Domestic PTA Spot Market Price Has Declined Slightly.

In the middle of August, PTA futures rebounded slightly on the basis of overhaul and depreciation of the RMB, and spot prices continued to operate around the 4500 yuan / tonne pass.

As international oil prices continue to fall sharply, the PX price loosened and slipped, and PTA spot opened its downward trend in late June.

The PTA price dropped to a low of 4000 yuan / ton.

Although the oil price rebounded sharply and Yisheng overhaul news at the end of two months, PTA spot stock rose sharply, and spot trading reached over 4200 yuan / ton, which was active. However, PTA is still suppressed by bad factors such as raw material weakness and low demand.

Crude oil surging and slumping trend is unstable, raw material supply side PX lower support strength of PTA weakened; September is the peak season of downstream traditional demand, then the downstream operation rate is expected to increase, and the demand for raw materials will increase.

But after the restart of the PTA maintenance device, the increase in supply will make the late peak season more effective.

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In the short term, it is difficult to reverse the PTA market, and it takes time to start the market in the rush season.

On the other hand, the decline of raw materials reduces the production cost of PTA. In the background of limiting production and insurance prices in the PTA industry, the theoretical loss of PTA production has decreased from 500 to 600 yuan / ton in the middle of July to less than 300 yuan / ton.

Oil prices fell below 40 US dollars, after a six and a half year low.

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And MEG declined significantly, but raw material PTA and PET chip market prices did not follow the trend of crude oil in the middle and the last half of the year, but relatively strong. In the last ten days, the market ended the consolidation trend, followed by the international crude oil and the stock market fell sharply. Even if the central bank failed to get better, it would be difficult to lift the trend.

New York crude oil futures plummeted and rebounded after low innovation.

Global oil supply continues to be at a relatively high level, the US dollar's exchange rate rises, and China's economic growth slows down to curb oil demand and other factors to suppress oil prices. Oil prices have fallen below 45 US dollars and US $40 respectively.

In August 24th, oil prices fell 5.5% to 38.24 U.S. dollars for 6 and a half years as concerns about China's declining demand and the growth of US crude oil supply.

However, on the three day of the month, due to the surge in the US and US stock market and better than expected US economic data, and the market questioned the long-term oversupply of global crude oil supply, oil prices surged by more than 27%, the biggest three day increase in 25 years, and the price rebounded to 49.2 US dollars per barrel in August 31st.

In August, the main crude oil contract rose by 2.08 US dollars, or 4.41%.

The continuous decline of crude oil, coupled with the commissioning of Ningbo CICC PX plant and the decline of domestic PTA operating rate, resulted in loose PX prices.

Since August, PX Taiwan has fallen by 78 US dollars (-9.07%) to US $752 / ton, and PX (FOB Korea) has fallen by 11.4% to 737 US dollars / ton, which is close to historical lows.

In the same period, naphtha dropped more than 18.2% in the same period. In addition to processing costs, there was still a profit margin of about US $75 / ton in PX production, so there would be no device overhaul in the near future.

The market outlook is concerned about whether crude oil can overshoot or rebound.