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Sunsirs: High Crude Oil Price Assists, China's PTA Price has Increased by More than 35% in the Past Three Months

February 24 2021 08:57:59     SunSirs (Linda)

According to sunsirs monitoring, the domestic PTA market has maintained a volatile upward trend in the past three months. As of February 23, the average price of the spot market was 4463 yuan / ton, up 35.1%, down 0.47% year on year.

Affected by the cold wave, the U.S. crude oil production decreased, and a number of institutions raised oil price expectations to boost market confidence, resulting in a strong rebound in crude oil. Crude oil hit a new high in the past 13 months, which strengthened the support for PTA cost. At the same time, PX rose. On February 22, the Asian PX market closed at US $804.33/t CFR China and US $786.33/t FOB South Korea, up US $24 / T from the previous working day. In terms of devices, Ningbo Zhongjin's 1.6 million T / a PX device was restarted on February 18, while Vietnam's 700000 T / a PX device and Thailand's 540000 T / a PX device underwent unscheduled maintenance, and cost side support was enhanced.

At present, the PTA spot processing gap is reduced to less than 200 yuan / ton. Under the low processing fee, some PTA units are scheduled to be overhauled, and the supply side's bad news is weakened. The 2 million ton PTA unit of Yisheng Hainan will be overhauled on February 11, 2021, and it is estimated to be shut down for about one month. A 400000 ton PTA plant in Shanghai stopped unexpectedly and the restart time is to be determined. The overall load of domestic PTA plant dropped to 87%. In terms of new units, Honggang Petrochemical's 2.5 million ton PTA new unit is planned to be put into operation by the end of February.

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