According to SunSirs price monitoring, the domestic PTA market showed a downward trend in the past week. As of September 9th, the average market price was 3,501 yuan/ton, down 3.02% week-on-week and 33.72% year-on-year. The restart of its own equipment, the decline in oil prices, and the limited recovery in demand, the combination of negative factors led to a fall in PTA prices.
In terms of PTA equipment, Hanbang Petrochemical's 2.2 million tons restarted at the end of August, and Reignwood's 1.4 million tons load continued to increase. Full capacity production on September 7. Luoyang Petrochemical's 325,000 tons plan to restart on September 14 and Ningbo Yisheng's 2.2 million tons plan to restart on September 17. The industry started more than 87%, the spot supply was loose, and the market mentality weakened.
In the crude oil market, most of the oil and gas production in the U.S. Gulf region recovered, and international crude oil prices fell rapidly. As of September 9, the closing price of international crude oil WTI was US$36.76/barrel, and the closing price of BRENT was US$39.78/barrel, falling to the lowest point in nearly three months. The downstream polyester market is weak and production and sales are weak. Raw materials followed the decline in crude oil, the wait-and-see atmosphere in the polyester market increased, and demand weakened. Inventory continues to rise, and the overall polyester market inventory is concentrated in 33-41 days; in terms of specific products, POY inventory is 12-18 days, FDY inventory is around 23-35 days, and DTY inventory is around 31-44 days. The price of the factory is stable but weak, some factories prefer to negotiate more depending on the quantity, the mainstream factories in Jiangsu and Zhejiang provinces polyester POY (150D/48F) reported 5050-5,350 yuan/ton.
The terminal textile demand increased slightly, and the demand for autumn and winter fabrics continued to increase month-on-month. The 'golden September' market trend was partially smooth. Recently, the sales of autumn and winter fabrics such as polyester-cotton corduroy and polyester woolen cloth in China Textile City are gradually going smoothly, and the market volume is also increasing. In addition, the order shipments of apparel fabrics in early winter also increased slightly from the previous month. Among them, the transaction prices of polyester fabrics, polyester-cotton fabrics, polyester-wool fabrics, and polyester-nylon fabrics increased in different amounts. In general, terminal textile orders have improved regardless of domestic and foreign market orders, which has improved the flat market sentiment, and the comprehensive operating rate of Jiangsu and Zhejiang looms has slightly increased to around 69%.
SunSirs analysts believe that crude oil prices rebounded rapidly in the middle of the week, and there may be a repair rebound after the sharp drop. In terms of PTA supply, although there is a maintenance plan for some devices at the end of September and early October, the maintenance has been reduced compared with August, and the output has increased more with the restart of the device. At the same time, Dushan Energy's second phase of 2.2 million tons of pta new capacity was put in Gradually approaching, the pattern of accumulated libraries is difficult to change. The start of downstream terminal weaving shows a slight increase, but compared to previous years, it is still at a lower load. The outlook for the market outlook is also quite cautious, and the outlook for the "Silver Ten" is not clear. It is expected that the short-term PTA trend will be weak, and the oil and overhaul conditions still need to be paid attention to in the later period.
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