According to the price monitoring of SunSirs, the domestic PTA market rose first and then fell this week (November 22-26), with a weekly decrease of 0.25%, a year-on-year increase of 43.02%, and a 7-week decline in a row. Yisheng Petrochemical and Yisheng New Materials announced the November PTA (tentative) settlement price of 4,920 yuan/ton; Hengli Petrochemical’s November PTA settlement price was 4,959.95 yuan/ton.
In terms of equipment, restarts and maintenance coexist, and the current operating rate of the PTA industry is around 82%. Specifically, the 1 million-ton unit of Chuaneng Chemical was shut down on October 31 and may be restarted at the end of November; the 2.2-million-ton unit of Hengli Dalian was inspected on November 5 and restarted around November 21; Ineos (Zhuhai) 110 The 10,000-ton unit is scheduled to be inspected for two weeks at the end of December. Baihong’s 2.5 million ton unit plans to start maintenance for three weeks on December 1.
Crude oil prices fell, weakening support for PTA costs. As of November 26, the settlement price of the main U.S. WTI crude oil futures contract was US$78.39/barrel, and the settlement price of the main Brent crude oil futures contract was US$82.22/barrel. The operating rate of the downstream polyester industry is around 83%. It is reported that on November 25, a number of domestic mainstream polyester factories reached a consensus to implement a 20% production reduction plan based on the current output. This has been implemented gradually in the past two days, and the follow-up will depend on market conditions. Or increase production cuts to 25%. In terms of price, the price of polyester filament has continued to decline in the past month, with various products falling by 15-17%.
The PTA market is well supplied, and there is still a surplus of spot goods. Downstream polyester factories have reduced production, and demand is expected to decline. Superimposed on the adjustment of high crude oil price fluctuations and falling, overall, there are many negative fundamental factors, and it is expected that PTA prices will still be weak in the short term.
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