Downstream Polyester Polyester Demand Is Still Weak.

Downstream polyester polyester demand is still weak, factory inventory is higher, load or continue to decline, demand side is weak.

On the other hand, the Fed's interest rate hike is still expected to suppress the market and crude oil is low. However, Iran sanctions will continue until December, and the short-term pressure of PTA will be released. The pressure on the cost side of the Fed will be eased.

1, upstream raw materials: crude oil Brent from August to 57.36 (-1.42) US dollars / barrel; naphtha to 493 (+6) US dollars / ton CFR Japan; Asia PXCFR to 866 -1 (-1) CFR, 720 yuan / ton processing fee equivalent PTA cost 4860 (-5) yuan / ton, TA factory cash flow loss in 409 yuan / ton, high loss.

PXFOB- naphtha oil price difference at 343 US dollars per ton / ton.

CICC Ningbo 1 million 600 thousand tons of new PX device or opened in August, so that the market pressure, PX high profits will be difficult to maintain.

2.

From spot to 4450 (+5), spot is 88 yuan / ton discount than September contract, and 1-9 contract price difference is 168 yuan / ton; MEG inner plate to 66700 (+20) yuan / ton.

The 14 day Yisheng internal offer was quoted at 4700 (0) yuan / ton. The spot market was dominated by stability. Polyester factories bought more goods at low prices. The turnover was mostly 4440-4460 yuan / ton, and the buyers were mostly polyester factories.

3, polyester polyester:

Today's quotation is stable, with slight changes in the local market, and the market atmosphere is relatively light. Manufacturers are more pessimistic about the market outlook, continue to take the volume of goods to inventory, and the downstream is still in the off-season.

Purchasing enthusiasm is generally not high.

Today, the average production and sales of polyester and silk in Jiangsu and Zhejiang are around 70-80%, and some of them are better than 100%.

4, the operation rate of the industrial chain: the domestic PTA plant operation rate is 64.6 (+1.9)%, the downstream polyester operation rate is 73.1 (+0.5)%, and the weaving load is 66 (0)%.

5, China's textile city total turnover to 771 (+74) million meters, of which 565 tons (+57) million of long fiber cloth, short fiber cloth into 206 (+17) million meters, gray fabric volume will continue to weaken.

6, PTA inventory: PTA factory 3-5 (-0) days, polyester factory 4-6 (+0) days, Zhengshang warehouse warehouse + effective forecast is 140578 (-1121) Zhang.

The PTA factory has a big loss, and polyester demand will improve in the late July.

Short term or continuation of disadvantaged collation, it is recommended that empty single departure, more than a single radical can be involved in the 4400-4600 interval light warehouse.

Pay attention to the trend of crude oil and the load of PTA industry chain.