories have preferential promotions at the beginning of the week, and the raw materials are boosted cautiously. However, the "golden September and silver October" fineness of the textile terminal industry is insufficient. Jiangsu, Zhejiang and other places were affected by the power rationing of weaving enterprises and the "double reduction and double control" of printing and dyeing factories, and the operating load of looms dropped rapidly to below 55%. In terms of exports, the continuous increase in ocean freight, the lengthened transportation turnaround time, and the increase in logistics costs have led to continued pressure on overseas textile and apparel orders.
Recently, PTA equipment has been overhauled and the supply is expected to decrease, which will support the market; downstream demand is affected by the "dual control", and the market maintains rigid demand. With the improvement in the supply of its own fundamentals and the strengthening of the overall commodity market atmosphere, the PTA market continues to fluctuate strongly in the short term.
