According to the Commodity Market Analysis System of Shengyi Society, as of May 23, the average price of PTA market in East China was 4912 yuan/ton, a decrease of 1.89% from May 16.

The weakening of raw material support has led to a decline in international crude oil prices. On May 22, the settlement price of the main contract for WTI crude oil futures in the United States was $61.20 per barrel, and the settlement price of the main contract for Brent crude oil futures was $64.44 per barrel. The malfunctioning devices in the early stage of the PX market have gradually recovered, coupled with the expectation of weakening demand, resulting in a weak performance of the PX market’s high-level decline.
In addition, there were many restarts of maintenance equipment in the early stage of the PTA market, resulting in a slight increase in domestic supply. The downstream polyester end is expected to be pessimistic, with insufficient cost support and a lack of favorable support.
The risk of insufficient orders and unstable cost support from downstream textile enterprises has increased. They are cautious in pursuing high raw material procurement, maintaining on-demand procurement, and adopting a wait-and-see attitude.
Business analysts believe that the restart of early-stage maintenance equipment will increase PTA’s own production. International oil prices have loosened, and there is an expectation of a decline in cost side inventory, while demand remains rigid. The terminal performance is lukewarm, and there is a certain negative impact on the demand side due to seasonal factors. The PTA market is expected to maintain downward pressure in the short term.