Downstream polyester plant expected to reduce production, PTA market fell

According to the price monitoring of the business club, the domestic PTA market fell. As of June 29, the domestic market was 6732 yuan / ton, down 2.85% from the previous day and up 31.97% year-on-year.



The crude oil price remained upward, and the support for PTA cost was still strong. Most of the oil producing countries of OPEC are close to the upper limit of production capacity, and it is increasingly difficult to increase production in the later stage. With the discussion of new sanctions against Russian oil by the group of seven western countries, supply expectations are tightened to boost oil prices. On June 28, the settlement price of the main contract of WTI crude oil futures in the United States was US $111.76/barrel; The settlement price of the main contract of Brent crude oil futures was USD 113.80/barrel.


In terms of supply, the operating rate of domestic PTA industry has dropped below 80%, and there is an expectation of overhaul due to the high operating rate. Among them, two sets of 6.6 million ton PTA units of Yisheng new material reduced the load by 20% on June 29, and the recovery time is to be determined. The 1million ton unit of chuanneng chemical was overhauled for one week on June 28. In addition, in July, two units of Hengli petrochemical and fuhaichuang planned to be overhauled.


However, the start-up of terminal load is still about 56% lower, and the enthusiasm for PTA stock up is poor. The news that the downstream polyester plant plans to reduce production led to the decline of PTA. Business analysts believe that demand drag, short-term PTA market shocks weak.

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