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SunSirs: Cost Support Weakens, Chinese PTA Declines over 50% Year-on-Year
April 23 2020 08:01:59SunSirs(Linda)

According to SunSirs price monitoring, the domestic PTA spot market price fell sharply on April 22, with the average market price at 3,068 yuan / ton, down 4.99% from the previous trading day and 53.54% year-on-year. The main PTA futures in the futures market (2009) was closed at the lower limit, and the main futures closed at 3,128, a decrease of 200 from the previous trading day, or 6.01%.

Spot market transactions were sporadic, and the factory's operating load remained at a high level of more than 92%. In terms of installation, Ningbo Yisheng's 2 million ton PTA plant has a short stop for 4 days. Shanghai Jinshan Petrochemical's PTA plant with an annual output of 400,000 tons is scheduled to be shut down for maintenance from May 6th, with a planned maintenance period of 28 days. At present, the market inventory is above 3 million tons, and the supply pressure is still relatively large.

The crude oil market is affected by supply and demand pressure, the remaining storage capacity is insufficient, and prices continue to fall. The Asian PX market closed on the 21st with $ 446 / ton FOB Korea and $ 466 / ton CFR China, which was $ 10 / ton lower than the previous trading day. The trading sentiment in the polyester market continued to fall, and the production and sales were cooled down. The operating load was around 83%, and the market wait and see sentiment was strong. The overall trading atmosphere in the polyester filament market continued to be light. The prices of mainstream polyester factories in Jiangsu and Zhejiang still fell steadily. The current polyester POY (150D / 48F) is reported at 49,100-5,050 yuan / ton. The improvement of terminal weaving orders is limited, the enthusiasm for procurement is not high, and the comprehensive operation rate of Jiangsu and Zhejiang looms is reduced to about 48%.

SunSirs analysts believe that due to the weakening of the cost end support, the trading atmosphere of the PTA spot market has declined. The market is dominated by forward transactions. The downstream demand is flat and the supply continues to increase. Without major stimulus, it is expected that PTA prices will remain volatile and down.

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