The Problem Of PTA Installation Is Short.

In the first half of this year, the installation problems of PTA industry were frequent. In March, the Far East petrochemical company was reorganized. In April, the Tenglong aromatics PX plant exploded, leading to the parking of the Xiang Lu petrochemical PTA plant. After the explosion of the Yangzi Petrochemical glycol plant, the PTA device was stopped.

The problem of intensive installations led to a rebound in PTA prices in April, a wave of more than 1000 points.

However, unlike the first half of 2014, the PTA enterprises' joint production reduction led to a sharp drop in supply. This year's cash flow from 4 to May was still strong, and the enterprises' willingness to reduce production was not strong. Some PTA devices in the pre parking period resumed when profits rebounded, so the May PTA price dropped at a high level.

At the beginning of June, Yisheng Hainan PTA plant broke out, and in early July, it became prosperous.

Joint production cuts, but the rebound in the PTA price is very short. Especially, the news of the two big giants' small cuts in production has had a short-lived impact on the market. The price of PTA has only risen sharply in the late afternoon of that afternoon, and the market will soon return to reason.

After Far East petrochemical and Xiang Lu petrochemical plant shutdown, Yisheng petrochemical and Hengli Petrochemical two giant device dynamic.

In addition, Xiang Lu Petrochemical has a plan to restart one of its production lines. Later, we need to continue to focus on the development of PTA devices.

In summary,

Still in the off-season, PTA prices are dragged down.

Although frequent device problems can boost PTA prices in the short term, domestic overcapacity is difficult to fundamentally change the weak PTA situation.

Therefore, PTA will maintain a weak oscillation in July and even expect to explore the bottom again.

Judging from the historical trend, the 4600 yuan / ton is the bottom of the 1509 main contract of PTA, and the resistance of 4700 yuan / ton below is expected to increase gradually. PTA is expected to maintain a weak oscillation after seeing the bottom 4650 yuan / ton.

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