On November 15th, the domestic PTA market declined slightly. The average spot market price was 4903 yuan/ton, down 1.51% from the previous day and up 51.85% year-on-year. The main force of PTA futures 2201 closed 4946 and settled 4966, down 56, or 1.12%.
In terms of installations, the restart and maintenance of domestic PTA plants have coexisted recently, and the current industry operating rate remains at around 79%. Specifically, Chuanneng Chemical's 1 million-ton PTA plant will be shut down on October 31, and the restart date is to be determined. The 2.2 million ton plant of Hengli Dalian will be overhauled for about 20 days on November 5th. Honggang Petrochemical's 1.5 million tons plant is scheduled to restart in mid-November.
Because the market is worried that the Fed will speed up the pace of raising interest rates to curb inflation. On November 12, international oil prices fell. The main contract settlement price of WTI crude oil futures in the United States was reported at US$80.79/barrel, a decrease of 0.8 US dollars or 1.0%, and the main contract settlement price of Brent crude oil futures was reported at US$82.17/barrel, a decrease of US$0.7 or 0.8.%.
Affected by the bad raw materials, the downstream polyester market prices continued to fall. Today, the polyester filament quotations of mainstream factories in Jiangsu and Zhejiang have been lowered by 300-500 yuan/ton. The starting load of polyester is not high and remains at around 81%. Affected by seasonal factors, the textile market has gradually weakened, and the expected order volume is generally pessimistic. In the case of a lack of orders in the domestic market, the comprehensive operating rate of Jiangsu and Zhejiang looms is about 66%, and factories have plans to shut down and reduce production.
The decline in crude oil has weakened the PTA cost support, and the demand side performance is average. There are expectations of accumulation of supply and demand. It is expected that the short-term PTA price will remain volatile and weak.
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