The Stock Market Hit A Good Start, But PTA Was Hit By An Air Attack.

At the beginning of 2015, crude oil continued its bottom trip, which fell sharply on Monday and fell below 50 US dollars per barrel.

Naphtha fell to below US $450 / ton, and PX fell to 830 US dollars / tonne line, whereby converted PTA processing cost dropped to 4800 yuan / ton.

The continued low price of raw materials has played a significant role in suppressing the polyester industry chain from top to bottom.

Increased PTA losses may trigger a reduction in production

At the end of 2014, under the condition that the profits were available,

The enthusiasm of enterprises is relatively high, which is a hidden danger for the future market.

In mid 12 last year, as the PTA plant started to pick up, the spot price was obviously under pressure. Yisheng Petrochemical Company PTA offered a price of 4480 yuan / ton in January 6th, down 180 yuan / ton compared with the previous day, and PTA processing loss expanded.

At present, the processing loss of PTA is now on sale at 300 yuan / ton, which is close to the endurance limit of the factory. Some devices may consider maintenance.

According to relevant information, the 1 million 500 thousand tons of Honggang petrochemical plant failed to operate in a negative manner, and the 1 million 650 thousand tons of Xiang Lu petrochemical company stopped in January 4th, and the domestic PTA operation rate dropped to about 72%.

In the aftermarket, if the parking device increases, then the pressure of oversupply of PTA may decrease, and the resistance of PTA will increase.

At present, crude oil and other raw materials prices continue to decline on the one hand, on the other hand, seasonal consumption is shrinking, so the operation rate of downstream looms and looms continues to decline, weaving market procurement is relatively cautious.

Polyester sales were in the doldrums. Last week, there were 1.5 to 2 days' increase in the stock of filament yarn, and the price of polyester products also dropped due to the weakening of sales and the decline in cost.

At present, the profit of polyester processing is still at a high level, and the enthusiasm for production remains, and the demand for PTA remains stable.

But the pressure of terminal consumption will gradually appear as the Spring Festival draws near.

On the whole, the continuous decline of crude oil is the main disadvantage of the PTA market. On the one hand, the PTA price is dragged down from cost, on the other hand, the market mindset of polyester industry chain is suppressed, which leads to more cautious purchasing.

PTA production losses extend to the limits of enterprises' tolerance, and enterprises' production reduction power is enhanced. This becomes a potential support.

In addition, the pressure of shrinking terminal consumption has little impact on the PTA market in the short term.

Therefore, it is expected that PTA will follow the decline of crude oil, but the resistance will gradually increase.