SunSirs: Good Cost Support still Exists, PTA will Maintain a Narrow Rise
October 26 2021 11:37:57 SunSirs (Linda)
On October 25, the current price of PTA rose slightly. The average domestic spot market price was 5386 yuan/ton, an increase of 0.62% from the previous day and a year-on-year increase of 56.49%. The main futures 2201 closed at 5448, an increase of 32, an increase of 0.59%.
With the restart of PTA devices one after another, the starting load has risen to more than 84%, and the spot supply will increase. Crude oil fluctuated at a high level and supported the PTA price. On October 22, the settlement price of the main US WTI crude oil futures contract was at US$83.76/barrel, and the main contract settlement price of Brent crude oil futures was at US$85.53/barrel. In terms of demand, the current "dual energy consumption control" efforts in some provinces and cities in East China will be weakened. In the short term, PTA demand performance will rebound but the increase will be limited. The polyester industry's start-up will remain around 79%.
PTA stocks are sufficient for the restart of the plant, and the downstream polyester production and sales are flat and demand is weak, and the enthusiasm for raw material procurement is not high. Supply growth and demand are weak, and PTA has entered a state of accumulation, which drags down prices. However, the current crude oil rises and the cost is still supported. Therefore, in the short term, the PTA market will maintain a narrow increase.
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