Multi Factor Fermentation Of Warehouse Receipts Craze Gradually Receded

3, April PTA market successive emergencies, let the market situation change accordingly.

It is understood that in late March, Far East Petrochemical announced bankruptcy reorganization, involving PTA total capacity of 3 million 200 thousand tons, short-term equivalent to 3 million 200 thousand tons of capacity was frozen, to a certain extent, alleviate the excess capacity and high start-up pressure.

Then, in April 6th, the Tenglong aromatics PX plant in Zhangzhou, Fujian exploded, and Xiang Lu (Zhangzhou) Petrochemical 4 million 500 thousand ton PTA plant (accounting for 9% of the domestic market) ceased production at the same time.

Then, in April 21st, the explosion of the ethylene glycol workshop in Yangzi Petrochemical Company in Nanjing corresponded to the simultaneous shutdown of the 650 thousand ton PTA plant, which greatly digested the excess capacity of PTA.

In addition, some PX and PTA devices were centralized overhaul from 4 to May, and PTA dynamic supply continued to be tight in the short term.

In addition, international oil prices rebounded strongly, cost support role enhanced, PTA market set off a wave of rapid rise.

Affected by this, downstream

The enthusiasm for purchasing was stimulated, and the market was pushed ahead of the peak season, and the market entered the inventory digestion stage.

"Since Zhangzhou's PTA device has been in a state of parking for a long time, Xiang Lu has to purchase through spot channels, or even purchase warehouse receipts to ensure partial supply of contracts."

According to Wei Lin, April

Social inventories plummeted to around 2 million 200 thousand tons, a sharp decrease of 300 thousand tons compared with March.

At the same time, it is worth noting that the price difference between May and September was more than 160 yuan / ton before the May contract expires.

"In this state, buy May throw September arbitrage window to open,

The intertemporal arbitrage on the basis has attracted some capital participation, which has also promoted the pfer of warehouse receipts pressure to the far months.

Zhang De said.

With the fundamental changes in the PTA market, under the combined influence of multiple factors, the final PTA1505 contract has completed 69208 deliveries, and another 15638 hands have been converted to a total of about 424 thousand and 200 tons spot. The delivery volume is roughly equal to that of the PTA1401 contract, but far below the 800 thousand to 1 million tons delivery level previously predicted by the market.

"From the final position of the May contract, the delivery pressure has been obviously resolved, and the delivery volume of about 400 thousand tons is relatively low for the whole industry."

Shanghai east Wu nine surplus Cci Capital Ltd energy project manager Wu Wenhai told the futures Daily reporter, in the history of PTA40 million tons of deliveries several times, and now the whole market is expanding, the consumption of PTA per month is also increasing, the market has the ability to eliminate.

At present, the domestic PTA load is still at a low level of 68%, and there is still a dynamic supply gap relative to the polyester load of 81%.

In addition, the current price gap narrowed, the arbitrage window closed, and the pressure of warehouse receipts eased further.

As of June 2nd, the number of registered warehouse receipts plus effective forecasts has dropped to 151 thousand, with a decrease of 24 thousand compared with the peak.