Introduction: Domestic PTA rigid demand was stable in August, and polyester products still maintained high production and low inventory levels. In the traditional small peak season, it may further support the high level of the domestic PTA market.
Table 1 Overview of recent polyester chain construction status
Data source: Jin Lianchuang
Judging from the downstream operation situation: the comprehensive operation rate of domestic polyester enterprises was 90.59%, an increase of 0.71% from the previous week. Although a bottle flake device in Guangzhou Pan Asia was shut down for maintenance, a slicing device in Zhejiang Tiansheng was restarted after heating up, and In the early stage, the new polyester production equipment was put into operation at increased load, so the overall industry start-up was slightly increased. Among them, the comprehensive operating rate of polyester filament is 86.76%, the comprehensive operating rate of polyester short fiber is 78.41%, the comprehensive operating rate of bottle-grade PET is 87.06%, and the comprehensive operating rate of fiber-grade PET is 83.53%.
Data source: Jin Lianchuang
From the perspective of downstream profits: the overall profitability of domestic polyester companies continues to decline. The market for polyester raw materials fell first and then rose. The pressure on production costs of polyester companies increased. However, the growth rate of polyester companies was not as high as that of raw materials. Therefore, the profits of polyester companies continued to decline, and polyester products were all in a state of loss. As of August 31, the profit of sliced products was -2 yuan/ton, the profit of bottle flake products was -277 yuan/ton, the profit of polyester filament products was -152 yuan/ton, and the profit of polyester staple products was -52 yuan/ton. .
Data source: Jin Lianchuang
The overall inventory of polyester filament factory decreased slightly compared with the previous week. Quotes from some factories fell slightly. Near the end of the month, many downstream users took advantage of low prices to restock appropriately, and some production and sales picked up. As of August 31, the overall inventory of polyester filament is 14-20 days, of which POY inventory is 10-15 days, FDY inventory is 13-26 days, and DTY inventory is 18-29 days.
Data source: Jin Lianchuang
The production and sales of polyester staple fiber market increased. There have been two rounds of concentrated replenishment recently, especially on August 30, with high production and sales of 150%-200%, and the intensity of shipments outweighed the increase. As of August 31, the average production and sales of polyester staple fiber market was 79%. The production and sales of polyester filament market decreased slightly compared with the previous week. Overall production and sales were mediocre, with only downstream users moderately replenishing supplies. As of August 31, the average production and sales of polyester filament market was 66%.
Overall, polyester products still maintain a state of high production and low inventory, which provides certain support for the PTA market. At the same time, during the traditional downstream peak season, it is difficult for market demand to decline, but the room for continued improvement is also limited. In terms of raw material PTA, At a high level, the profit margins of downstream products have shrunk to varying degrees or affected the high start-up of downstream products, thus affecting the demand for raw material PTA.
</p
