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SunSirs: The Supply Side Concerned, PTA in Weak Position
September 11 2019 17:11:33Sunsirs(Linda)

SunSirs: Sep 10

According to SunSirs’ price monitoring, the PTA prices in the domestic spot market dropped 0.50% today (Sep 10), it fell 43.22% compared with the same period of the previous year. The main futures seesawed and adjusted, it dropped slightly at-the close order. The closing price of 2001 was 5,190RMB/t, 0.42% (22RMB/t) lower than that of Sep 9. The load of PTA device was 96%, there were plenty of goods on the market, traders and polyester factories were the main buyers.

The 350,000 tons PTA device of Yizheng Chemical Fiber was restarted on Sep10. The device has been repaired since Aug 1. The PTA device of Reignwood Petrochemicals was scheduled to shut down next week shortly for some reasons, this device has an annual capacity of 1.4 million tons. Hengli’ announced the maintenance plan of its PTA device, but there were few later maintenance plans. As for the new device, 1.2 million tons PTA new device of Zhongtai Petrochemical (Xinjiang) was scheduled to be completed and put into operation on Oct30 and commissioned on Dec20.

In the raw material market, the closing price of Asia's PXCFR China was 785USD/t on Sep 9, 5USD higher than that of the previous trading day. The domestic price of PX was 6,600RMB/t. Faced with the pressure of putting new devices into operation, Hainan Refinery and Chemical Co., Ltd. planned to put new PX units (2#, 100 million tons per year) into commission in late September. Hengyi Wenlai’s 1.5 million tons PX device would enter the commissioning stage. Downstream polyester’s start-up load was near 90%, terminal weaving just needed to purchase, the cautious wait-and-see mood did not decrease. The polyester quotation in Jiangsu and Zhejiang’s mainstream factories remained temporarily stable, it had Promotional offers, market price range of polyester POY (150D/48F) was 7,700-8,050RMB/t.

The analysist of Sunsirs believes that the new device supply of PX and PTA puts pressure to the expectations, there are some worries on the supply side, the cost support is relatively limited, and downstream demand is weak, PTA market is expected to be weak and in the adjustment in the short term.

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