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    Polyester Industry Chain Price And Profit Analysis: MEG Profit Shrank By 93%

    2019/3/1 8:54:00 44

    Polyester Industry ChainPriceProfit

    When the market opened just in February, the polyester market ushered in a short start. However, the market did not steadily increase as expected. Recently, the market has been mostly adjusted. The polyester market seems to have fallen into a "sleep" state again.

    What is the price and profit performance of polyester industry chain nowadays? What is the change compared with the market before or during the same period last year?

    The PX rally should not be underestimated, and the profit increase has nearly doubled 3.6 times.

    In the polyester industry chain, the PX performance of raw materials is relatively ideal, and the rising trend should not be underestimated; especially in this dull February, the price center of gravity is also constantly rising. As of 26 days, Asian PX prices to 1094 U.S. dollars / ton FOB Korea and 1113 U. s.dollars / ton CFR China, Europe PX to 1016 U.S. dollars / ton FOB Rotterdam. The price is higher than last month, compared with the same period last year.

    As for profits, before and after the festival, the PX market's cash flow performance is relatively stable, and the profit margins remain at the level of 200 US dollars / ton. Compared with the previous year, it increased sharply by 164 US dollars / ton, or nearly 3.6 times.


    PTA took the lead in being reduced, and its profits shrank sharply.

    PTA, once the most popular polyester material in January, was the first to enter the diving market after the festival. Mainly due to the accumulation of PTA stocks during the Spring Festival period to 1 million - 1 million 200 thousand tons, the highest level in more than six months, coupled with the supply and demand easing caused by the resumption of PTA in Fuhai city. Since the recent stage, the PTA futures face is still fluctuated by the capital side. The spot market mostly follows the futures and forms an interval adjustment pattern. As of the day ago, the market price of the internal market concentrated around 6420-6500 yuan / ton, the negotiations were around 6320-6400 yuan / ton, prices dropped slightly before the holidays, and slightly increased compared with the same period last year.

    Recently, PTA has fallen not only in terms of price, but also in greater profits and shrinkage. From the data calculation, the profit margin of PTA is only 20 yuan / ton now, which is several times higher than that before the festival. The same is true for the same period, and the high level of profitability has already dissipated.


    MEG was the most miserable and the price fell by 38.8%. Profit shrank by 93.5%!

    In this polyester industry chain, the most tragic thing is MEG! The continuous increase in inventory has brought great pressure to the ethylene glycol market. Meanwhile, the supply of imported goods is still increasing. The demand has been shrunk by the impact of the Spring Festival, while the supply side is still abundant. The pressure on the inventory of ethylene glycol port in the Spring Festival has continued to rise, and under the pressure of market mentality, the price of ethylene glycol, which has always been negatively correlated with inventory, is under pressure.

    It is understood that today's glycol spot price is only around 5000 yuan / ton, compared with the same period last year, a sharp decrease of nearly 3150 yuan / ton, down 38.8%. The price of ethylene glycol was higher than that of PTA, forming a scissors difference. Recently, prices have been falling, and the gap with PTA has also been enlarged. More sad is that with the weakening of its own price, the profit margins of ethylene glycol are shrinking. Once the high profit level is gone forever, the profit is only 29 US dollars / ton, which has shrunk by nearly 93.5% compared to the same period last year.


    Polyester filament is difficult and big discount is common.

    Compared with the ups and downs of the upstream raw material market, the market performance of polyester filament at recent stage is rather embarrassing, and it is difficult to fluctuate greatly. Although the price center of some polyester factories has increased slightly with the opening of the market after the Spring Festival, the magnitude is not large. Recently, due to the increase of inventory pressure, the market has been lowered.

    In terms of specific prices, the price of polyester filament market has changed little before or after the festival, compared with that of the same period last year. Relatively speaking, the POY market is most vulnerable, compared with the previous year, the price dropped by nearly 500 yuan / ton, and the profit also shrank slightly before the holiday.

    As for profit, the profit level of various products has been restored year-on-year because of the lower price of upstream raw materials. Compared with the general loss last year, polyester manufacturers are still in a profitable state this year.


    Nowadays, the state of polyester industry chain seems to have many similarities with the same period last year. For example, the opening of the festival is difficult to continue. The stock market should not be as expected. However, during the middle of March last year, the polyester market suddenly ushered in a "Big Bang" and lasted for a long time. Can the polyester Market replicate last year's market and usher in another wave of "late spring" in March?

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