The Fundamentals Of The Superposition Of PTA Have Reached A New Low Of Nearly Ten Years.

According to the price monitoring of the business community, the price of domestic PTA spot market continued to decline. The average price of the market in March 23rd ended at 3454 yuan / ton, down 18.64% from the beginning of the month, down 47.46% from the same period last year, reaching a low level of nearly 10 years.

PTA factory equipment maintenance increased, the annual output of 900 thousand tons of PTA plant in Peng Wei petrochemical plant was stopped in the evening of March 9th, and it is expected to be overhauled for 1 months. Hengli Petrochemical 2 million 200 thousand tons PTA plant began maintenance in March 12th, plans to overhaul about 15 days. Dushan energy 2 million 200 thousand tons PTA plant entered the parking inspection in March 15th, and is expected to overhaul for 15 days. Luoyang petrochemical, Tianjin petrochemical, Shanghai petrochemical and Hon Bang petrochemical and other devices are still running at full capacity. The downstream polyester gradually recovered, but the PTA was slow to go to the warehouse. From 1 to February, PTA's social stock accumulated more than 1 million 500 thousand tons, and the overall social inventory reached over 3 million tons. It is a historical high of nearly 5 years, and the contradiction between supply and demand of the market is still outstanding.

International oil prices have fallen, dragging down the cost and market mindset of chemicals. The downstream part of the polyester unit was restarted and the composite load was raised to 82.43%. With the introduction of the policy of resumption of local governments and the government's support policies, polyester began to slow up in March. However, in terms of price, the price of the mainstream polyester filament factory in Jiangsu and Zhejiang provinces has dropped sharply, and the average price of polyester POY150D/48F market is 5894 yuan / ton in March 23rd, down 14.38% from the beginning of the month. Terminal textile market mentality cautious wait and see, many enterprises said that after the start of the big single missing, the order quantity significantly reduced, the purchase will be weak to maintain the rigid demand.

Xia Ting, a business analyst, believes that due to the rapid fall of cost side and the suppression of supply and demand, it is expected that the PTA spot market will have an early inflection point, or enter a low concussion period of high inventory and demand recovery of polyester. With the recovery of demand, the downward space is expected to narrow.