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National Day Holiday PTA Market Review And Outlook

2019/10/9 10:43:00 0

Before the national day, PTA market Hengli petrochemical, Jiangyin Han bang, Ya Dong petrochemical and other devices announced the maintenance plan in succession. This move slightly lifted the PTA market, but the new Feng Ming 2 million 200 thousand ton PTA plant was planned to put into operation, to a certain extent, it hedged the PTA device maintenance well, and the market space was limited. And terminal grey fabric inventory is still high, resulting in PTA market continued weak.

Price changes of upstream related varieties before and after National Day

Varieties	Company	Nine 30 June	Ten 1 June	Ten 2 June	Ten 3 June	Ten 4 June	Ten 7 June
WTI	USD / barrel	Fifty-four point zero seven	Fifty-three point six two	Fifty-two point six four	Fifty-two point four five	Fifty-two point eight one	Fifty-two point seven five
Brent	USD / barrel	Sixty point seven eight	Fifty-eight point eight nine	Fifty-seven point six nine	Fifty-seven point seven one	Fifty-eight point three seven	Fifty-eight point three five
Naphtha C+F Japan	US dollar / ton	Five hundred and five point six three	Four hundred and ninety-five point two five	Four hundred and ninety-seven	Four hundred and eighty-four point eight eight	Four hundred and eighty-eight point eight eight	Four hundred and ninety-two point eight eight
PX	US dollar / ton	Seven hundred and ninety-four point one seven	Seven hundred and eighty-nine point three three	Seven hundred and eighty-nine point two five	Seven hundred and eighty point five	Seven hundred and eighty-nine point three three	Eight hundred and two point three three

Source: lung Chung

As shown in Table 1, crude oil prices generally showed a downward trend during the National Day holiday, and naphtha and PX prices were suppressed first. PX price is subject to overhaul at home and abroad, inventory is in low position, and the price is slightly higher than the closing price in October 7th.

As of October 8th, the PTA market operating rate dropped to 85.98%, down 4.38% from September 30th. In the early days of the National Day holiday, 700 thousand tons of Hon bang, 1 million tons of Sichuan power and 900 thousand tons of Jiangyin Petrochemical were resumed. In the first trading day after the holiday, Hengli Petrochemical 2 million 200 thousand ton PTA plant entered the overhaul state, and the commissioning of the new 2 million 200 thousand meter new device delayed until November, resulting in a high supply situation and a slight improvement in market mentality.

Polyester Market holiday, production and marketing performance is relatively light, resulting in a slight increase in inventory. The terminal market warp knitting machine has been resumed, and the water jet weaving starts to recover slowly, so the inventory of grey fabric has not changed significantly before the holiday.

On the whole, the cost side of raw material PX has little support, and the commissioning of new Feng Ming new plant has been delayed. In addition, some PTA devices are expected to be overhauled. Long Zhong information predicts that the PTA price will be limited in the short term, but the strong driving force is still insufficient.