After experiencing a cumulative drop of 13% last week, crude oil fell again! As of 16:00 on June 22, WTI crude oil fell nearly 7% during the day, with the lowest falling below the $101 mark. Brent crude oil once fell by more than 6% during the session, falling below the $106 mark.
The commodity storm has arrived! Crude oil falling below 100 yuan is not a dream!
Crude oil, the king of commodities, has negative expectations, and panic has dealt a heavy blow to bulk raw materials. On the 22nd, the main domestic crude oil contract fell by 2.52%, styrene fell by 1.46%, and the main PE futures contract fell by 1.36%. The black series continued to fall, driving PVC to fall by 326 points, a drop of more than 4%, and ethylene glycol fell by 4.25%… …
The market continues to be “downturn”, and many companies have chosen to sit still! In the field of chemical raw materials, there are more and more companies that are reluctant to sell and temporarily withhold quotations due to losses or no orders, and they involve a variety of chemicals such as PVC, MDI, ethyl acetate, soda ash, maleic anhydride, n-butanol, etc.
There are also more than 40 domestic petrochemical companies directly arranging maintenance.
The polyester market is feeling cool!
The meeting to unite and reduce production suspension is probably going to be held again!
Whether it is polyester raw materials such as PTA, ethylene glycol or related derivatives, the spot price has generally fallen, and the downstream polyester market is feeling cold…
In the current market downturn, the inventory of polyester factories has reached the edge of overflow, and the imbalance between supply and demand of polyester filament has further intensified. On the 23rd, polyester factories launched a large-scale profit promotion, with individual profit margins reaching an astonishing 400 yuan, directly allowing the market to Shocking!
In the early days, the polyester industry also experienced sluggish market conditions and a sharp drop in downstream demand. Some polyester companies increased prices and reduced operating rates to cope with the declining profits at that time. Under the current situation, it seems that raising prices is not feasible. According to the editor’s prediction, the meeting to unite to reduce production suspension is expected to be held again!
In the off-season for demand from terminal factories, the lackluster market transaction atmosphere has impacted the confidence of polyester companies, and their willingness to ship has also decreased. Merchants in various markets have mainly declined offers, and are cautious about actual orders. Due to the reduction in orders from large downstream customers and the strong demand sentiment, the quotations of mainstream manufacturers continue to bottom out, which is also gradually cutting into the profits of enterprises.
At the same time, today’s scene reminds people of Mr. Ye Shengtao’s “Collected Three or Five Dou More”. Of course, the background of the times and the market form are definitely different from now. However, the mentality of practitioners is actually the same as what Mr. Ye Shengtao said. What’s the difference between old farmers? The reason why cheap cotton hurts farmers was the same 100 years ago as it is now. However, the price increase has triggered wild business gaming among business owners as operators. But things are not always broken or established; the decline at this moment may awaken the rational game among participants.
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