SunSirs: Following the Pace of Crude Oil, PTA Prices Rebounded Slightly
April 13 2022 14:10:57 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, the domestic PTA market rebounded slightly. As of April 12, the average domestic PTA market price in East China was 6,221 RMB/ton, an increase of 2.03% from the previous trading day and a year-on-year increase of 42.02%. The main force of PTA futures 2205 closed at 6,128, up 172, or 2.89%.
Analysis review
In terms of PTA units, Chuanneng Chemical’s PTA unit with an annual output of 1 million tons was shut down around April 7 and restarted on April 12. The PTA industry started around 72%, but PTA is still in the maintenance cycle.
Affected by the epidemic, the terminal textile fermentation has been affected, and the weaving operating rate has dropped sharply below 46%. Due to the pressure of inventory, polyester has passively reduced production, and the operating load has dropped to around 84%, resulting in a decrease in PTA consumption.
Market outlook
Analysts of SunSirs believe that the strong crude oil and the lack of PTA circulating spot on the 12th supported the strengthening of PTA prices. Under the background of shrinking supply and demand, PTA still has the expectation of destocking in April, but in the context of further decline in polyester load, the destocking range has narrowed. Currently, PTA is still closely following crude oil operations.
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