PTA Prices Are Relatively Weak, And Gradually Improve The Industrial Chain.

In fact, at present, the strategic effect of PTA has appeared, many small PTA factories start off and off, and the start-up time is greatly shortened, but PTA's overall profit is good.

If the fundamentals have been deadlocked, for a long time, PTA may still be in a relatively low position for some time.

But if there are significant changes in fundamentals, such as crude oil strides upward, PX prices soar, PTA prices or breakthroughs upward.

Long term low price pairs

Big businesses have little impact.

At present, the domestic PTA market is dominated by Yisheng, Hengli and other industry giants. A number of small and medium-sized enterprises are complementary to the industry pattern, and the industry's discourse power is firmly in the hands of PTA.

Due to the poor overall environment of the PTA industry, with the strong financial strength, PTA factories have embarked on the development of vertical industry chain.

Active expansion to upstream PX.

PX has a lot of profits, and its demand for PX is strong. PTA factories have extended their antennae to the PX field.

Sinopec, a wholly owned subsidiary of Rong Sheng banner, has 900 thousand tons of PX capacity in Ningbo, but continues to expand its production capacity to 2 million tons / year. In terms of Hengyi, Brunei's 8 million ton / year PMB refining and chemical project can produce an annual output of 1 million 500 thousand tons of PX, 1 million tons of chemical light oil, 800 thousand tons of stupid / toluene, 1 million 730 thousand tons of diesel oil, 380 thousand tons of gasoline, 1 million 280 thousand tons of aviation kerosene, and so on, and the project "suitable oil is oil, suitable for Fang Zefang", with strong flexibility.

Improve downstream polyester production capacity.

PTA is not only dominant in the PTA industry, but also plays an important role in the downstream polyester industry.

Among them, Hengyi has 1 million 400 thousand tons of polyester and 1 million 650 thousand tons of polyester, and Rongsheng has 600 thousand tons of polyester production capacity, and more than 800 thousand tons of polyester production capacity. Hengli Group has been spinning the world and producing 1 million 500 thousand tons of polymerization capacity. It is the largest weaving enterprise in the world.

The industry chain has strong adjustment capability.

With the vertical integration of PX, PTA, polyester, chemical fiber and weaving, the PTA factory has a rich source of profits. It can adapt to the current situation and adjust in time according to the actual situation of different industries in the industrial chain.

Sources, rather than betting on the PTA industry.

Therefore, PTA factory has adapted to PTA's long-term low price normal.

Take Rongsheng as an example. Although the PX project of Sinopec petrochemical company only operated for 4 months in the first half of the year, most of its profits were contributed to it.

It is the benefit of perfection.

The PTA plant can endure PTA's low price for a long time even in a small profit or even a loss.

At present, the strategic focus of PTA has shifted from control volume to price lock price. Its active use of raw materials and finished product futures tools has become the norm, which can maintain profits and, on the other hand, fear that PTA prices will remain low.

Judging from the disk, the price trend of PTA is relatively tight, and its rebound is weak, and behind the rebound is always accompanied by a large number of main empty notes, including a large number of selling hedging, and at the same time, most of them are in a few large number of delivery seats, and the bull is relatively calm.

This also shows that the PTA factory has suppressed the price of PTA.

A lot of hedging will not only suppress the PTA price, but also provide the PTA big factory with substantial hedging benefits.