On the 17th, the polyester chain was still collectively green, and ethylene glycol continued to lead the decline by more than 2%. The closing price was 3920 yuan. PTA, short fiber shrinks the vagina. Recently, due to Zhejiang Petrochemical’s new equipment being put into production and the Hengli plant planning to restart, supply is expected to increase at a low level, coupled with weak demand and high inventory, the market is mainly weak.
The market is waiting with bated breath for the final outcome of the Iran nuclear negotiations. At the same time, European natural gas continues to rise close to the record high set in March this year, and oil prices once surged. However, the continued weakening of the monthly difference structure shows that the current stage of supply and demand in the crude oil market has been greatly eased. In the end, concerns overshadowed the boost of relevant information, and oil prices still fell from the intraday high.
The supply and demand side of ethylene glycol is obviously weaker than that of PTA and staple fiber, and the market is under obvious pressure. Industry maintenance was the most intensive in August, with integrated and coal chemical equipment undergoing certain maintenance. In addition, the coal chemical industry was affected by profit issues, and the restart of some parking equipment was often delayed. The recovery of output in September was still relatively slow; however, with the recent increase in the Zhejiang Petrochemical, Zhejiang Petrochemical, Satellite, etc. also have restart plans in the later stage, and the overall start-up of integrated equipment in the later stage will be significantly improved. At the same time, in the short term, centralized replenishment of urgent demand is gradually becoming thinner. Poor terminal orders are coupled with power cuts. It is currently difficult to achieve higher loads, and there is currently no positive driver for demand. Under the influence of the restoration of ethylene glycol production, the market expects that social inventories will return to the accumulation cycle in September.
PTA processing fees remain low. Due to intensifying losses, 27.35 million ton devices, including Fuhaichuang’s 4.5 million ton device and Yisheng’s three 10-million-ton devices, were shut down for maintenance or load reduction in July. Domestic PTA operating load continues to be less than 70%. Most of the devices that were overhauled in July will resume production or operate at full capacity from the end of July to early August. Hengli Petrochemical 3# and Fuhai Chuang are expected to restart next week.
Recently, hot weather has occurred in the southwest and the upper and lower reaches of the Yangtze River. In order to protect residents’ electricity use, some areas have imposed certain restrictions on industrial electricity use. This power cut included some polyester factories and terminal weaving enterprises, and the start-up of looms and texturing in Jiangsu and Zhejiang dropped significantly. However, for the polyester and weaving industries, due to weak terminal demand this year, terminal and downstream finished product inventories are high, and summer is the traditional off-season, and the industry start-up is already at a historical low for the same period. Therefore, some market participants believe that power rationing in various provinces and cities The measures have no substantial impact on the industry.
Founder mid-term futures Yu Yangfeng said that for short fiber, due to weak downstream demand, processing fees are at a low level and business operations are under pressure. As the traditional peak season approaches, downstream demand is expected to improve month-on-month. However, subject to the external environment and macroeconomics, demand improvement is limited, and the fundamentals of short fiber supply and demand will continue to be weak, putting pressure on prices.
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