According to the Commodity Market Analysis System of Shengyi Society, the domestic PTA market fell first and then rose this week (September 22-26). As of September 26, the average market price of PTA in East China was 4639 yuan/ton, an increase of 0.28% from the beginning of the week. At the beginning of the week, due to the restart of some facilities and the weakening of crude oil prices, the center of gravity of PTA prices shifted downwards. During the week, with the rebound of oil prices, the recovery of commodity sentiment, and the increase in downstream pre holiday stocking demand, the trend of PTA has rebounded.
Specifically, the current operating rate of the PTA industry is around 77%.
The continuation of the Russia-Ukraine conflict in the international crude oil market triggered potential supply risks, which superimposed the decline of the US commercial crude oil inventory and the rise of international oil prices. As of September 25th, the settlement price of the November WTI crude oil futures contract in the United States was $64.98 per barrel, and the settlement price of the December Brent crude oil futures contract was $68.58 per barrel.
The purchasing enthusiasm of downstream polyester enterprises has rebounded, and the upcoming double holiday is approaching. Polyester and weaving factories have a certain demand for stocking, and the market transaction atmosphere has improved. There is some support for short-term demand. But the sustainability is not enough, and the expectation of new orders and load recovery in the future is limited.
Business analysts believe that the current peak season for traditional fuel consumption in the United States is coming to an end, and supply side risks have not been eliminated, with international oil prices mainly fluctuating and adjusting in the short term. The restart of PX maintenance facilities both domestically and internationally has led to a gradual increase in PX supply to a relatively high level, putting pressure on PTA costs. The demand side is improving in stages, but we still need to pay attention to the sustainability of the improvement in terminal order acceptance. At the same time, there is an expectation of an increase in supply and inventory, and overall, PTA will show a fluctuating and weak trend.
| http://www.thiourea.net |