The PTA market has been mixed recently. International oil prices have adjusted magically. Although OPEC+ has decided to gradually increase production starting from May, and Saudi Arabia will gradually reduce the amount of additional production cuts, the market believes that the increase in production is still weaker than the recovering demand. The rise in oil prices has provided support on the cost side. At the same time, in early April, multiple sets of PTA equipment were overhauled, and supply and demand are expected to shrink again. Supply has tightened, and warehouse receipt cancellations have further accelerated. Supply and demand are well supported, and PTA processing fees continue to be low, so the valuation space below is limited.
From the demand side, the overall load operation of the polyester factory is stable, with the average load around 92.70%. It is expected that there are short-term polyester device commissioning plans, such as Xinfengming Zhongyue’s 300,000 tons/year device. Domestic polyester output and load may continue to rise slightly, and the short-term load is expected to be around 93%.
Market outlook:
Judging from the short-term supply and demand situation, affected by PTA Affected by the maintenance of multiple sets of equipment, supply has shrunk, and the demand for polyester is high. Therefore, short-term PTA supply and demand are expected to be destocked, so the short-term PTA market supply and demand situation is good.
Taken together, the supply and demand pattern of PTA has eased recently, providing positive support to the market, and prices may be stronger. Cost is still the main logic affecting the market. The progress of Zhejiang Petrochemical’s equipment may affect PTA market expectations. It is still necessary to pay close attention to the commissioning of new equipment in the future. </p
