In Response To Shuffling, Entities Will Move Futures To "Rescue".

For the future development of PTA industry, most market participants believe that it will be like the polyester industry in the past two years. "For the whole industry chain, it will be a process from upstream to downstream. That is to say, a considerable portion of the profits of PX will be spanferred to PTA and polyester industries. The ultimate winner in this industry chain may be to narrow out the weak competitors on the horizontal side, and integrate the whole industry chain vertically, and connect the upstream and downstream enterprises and grow bigger and stronger. Qi Mingzhi said.

However, the elimination of excess capacity in the PTA industry chain will not be completed overnight. It will be a long and painful process. "Now is the darkness before dawn. After suffering, it will come." The industry generally believes that those who have comprehensive strength, grasp the resources of the upstream and downstream industries, and know how to use futures tools will finally usher in the spring of the industry.

In addition to limiting production and protecting prices, the current powerful enterprises have adopted the way of extending the industrial chain to enhance their competitiveness. "Comparatively speaking, upstream and downstream integrated enterprises can gain greater competitive advantage, and PTA production capacity will gradually gather to these enterprises, while single PTA enterprises and downstream factories are facing the risk of being eliminated." Wang Guangqian said.

"At present, part of the business involves the production and downstream links of PTA, and even extends to upstream raw material links. The profit from downstream consumption and upstream PX links can compensate for the loss of PTA production links to a certain extent, so the comprehensive cost is not high.

Some enterprises achieve the goal of reducing unit cost by adopting newer technology and expanding production capacity. According to the relevant person in charge of Hon Bang Petrochemical Company, the second phase PTA production capacity is 2 million 200 thousand tons production line. After its completion, its production cost advantage can basically reach the upper level of the industry. By extending upstream, enterprises Competitive power It will be enhanced.

However, these measures have intensified the overcapacity of the whole industry in the short term.

In the view of Rongsheng Petrochemical related personnel, increasing exports is the direction for the future efforts of enterprises, which can solve some overcapacity. "This year, it is estimated that the export of PTA will reach 300 thousand to 400 thousand tons, and next year we plan to reach 1 million tons."

In fact, PTA enterprises are seeking some other ways besides saving themselves in industry.

In the middle of July, in the research process of PTA industry chain in Jiangsu and Zhejiang provinces, it has become a favorable way of "PTA rescue" in the current industry chain to realize the steady operation through avoiding risks in futures market.

It is understood that in early April, after the explosion of the Xiang Lu petrochemical plant, the company ceased production. It bought PTA from the futures market and handed it to the customers who signed the contract downstream to maintain stable cooperative relations.

Hengli Petrochemical responsible person also said that the first half of this year, the overall business is relatively ideal, one of the important reasons is the rational use of futures tools. As the purchase of PX cargo sells PTA spot cash flow losses are more, Hengli Petrochemical with this year's rare premium market, the excess PTA goods sold to the futures market, a ton can earn more 100 - 150 yuan.

In early July PTA When futures prices continued to fall, Hengli Petrochemical took into account that the price of PX raw materials corresponding to the PTA futures price at that time was much lower than that of $800 / ton. From the actual supply and demand situation of PX, the PTA plant simply couldn't find a PX of such a low price of US $800 / ton, so they decided to buy in the futures market and saved a certain cost for the enterprise.

It is understood that Yisheng petrochemical giant is also using the futures market this year. Premium market Get a lot of benefits. "Since the beginning of this year, the rise of PTA futures has increased the demand for warehouse receipts in PTA. Yisheng petrochemical, as one of PTA futures delivery and delivery bases, has a unique advantage in warehouse receipts generation. Therefore, the market for goods sold has been opened once more, and has more price advantages than that on the spot market." Wang Guangqian said.