Spring Flowers Contain Laughter And Firecrackers To Add Joy: PTA Market Will Be Available In The Future.

As the saying goes, after a small year is the year! The curtain of the new year's chapter "comes out from the beginning of a thousand calls, and still holds the half face of the pipa". 2018 was destined for an extraordinary year. The price of PTA showed an inverted V trend, and spot average price was 6528 yuan / ton, an increase of 26.27% over the same period last year.

Increasing processing profit

chart 12015-2018 year PTA Comparison chart of processing fees

As can be seen from the above chart, the average annual processing fee in 2018 is 956.60 yuan / ton, an increase of 45.26% over the same period last year, and the average annual growth rate of 2015-2018 is 23.30%, which is 21.96 percentage points lower than the growth rate in 2018. The main reason is that the price of PTA in the three quarter has been significantly increased by the inflow of market capital, the gradual recovery of the macro-economy, the large number of major suppliers repurchasing the stock market and speculation.

In the case of obvious optimism in the processing profit, the PTA performance in 2018 was commendable and drew a perfect conclusion. With the pace of Spring Festival approaching, weaving enterprises have already had a large holiday, and the operating rate has been below 10%, and the polyester operating rate is now down to 76.32%, down 7.12 percentage points from the end of December. 1 in the middle of the month, the number of polyester entry repair devices increased. The polyester repair capacity in January was as high as 700 tons. If the 7 million tons of polyester production capacity was calculated at 0.86 per unit consumption, the demand for PTA in January would be 6 million 20 thousand tons.

PTA supply growth will be limited in the future

As of January 31st, the PTA operating rate was at a high level of 82.76%. The market is basically stable. Only Yangzi Petrochemical 350 thousand tons, Hua Bin Petrochemical 1 million 400 thousand tons and Ningbo Liwan 700 thousand tons are in the parking state, and Ningbo Liwan device or restart in the near future. There are still uncertainties in the 2 million 200 thousand tonnes of Tong Kun and the parking time of the 2 million 200 thousand tons of constant power plant in the market. The PTA device will be negative or near the beginning of March after the Spring Festival, so there will be a slight accumulation of PTA supplies during the Spring Festival.

Warmer demand after holiday

In accordance with past practice, weaving ends are concentrated in the market before and after fifteen, but there are uncertainties in the market this year. In terms of the strength of polyester plant inspection, in January, it involved more than 700 tons of repair capacity, and the maintenance time was mostly concentrated in late January. In February, the inspection and repair capacity was over 200 tons, basically in the early February, and will be reopened at the end of February or early March. In general, the polyester plant will start to increase to a certain high level in late February, which undoubtedly increases the demand for PTA.

PTA trading day is coming to an end, but in the atmosphere of good crude oil and strong bulls, PTA prices rose sharply at the end of January, and the spot market changed a few days ago, and the volume of shipments was positive. Side can also be seen that the industry expects most of the PTA market in the future is optimistic.