Polyester Market Is Another Wave Of Decline: PTA Innovative Low Polyester Filament Fell Into Losses.

Duang! PTA fell below 4800 points! MEG fell below 4500 points!

PTA fell below 4800 points, a low point in the year.

In the afternoon of November 6th, the PTA futures market was abruptly changed, and the stock market suddenly moved downwards, and its decline spread to 7 days. Not only did the futures market go down for two consecutive trading days, the main contract fell 1.44%, 1.7%, and continued to fall below 4800 points. As at 7 o'clock on the 15 th, the main contract 2001 closed at 4754 yuan / ton, setting a new low in the year.

In the face of the suppression of futures, the PTA spot market also showed a weak adjustment situation. As of 7 days, the spot mainstream quotation dropped to 4750-4800 yuan / ton, the negotiating price was around 4730-4780 yuan / ton, also became the low price in the year.

Ethylene glycol dropped below 4500 points to break the stable situation for nearly half a month.

Glycol market in the shock for nearly half a month, once again fell into a downward channel, futures face three consecutive trading day fell. The main 2001 contract disk fell for three consecutive trading days, down 0.24%, 1.95% and 1.61%, respectively, as at 15 o'clock on the 7 day, closing at 4456 o'clock. Of course, the glycol market is also hard to escape the fate of downgrading, and its spot price is down to 4470 yuan / ton.

Caught off guard, there was another wave of falling prices.

The same is inevitable, naturally polyester upstream and downstream market!

1. crude oil demand reduction is expected, the international oil price

As a source of polyester products, fluctuations in crude oil prices are also affecting the polyester market at any time. It is reported that in November 5th, OPEC released the latest annual report, lowered the global medium and long-term crude oil demand forecast, estimated that the demand for OPEC crude oil by 2023 will be reduced by 7%. OPEC's oil production dropped from 35 million barrels per day in 2019 to 32 million 800 thousand barrels per day, due to the increase in other domestic production volumes. Under the influence of bad market news, the international oil price weakened in November 6th, and WTI crude oil futures in December dropped by 0.88 US dollars to 56.35 US dollars / barrel. Brent crude oil futures in January fell 1.22 US dollars at 61.74 US dollars / barrel.

2. the plant will be put into operation and restarted, and the supply side will increase.

Since the recent stage, PTA and ethylene glycol have been put into operation and restarted, resulting in an increase in supply side. From the PTA point of view, it is known to all that the new Dushan Feng Ming 2 million 200 thousand tons PTA plant was officially put into production in October 30th. In addition, Sichuan can invest 1 million tons of PTA installations, stop in November 1st and restart in November 3rd; Hengli Dalian 2 million 200 thousand ton PTA device was overhauled in October 26th, and has been restarted in November 6th. The Fujian Jialong 600 thousand ton PTA plant stopped in August and plans to restart in mid 11. In terms of ethylene glycol, there was news in the market that Hengli Petrochemical 900 thousand ton ethylene glycol project entered the start-up phase, and the four quarter was still expected to be put into operation.

3. polyester filament is facing pressure from all sides and weak demand side.

As the downstream main force of polyester raw material PTA and ethylene glycol, polyester filament has been under pressure from all sides. The market is mostly vulnerable to adjustment, and the quotations of mainstream products have been dropping continuously, and the new lows in the year are coming. Since the recent stage, it is not only the weakness of price, but also the loss and high inventory.

Since the beginning of this year, high storage has been centered around polyester factories. From the statistics of China's silk net, the overall stock market of polyester market has increased to 16-25 days. In terms of specific products, POY stocks to 7-11 days, FDY stocks to 14-19 days, and DTY stocks to 22-27 days. In addition, FDY and POY manufacturers are facing losses, which, to a certain extent, restrict the demand for upstream raw materials.

It is understood that on the 7 day, the main production and marketing of the polyester market fell back to 4-5 per cent again, and the downstream polyester market was difficult to boost. This naturally affected the polyester raw material market. With the addition of PTA and the increase in the ethylene glycol plant's commissioning and restart, the supply side was also hard to make good. In the short term, is the market hard to say?