Xinjiang Cotton Plant Ten Opened Nine Losses Into Crisis

In the survey, we learned that some of the processing plants went to the Xinjiang packaging plant, that is, the local cotton factories in Xinjiang or the cotton produced directly from the factory.

This part of enterprises reflected that processing cotton lost last year in 1000 - 2000 yuan / ton.

The main reason is that from 10 to November, processing plants rush to harvest seed cotton, and in large state-owned enterprises,

Under the leading takeover, the price of seed cotton has been raised to more than 3 yuan / Jin, and it has been converted to lint price at 14000 yuan / ton.

In addition,

The progress of the public inspection is slow, and the sales of the Xinjiang cotton are slow. Most of the cotton is backlog to the year after that, and later, they encounter again.

Industry started slowly, resulting in a large accumulation of Xinjiang cotton, spot prices not only did not rise, but fell slightly, running in the vicinity of 13000 yuan / ton.

After a year's price fall, some cotton prices have already lost 1000 yuan / ton from the price difference, plus the warehousing fee and interest expense, a loss of 2000 yuan / ton is a normal phenomenon.

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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, the enthusiasm of downstream polyester procurement has been stimulated, and the peak season prices have been launched ahead of schedule, and the market has 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, PTA social inventory dropped to 2 million 200 thousand tons in April, 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, buying the May arbitrage window opened in September, and the intertemporal arbitrage based on delivery attracted some capital participation, which 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.