On the last trading day, the price of PX continued to fall. The price of raw materials fell sharply overnight, causing PX negotiated prices to continue to weaken in the morning. Although there was a rebound during the day, as downstream PTA futures continued to fall, some PTA manufacturers continued to ship goods on the market, further suppressing PX prices. The negotiation atmosphere during the day was general, the price difference between buyers and sellers gradually narrowed, and the willingness to complete transactions was acceptable. Logically, PX supply and demand drives preference, but previous valuations were on the high side due to high crude oil prices on the one hand and high gasoline splits on the other. At present, the fall in crude oil prices and the weakening of gasoline gap will drive the high valuation of PX downwards. After the valuation is adjusted in place, you can actively pay attention to low buying opportunities.
On the previous trading day, PTA futures fell, the spot market negotiations were acceptable, traders and polyester factories were restocking, and the basis fell back from the high level. During the day, there were transactions for October supply at 01 50~60, which were slightly higher in some cases and concentrated at the low end. There were transactions at night from 01 55~65, and the transaction price range was around 5805~5915. Warehouse receipts are traded around 01 48~55. The supply of goods in November is available at 01 45~50. The mainstream supply basis at the main port is 01-55. In terms of raw materials, international oil prices fluctuated overnight, with PX closing at US$1,034/ton and PTA spot processing fee at 247 yuan/ton. In terms of equipment, there are no major changes. On the demand side, the polyester production capacity was raised to 89.5%, and the terminal weaving production capacity was 79%. Taken together, the contradiction between PTA’s own supply and demand is still not prominent. Currently, the prices of crude oil and PX have fallen from high levels, and the cost of PTA has moved downward. Pay attention to the cost trend.
On the previous trading day, the price of ethylene glycol consolidated within a narrow range, and market discussions were general. The spot spread of ethylene glycol during the day was relatively stable, with mainstream transactions around the 01 contract discount of 91-95 yuan/ton, and traders on the floor mainly traded hands. In terms of the U.S. dollar, the focus of ethylene glycol’s external market has been consolidated within a narrow range. Negotiations for cargo shipments in mid-October are at the level of 463-465 US dollars/ton. Negotiations for cargoes in November are less and are expected to be above US$466/ton, with the participation of a small number of financiers. inquiry. In terms of equipment, a 250,000-ton/year MEG equipment in Taiwan was shut down in early October to implement a half-month maintenance plan. It has been basically completed and is planned to restart around next Monday. Ethylene glycol supply has contracted. On the demand side, polyester production capacity was raised to 89.5%, and terminal weaving production capacity was raised to 79%. The cost has fallen recently, the supply and demand drive of ethylene glycol is not strong, and there is greater pressure from above. However, the valuation is low and the support from below is strong.
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