Polyester Industry Chain Weekly Macro Economic Weakness Superimposed High Storage Pressure Polyester Raw Materials To Maintain Low Operation
Market brief
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Short commentary
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At present, the overseas epidemic is gradually fermented, and the domestic epidemic situation has obviously improved. Polyester industry chain crude oil prices plummeted to drive downstream related products to move downward, the PTA industry chain naphtha fell the largest, PX and PTA times, with the upstream cost down, PTA processing fees have picked up, but in ultra high inventory and new capacity this year, the pressure of the expected rebound, fatigue. On the MEG side, the crude oil price drop leads to greater pressure on coal to make MEG, and MEG also faces the problem of high inventory. Downstream polyester terminal start and production and sales rebounded significantly, polyester stocks have gradually entered the library stage, but it still takes time to reach the upstream. PTA and EG's high storage needs to cut their own production to solve the problem. At present, the two quarter of this year is PTA, EG or maintain the low and medium position fluctuations. Later, we should pay attention to the game of main oil producing countries and overseas epidemic situation.
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