SunSirs: There Were Many Negative News, and PTA Prices Saw a Significant Decline
October 10 2023 10:05:47 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, on October 9th, the domestic PTA market experienced a significant decline, with an average market price of 6,013 RMB/ton in the East China region, a decrease of 3.22% compared to the previous trading day.
Analysis review
There were many negative news during the National Day holiday, leading to a weakening of PTA prices. Crude oil and PX had plummeted, with significant cost drag. Concerns about interest rate hikes, an increase in bearish inventory from oil producing countries that might increase production in the future, and weak gasoline demand had put pressure on oil prices at high levels. During the National Day holiday, the 3.3 million ton PTA plant of Yisheng New Materials was temporarily shut down, and the 2.2 million ton plant of Hengli Petrochemical was delayed for maintenance. As of October 9th, the market was still relatively abundant spot. In addition, Yisheng Hainan's 2.5 million ton and Hanbang Petrochemical's 2.2 million ton new units had been postponed to production in November. The downstream polyester start-up load remained stable at around 85%, and some weaving factories were on vacation, resulting in a slight decrease in start-up load. Domestic and foreign trade orders were also mostly small orders.
Market outlook
Analysts from SunSirs believe that with the end of the Asian Games, the polyester production load will rebound to a certain extent, and demand is expected to rebound. It is expected that PTA prices will fluctuate with the raw material in the short term.
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