Among the two futures products related to the upstream and downstream of the polyester industry chain, the price trends of polyester staple fiber (PF) and PTA are highly correlated. However, from February to mid-March and from October to mid-November in 2021, the premium of short fiber to PTA reached two peak levels during the year. The price difference also peaked in the same period last year, but the absolute value was slightly smaller than this year. The main reason is that PTA accumulated inventory during this period, causing the spot price to be weak.
At the same time, the lowest price difference between the two was in August. It can be said that the seasonal pattern is obvious. The main reason for this phenomenon is that PF production and sales are not prosperous in summer and the price of ethylene glycol G is in the low price range during the year, which suppresses the absolute price of PF from the PF demand side and cost side respectively, shrinking the price. PF-PTA spot price difference.
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