According to the price monitoring of SunSirs, the spot market price of PTA in China continued to decline slightly. As of November 28, the average price was 4,800RMB/ton, down 0.80% compared with the previous trading day, down 23.52% year on year. In the futures market, the main futures of PTA fell in shock, and ended at 4,726RMB/ton (2001), down 44RMB/ton, or 0.92% compared with the previous trading day. Trading volume increased by 376,000 to 1,255,700 and positions decreased by 14,312 to 140,900. After the buyback of suppliers, another 1.1 million tons of Dushan energy line was put into operation successfully, Hainan Yisheng and Yadong petrochemical plants were restarted successively, and the supply end was pressurized. At the same time, the downstream purchases are cautious and there is a weakening expectation. The spot market lacks clear good news support, and prices continue to decline.

Changes in domestic mainstream PTA plants in November

In terms of cost, on November 27, the closing price of PX market in Asia increased by $6 per ton, and the closing price was $777 per ton (FOB South Korea) and $797 per ton (CFR China), which formed a certain support for PTA. Near the end of the month, the downstream polyester market has a strong wait-and-see mood. The prices of mainstream factories in Jiangsu and Zhejiang are flat, among which the polyester POY (150D/8F) is 6,900.00-7,250.00RMB/ton. DTY (150D/48F low bomb) is at 8,500.00-8,750.00RMB/ton, and FDY (150D/96F) is at 6,950.00-7,250.00RMB/ton. At present, the new orders of the terminal weaving factory are relatively common, the pressure of weaving finished products inventory is still there, and the raw material market support is limited. Under the multiple negative factors, the downstream and terminal factories have taken the measures of reducing the load and avoiding the risk while maintaining the rigid demand for replenishment. At the same time, the comprehensive starting rate of Jiangsu and Zhejiang looms rebounded after the National Day holiday, and the market confidence was insufficient, so the purchasing was cautious. 

An analyst OF SunSirs believes that the PTA plant will be put into production intensively at present, the supply will gradually accumulate, and the downstream polyester plant is expected to reduce production, especially the polyester plant has a large area maintenance plan from late December to January. In the absence of new orders from terminal textile factories, there is a possibility of further decline in the opening rate of weaving factories in the later period, with negative factors looming, and PTA market is expected to continue to be weak. In addition, it is necessary to pay attention to the nodes of centralized replenishment of downstream and terminal factories before the festival.

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