SunSirs: Supply Increases and Demand Decreases, PTA Continues to Rise and the Momentum is Insufficient
September 15 2021 08:07:43 SunSirs (Linda)
On September 14, the current price of PTA in China rebounded slightly. The average spot market price was 4890 yuan/ton, a single-day increase of 1.51%, a year-on-year increase of 39.85%; the main futures price of 2201 closed at 4946, an increase of 2.11%.
Part of the PTA equipment is overhauled, of which Honggang Petrochemical's 1#1.5 million tons and 2#2.4 million tons of PTA devices (half of the production capacity are under maintenance) plan to start maintenance for about one week today. As of September 13, the domestic PTA industry operating rate is around 81% , It is expected that there will be a decline in the later period, so the PTA accumulating inventory speed is suspended. Superimposed crude oil rises and increased support for PTA costs. As of September 13, the settlement price of the main contract in the WTI crude oil futures market in the United States was reported at 70.45 US dollars per barrel, and the main contract settlement price in the Brent crude oil futures market was reported at US$73.51 per barrel. Under the boost of raw materials, the quotations of mainstream polyester filament factories in downstream Jiangsu and Zhejiang rose slightly, and some manufacturers raised 50-100 yuan/ton, but the transaction continued to be light.
The current PTA is still a small accumulation of expectations, the downstream polyester factory operating rate has dropped to 84%, and procurement is cautiously wait and see. Under the condition of increasing supply and decreasing demand, the PTA continues to rise and the driving force is insufficient, and we still need to pay attention to the changes in the demand side of the later "Golden September and Silver October".
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