PTA Large Area Reduction Of Production, Polyester Enterprises Profit Is More Obvious.

OPEC's decision to reduce output in November 27th led to a sharp fall in oil prices. By November 28th, the price of WTI in the United States dropped by nearly 10% compared with the closing price in November 26th, falling below 67 US dollars / barrel, a 5 year low. When the oil price is more closely related to PTA, the PTA industry will reduce production and respond to price fluctuations. At present, the PTA device that has been stopped is Yanda grand 750 thousand ton device and constant force 2 million 200 thousand ton device, etc. the domestic PTA real-time start-up load falls below 65%.

Since the settlement mechanism of PTA plant in May and June of this year, the clearing price has been re priced according to the cost of raw materials PX plus 700 yuan / ton. The price of PX has a direct impact on the PTA market, making the correlation between PTA and crude oil to a certain extent enhanced.

Yisheng, Hengli and Xiang Lu issued a PTA settlement price of 5950 yuan / ton in November, down 150 yuan / ton from last month. Recently, Hengli petrochemical and Far East petrochemical company's PTA contract price in December has been issued at 6100 yuan / ton. In fact, crude oil prices plummeted, causing PTA companies to reduce their contract price by 12. Zhao Cheng, an analyst at China textile net, said that the price of these enterprises was originally priced at 6300 yuan / ton, and the price of crude oil dropped, and they lowered the price. Zhao Cheng believes that the next announced price may also be reduced.

At present, though crude oil Down, but PX The enterprise has a high degree of concentration and strong position and has more voice in the industrial chain. This year only two months PX and the PTA industry reached the PX ACP advocacy price, and the two industries in other months are divided. Crude oil prices continue to be weak, which brings variables to PTA's purchase. Although there are many advantages, PTA obviously has to adapt to this change. For example, in October of this year, PTA and PX reached a price agreement, crude oil prices fell further after the national day, resulting in the loss of PTA business interests.

Crude oil prices have fallen in a landslide. Many analysts believe that this will lead to further decline in the price of PX. PX because of the decrease in demand, crude oil Price Lower prices, coupled with an increase in supply this year, are likely to fall. In December, the supply of PX in Asia was still abundant, and its profits could hardly rise sharply. Due to the drag of PX, PTA has little room to go up. Therefore, the current operating rate of PTA is likely to be adjusted. There are rumors in the industry that a number of PTA enterprises may also cut production. Chuang Chuang information Gao Shuai believes that the price of PTA has dropped sharply due to the cost side subsidence. In the short term, PTA or crude oil prices are dragging down to maintain its weakness. However, in the medium term, PTA is expected to sustain production cuts, and the downtrend will be slow. However, for the polyester enterprises that just turn, the price increase of PTA will result in the decline of polyester starting rate and adverse effect on PTA enterprises. For PTA and polyester companies, the collapse of crude oil may not be a bad thing. Xia Ting, a business association, believes that the drop in crude oil prices has led to a drop in the prices of related products in the whole industry chain, but the high profit margins after the crash have been opened.

Zhao Cheng believes that in general, spinning enterprises are profitable this year, and the profits of polyester enterprises are more obvious. If solid enterprises do solid industries and do not venture to speculate in futures, finance and other fields, the whole year will be relatively good. Most of the enterprises that suffer heavy losses are victims of speculative thinking. At present, "cash is king" has become the first guideline for survival of PTA enterprises. Zhao Cheng said that the control of cash flow in several enterprises has been strengthened. A PTA enterprise representative also said that the cash flow index of enterprises has become an important index to measure the quality of enterprise operation.