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SunSirs: Lack of Obvious Positive Incentives, Mainly Weaken PTA prices
December 24 2019 14:37:53SunSirs(Linda)

According to the price monitoring of SunSirs, the spot market prices of PTA in China continued to weaken slightly. As of December 23, the average market price was 4,855RMB/ton, down 0.70% compared with the previous trading day, down 25.81% year on year. The weak futures market adjusted to close at 4,880RMB/ton, down 34RMB/ton or 0.69% from the previous trading day. The buying is dominated by traders and the trading atmosphere is light. At present, the starting load of PTA is 93.59%, and Yisheng Petrochemical Co., Ltd. has announced the maintenance plan of PTA unit in the first quarter.

Changes in domestic mainstream PTA plants

Enterprwase Name

Device Capacity

Device’s Recent Change

Hailun Petrochemicals

120

Overhaul in this week

Chuanneng

100

In a short shutdown on November 1, 80% load now

Yisheng Dahua

225

Planned maintenance from the end of December to the middle of January

Ningbo Yisheng

220

Planned maintenance from the end of January to the middle of February

Hainan Yisheng

200

Planned maintenance from the end of February to the middle of March

Jialong Petrochemical

60

In shutdown and overhaul (Aug 2); Restart to be determined

In terms of cost, crude oil fell. As of December 20, the main futures price of international crude oil WTI was 60.44 USD per barrel, down 0.78 USD per barrel compared with the previous trading day, and the main futures price of Brent was 66.14 USD per barrel, down 0.40 USD per barrel compared with the previous trading day. The PX market in Asia closed at $805/T FOB South Korea and $825/T CFR China, up $3/T from the previous trading day. Affected by the weakness of raw materials, the enthusiasm of downstream inquiry has been

reduced. The polyester factory has reduced production, and the starting load has been reduced to 83%. The quotation of mainstream polyester filament factory in Jiangsu and Zhejiang is basically stable, and it is mainly cautious to wait and see. The price of polyester FDY (150D / 96F) is 7,250-7,600.00RMB/ton. In terms of textile terminal, in the late December, the stock of downstream enterprises is still reduced, and the market orders continue to weaken. The comprehensive starting rate of Jiangsu and Zhejiang looms is about 67.00%, and the manufacturer's production enthusiasm is not as good as that in the early stage.

SunSirs analysts believe that PTA plant announced the overhaul plan, but due to the fall of crude oil, chemicals were frustrated, and PTA new production capacity is close to production, downstream procurement cautious. In addition, the holiday time of this year is earlier than that of previous years, and the market atmosphere will be further reduced. With the increase of holiday manufacturers, the market will be more difficult to boost. There is a lack of obvious favorable stimulation in the fundamentals, and PTA price is expected to be weak.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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