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SunSirs: Cost Support Tight Supply, Chinese PTA Price Rises Strongly
June 28 2021 08:32:24SunSirs(Linda)

On June 25, domestic commodity futures rose in a large area, with energy and chemical products leading the rise, PTA, asphalt, and soda ash leading the rise. Among them, the turnover of PTA was abnormally enlarged and ranked second for the first time. This rebar alone exceeded 88.7 billion. And broke through the 5200 yuan integer mark in one fell swoop, and fell slightly in late trading. As of the close, the PTA main force rose 3.31% to 5180 yuan.

Spot market, as of June 25, the average domestic PTA market price was 5159 yuan/ton, an increase of 4.12% from the previous trading day and a year-on-year increase of 40.44%.

Recently, oil prices have continued to fluctuate at a high level as a whole. Brent's center of gravity is hovering around US$74/barrel, which has boosted the prices of downstream energy and chemical products. The increase in production is expected to suppress the upside of oil prices, but the overall trend is still strong, and the center of PTA prices has been boosted.

From the perspective of supply and demand, as the PTA maintenance equipment has been restarted one after another, and the new equipment has been put into use, but after the supplier announced the reduction of contract supply, the spot liquidity is still tight, and the centralized replenishment demand of traders and polyester factories has increased, and the spot basis Stronger. The export pressure of terminal demand has not yet eased, and domestic sales are generally weak; but the short-term polyester industry has a high load, which forms a rigid support for PTA.

In July, PTA suppliers will continue to reduce their contracts, and the cost side will be relatively strong. In the short term, PTA prices will continue to fluctuate strongly.

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