Running Horses In A Busy Circle! Polyester Industry Chain Of "Spelled" Aromatics

Just after the Spring Festival of 2019, the "big guys" in the polyester Market released a signal of positive expansion, which attracted the attention of the chemical fiber industry and the capital market.

In February 14th, many downstream clothing brands and terminal retailers were actively creating a "romantic Valentine's Day" atmosphere.

(hereinafter referred to as "Tong Kun shares") is also "hot".

On the same day, Tong Kun shares issued a number of announcements, announcing the 3 major new projects, including:

It plans to invest 16 billion yuan, medium term planning and construction annual output of 2 x 2 million 500 thousand tons PTA project, 900 thousand tons FDY, 1 million 500 thousand tons of POY project, start the project of the green production of 300 thousand tons per year in the Teng 4 phase, and

"In order to enhance business stability and obtain cost advantages, polyester filament leading enterprises have extended the industrial chain to the upstream, taking the refining of crude oil as the starting point, and creating the" arene -PTA- polyester PET civilian silk "complete industrial chain, enhancing the flexibility and risk resistance ability of enterprise development.

At the same time, along with the development of the demand for polyester filament products to diversify and high-quality, seize the market demand adjustment opportunities, introduce advanced production equipment, improve production intelligence, optimize the product structure of enterprises, has become an important choice to enhance the competitiveness of enterprises and become bigger and bigger.

Tong Kun shares said in the announcement.

In response, an insider also pointed out:

Tung Kun intends to take up 3 new projects

During the expansion process of the polyester industry, Tong Kun shares took the initiative. With the leading technology level, the overall scale advantage and the comprehensive strength, we actively invested in several new projects to speed up the expansion of polyester filament and PTA capacity.

In 2018, the Jiaxing port area, Zhou Quan and Changxin Heng Teng 3 base projects were successfully promoted, and Jiaxing petrochemical FDY projects, hang Bang three, Heng Teng three, and Heng Rui three projects were put into operation.

Among them, the hang Teng three phase project is the largest middle age production project of Tong Kun in 2018. It has 20 spinning production lines, including 16 POY product lines and 4 FDY product lines. After the project is completed, it will produce 600 thousand tons of differentiated fiber annually.

At present, Tong Kun shares has annual capacity of 5 million 700 thousand tons of polyester filament, and 900 thousand tons of polyester filament production line is being revamping.

It is estimated that by the end of 2019, the total capacity of PET filament will reach 6 million 600 thousand tons.

At the same time, it has an annual capacity of 4 million tons of PTA capacity.

Moreover, its PTA products are basically used to meet the demand for raw materials for polyester filament in the enterprise, forming a strong "synergy effect" and cost control ability.

The 3 new projects announced in February 14th undoubtedly indicate that the expansion of Tong Kun shares will continue.

According to the announcement, recently, Tong Kun shares and Jiangsu Rudong Port Economic Development Zone Management Committee signed.

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The project will invest about 16 billion yuan, with a total construction area of about 2610 mu, and will build an annual production capacity of 2 x 2 million 500 thousand tons PTA, 900 thousand tons of FDY and 1 million 500 thousand tons of POY.

Among them, the investment in the first phase of the project is 12 billion yuan, which will build 2 x 2 million 500 thousand tons PTA, 300 thousand tons FDY and 900 thousand tons POY project.

The investment in the two phase of the project is 4 billion yuan, and plans to set up 600 thousand tons of FDY and 600 thousand tons POY project in the original factory area.

The first phase of the project is from December 2019 to December 2022, and the two phase is from December 2023 to December 2025.

In terms of technology, the project will achieve PTA, polyester spinning integrated production, competitive advantage is obvious.

In the process of melt direct spinning, the project will also use on-line addition technology and functional additives to achieve on-line blending modification, and achieve new functional fiber production, such as antistatic, antibacterial, flame retardant, free dyeing and environmental protection. It will break through the bottleneck of continuous polycondensation melt direct spinning, which can only produce conventional products, so as to meet customer's individualized demand for different functional fibers and achieve customized production.

As the new site is located in Rudong, Jiangsu, which is a distance from Zhejiang Tongxiang, the headquarters of Tong Kun group, in order to better promote the project, Tong Kun shares also announced in February 14th that it would set up a subsidiary.

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The subsidiary invested 950 million yuan by Tung Kun, accounting for 95% of its shares, and contributed 50 million yuan by Peng Yu Trading Co., which accounted for 5% of the shares.

So, what's the reason for Tong Kun's shares to build another 2 ton 2 million 500 thousand ton PTA project on the basis of the existing 4 million tons PTA annual capacity?

In this regard, Tong Kun shares said in the announcement that in recent years, in the background of phasing out backward production capacity, China's chemical fiber market share has further gathered to the leading enterprises.

In the PTA link, the production capacity of private polyester leading enterprises accounts for more than half of the total PTA capacity of the whole industry, and the self-sufficiency rate of PTA is constantly improving.

In recent years, the rapid development of polyester fiber business in Tong Kun stock has expanded the demand for PTA, but the self-sufficiency rate is seriously insufficient.

After the new project is put into operation, the self-sufficiency rate of PTA in the downstream enterprises of the company can be improved, and it can be digested by itself.

At the same time, the new PTA project will also help Tung Kun realize the integration of industrial chain and further enhance the cost advantage of scale.

In February 14th, Tong Kun announced that it was planning to build.

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Among them, the hang Teng four phase project is planned to be located in the Changxin District of Huzhou Taihu industrial agglomeration area of Zhejiang province. The existing 11.32 acres of new land expropriated on the northeast side of the existing factory area, and the use of the existing land 94.3 mu, the new factory area to organize and implement.

The total investment of the project is 991 million yuan, 1 sets of new polyester production equipment will be set up, 672 high-speed FDY winding machines, 4 automatic packaging lines and 14 automatic winding lines will be introduced. Large capacity flexible polymerization, polyester melt direct spinning and intelligent and green production technology will be adopted to form the annual production capacity of 300 thousand tons of functional and differential green fibers.

The construction period is expected to be 2 years. After the commissioning, the annual operating income is estimated at 2 billion 974 million yuan and the total annual profit will be about 249 million 360 thousand yuan.

The investment of the annual intelligent production of 500 thousand tons of super simulation fiber project is 1 billion 920 million 350 thousand yuan. It is planned to build a new factory area in the Hangzhou Hangzhou Economic Zone in Tongxiang, Zhejiang province. It is planning to build 217 mu of new land requisition. It will build 1 sets of polyester production equipment, introduce 880 sets of high-speed POY winder, 480 FDY winding machines, 5 automatic packaging lines, and 20 automatic silk dropping lines. Large capacity flexible polymerization technology, polyester melt direct spinning technology, intelligent manufacturing technology and green manufacturing technology will be adopted to form an annual production capacity of 500 thousand tons intelligent super simulation fiber and 1320 tons of acetaldehyde.

The construction period is expected to be 2 years. After the commissioning, the annual revenue will be about 4 billion 960 million yuan and the total annual profit will be about 410 million yuan.

For the implementation of the two new polyester fiber projects, Tong Kun shares pointed out in the announcement that

Therefore, improving the differential rate of chemical fiber products has become the top priority in the development of chemical fiber industry.

The new project will mainly produce differential and functional polyester filament, which is conducive to further enhancing the differential rate of polyester filament products and optimizing the product structure.

"The new project of Tong Kun shares reflects the long-term development strategy of the company, which is bigger and stronger on the road of petrochemical integration, and accelerates the industry integration with its capital and scale advantages, so as to gradually grasp the pricing power of the polyester industrial chain.

"An analyst from a brokerage firm said.

Polyester "big guy" staged refinery projects competition

The announcement of the new investment plan of Tung Kun shares has also made the chemical fiber industry and capital market focus on the new situation of the polyester market now -- the integrated operation mode of the industrial chain, especially to the hot topic of "private refining and chemical project".

In the past few years, the representative enterprises that only produced polyester fibers have invested in the construction of PTA projects, thus changing the competition pattern of polyester industry chain.

Immediately after that, these representative enterprises extended their tentacles to the upper reaches of PTA -- the production of PX refining and chemical projects.

Over the past few years, the idea and mode of strengthening the layout of the "PX-PTA- polyester" whole industrial chain have become more and more clear in large-scale representative private polyester enterprises.

Private chemical fiber enterprises layout PX project, first of all, benefit from the liberalization of relevant domestic policies.

Before that, China's refining and chemical projects were basically built by state-owned enterprises.

Relevant data show that

Among them, China Petrochemical Corporation has 9 PX production plants, and its PX total capacity is 4 million 930 thousand tons / year, accounting for 35.7% of the total PX capacity of China; the CNPC has 3 PX production plants, and its total capacity of PX is 2 million 350 thousand tons / year, accounting for 17% of the total domestic capacity; CNPC has 1 PX production plants, PX production capacity is 950 thousand tons / year, accounting for 6.9% of the total domestic capacity, and three large group PX total capacity accounts for 59.5%.

But in recent years, the relevant national policies have begun to allow private enterprises to go on refining and chemical projects.

In May 2015,

Private chemical fiber enterprises layout PX project, followed by large polyester enterprise group itself for improving the raw material independent guarantee ability and industry chain overall competitive advantage market demand.

PX is a very important raw material for chemical products.

In the aromatics industry chain, 90% of PX is used to produce PTA, and 90% of PTA is used to produce polyester products.

But before, influenced by environmental protection and misunderstanding and conflict of PX projects, China's chemical industry needs less PX self-sufficiency and higher dependence on foreign trade.

In the past 10 years, the development of PX industry in China has been relatively slow, and the supply of domestic PX is insufficient. There has been a more prominent contradiction between the demand for rapid growth of PX and the PTA and polyester industry. This makes China's PX dependence on imports for more than 50% years, mainly from Japan, Korea and other countries and Taiwan, China.

This situation restricts the effective control of production cost and control ability of China's polyester enterprises.

Besides,

Therefore, when the policy was released to the private enterprises, the leading polyester enterprises began to actively apply for the construction and refining projects, and obtained the approval.

These major projects are: the 20 million ton / year integration project invested by Hengli Group in Changxing Island, Dalian, the 40 million ton / year integration project of Zhejiang Petrochemical Company invested by Rongsheng holding group and Tong Kun group and so on, and the Hengyi group's PMB petrochemical project in Brunei, founded by Brunei group, and the integration project of Sheng Hong Group invested in Lianyungang in Changxing Island.

Among them, Hengli refining and chemical project will soon open up the whole production process and realize the full production operation of the whole refinery.

The petrochemical and petrochemical integration project of Zhejiang Petrochemical Company has been advancing smoothly and has entered the operation of oil production. It is expected to go into operation this year.

Hengyi Brunei PMB petrochemical project is also vigorously advancing.

Sheng Hong refining and chemical integration project started construction in late 2018, and is expected to be completed and put into operation in 2021.

In response, insiders pointed out that

In 2019 and the next few years, several large scale private refinery projects in China will be put into operation, which will have a synergistic effect on the whole industry chain for enterprises and industries, which will form strong support for the performance of several listed companies, and will also lead to the redistribution of the whole polyester industry chain.

"From a deeper perspective, the self-sufficiency rate of China's PX will be enhanced along with the commissioning of several refineries and integrated projects launched by several private enterprises. China's oil and petrochemical industry and petrochemical polyester industry will also further enhance their voice in the global market."

The industry insiders said.