Comprehensive Interpretation! China PX Project Capacity Summary! Polyester Plant Year-End Maintenance Plan!

Distribution map of 13 PX projects in China

There are 13 PX production enterprises and 16 sets of production facilities in the mainland of China. PetroChina and Sinopec The largest project is the 1.70 kt/a project of Dalian Fu Jia Dahua Petrochemical Co., Ltd.

In addition, according to incomplete statistics, there are 15 PX projects currently under construction or planned in China. By 2020, China is expected to add 30 million tons / year PX capacity, of which 17 million 700 thousand tons / year will be concentrated in 2019.

Profit differentiation of polyester production, most silk varieties benefit is acceptable. At present, polyester products, in addition to polyester chips and polyester filament FDY at a loss, polyester bottle, polyester filament POY, polyester filament DTY are in a profitable State. This is mainly due to the sharp fall in the price of PTA in the early stage. For polyester, its production efficiency has been improved under the cost of raw materials. Therefore, the phenomenon of gradual weakening of polyester load has not occurred since late October.

The stock of terminal grey fabric has accumulated slightly. Loom load began to weaken in December, and polyester upward negative feedback is expected to start gradually. As of November 25th, the inventory of grey cloth in Shengze area was 38.5 days, which means that the terminal had been slowly gone to the warehouse. Generally speaking, the terminal is currently making Christmas orders abroad, but in December, with the gradual reduction of orders, the load of Jiangsu and Zhejiang looms is expected to begin to decline. The decline in loom load will lead to a decline in the load of the polyester plant, leading to a weaker demand for PTA.

Polyester load will weaken significantly in late December. The expected increase in polyester repair in late October is due to delays in raw materials and terminal performance. According to the current maintenance plan, pet repair is increasing this week. Especially in late December to January, polyester plant has a large maintenance plan, so we expect that polyester loading will weaken considerably in late December to January, and PTA demand will also weaken.