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SunSirs: Crude Oil Rises and Falls, Bearish Chinese PTA Market

June 30 2021 08:21:37     SunSirs (Linda)

On June 29, most of the energy and chemical products in the domestic commodity futures market fell. Among them, the main PTA futures 2109 closed at 5044 yuan/ton, down 130 yuan/ton, or 2.51%. The spot market followed the decline, with an average market price of RMB 5,100/ton, down 1.12% from the previous day's price and up 40.87% year-on-year.

Crude oil rushed higher and lowered, which is bad for the market mentality. As of June 28, the closing price of international crude oil WTI was US$72.91/barrel, down 1.14 US dollars/barrel from the previous trading day, and the closing price of BRENT was US$74.68/barrel, down 1.50 US dollars/barrel from the previous trading day.

In terms of installations, Ningbo Yisheng 650,000 tons/year will be permanently shut down on June 29th. Yisheng New Materials will start trial operation on June 20th with an annual output of 3.3 million tons. The current operating rate of the PTA industry is around 84%.

The downstream polyester maintains a high operating load of 90%, and the price of polyester filament in mainstream factories in Jiangsu and Zhejiang is raised by 50-200 yuan/ton. Terminal textiles are affected by the off-season, orders are light, and factories are not enthusiastic about production. They are mainly cautious and wait-and-see on raw materials.

At present, crude oil has risen and fallen and PTA processing fees have been high, which has led to a decline in the PTA market. In the later stage, we still need to pay attention to the news of PTA's new capacity test run and the trend of crude oil.

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