According to SunSirs price monitoring, PTA prices began to rebound at the end of August. As of August 25, the average market price was RMB 3,592/ton, an increase of 0.43% from August 23 and a year-on-year decrease of 31.03%. PTA installations fell for maintenance, supply declined, and crude oil was supported at a high level. PTA prices were warmer and adjusted mainly.

In terms of PTA equipment, Honggang Petrochemical 1.5 million tons, Ningbo Taihua 1.2 million tons, and Yangzi Petrochemical 650,000 tons restarted on August 17, 20 and 21 respectively. The 4.5 million tons of Fuhai Chuang also ran at full capacity on August 20, and the PTA load increased to over 91%. However, as Shanghai Yadong Petrochemical's 700,000 tons and Reignwood Petrochemical's 1.4 million tons fell for maintenance, the operating rate has declined, which will bring certain support to PTA in the short term.

Affected by the storm, the U.S. offshore oil and gas production was cut by nearly half, and international oil prices rebounded. As of August 24, the settlement price of the main U.S. WTI crude oil futures contract was USD 42.62/barrel, an increase of USD 0.28/barrel from the previous trading day. Brent crude oil The settlement price of the main futures contract was reported at US$45.13/barrel, an increase of US$0.78/barrel from the previous trading day. The overall inventory of the downstream polyester market is concentrated in 33-41 days; in terms of specific products, POY inventory is around 11-18 days, FDY stock is around 22-32 days, and DTY stock is around 30-41 days. The factories mainly hold stable quotations, and some factories preferentially negotiate with the increase. The mainstream factories in Jiangsu and Zhejiang provinces polyester POY (150D/48F) reported 5,050-5,450 yuan/ton.

At present, terminal textile companies are not enthusiastic about purchasing, mostly focusing on digesting inventory, rigid demand has not improved significantly, and speculative purchasing is becoming more cautious. With the coming of "Golden Nine and Silver Ten", the downstream demand of China Textile City will increase slightly, and the trial orders of fabrics in early winter will increase slightly. The enthusiasm of North and South merchants will fluctuate and the market will increase slightly. Marketing will gradually increase. The overall market transaction will fluctuate and rise slightly. Therefore, it will drive the manufacturers' enthusiasm for production. If the market outlook continues to improve, the market inventory will slowly decline, but it is expected that the "fineness" will definitely not be compared with previous years. The comprehensive operating rate of looms in Jiangsu and Zhejiang increased slightly to around 64%, but it was still at a low level year-on-year.

SunSirs analysts believe that the warmer international oil prices have adjusted, and the supply of PTA has declined, and prices have been favorably supported. However, social inventories are still under high pressure, which will make the upward drive insufficient. It is expected that PTA prices will fluctuate and increase slightly in the short term.

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