As of the close on December 22, the closing price of PTA contract 2605 was+218 to 5040 yuan/ton compared to yesterday’s settlement. The spot market also continued to be strong. According to the Commodity Market Analysis System of Shengyi Society, the PTA spot market price in East China on the 22nd was 4879 yuan/ton, an increase of 3.04% from the previous trading day
The geopolitical conflict between Russia, Ukraine, the United States, and Venezuela has boosted oil prices in the short term. On December 19th, international crude oil futures closed higher. The settlement price of the February WTI crude oil futures contract in the United States was $56.52 per barrel, an increase of $0.52 or 0.9%. The settlement price of Brent crude oil futures for February was $60.47 per barrel, an increase of $0.65 or 1.1%. There has been little change in PX equipment recently, and it is expected that there will be a slight accumulation of inventory in December. However, PX prices are still supported by tight spot liquidity and low inventory levels.
From the perspective of self supply, the operating rate of the PTA industry is around 73%, and Yisheng New Materials plans to conduct maintenance in January and February. Under low processing fees, the factory’s production enthusiasm is limited, and the possibility of unplanned maintenance increases cannot be ruled out, resulting in limited supply recovery.
There is currently no change in the entire downstream polyester plant, and the load remains at a high level around 91%, but the sentiment of chasing after raw material prices is average. Due to the impact of the off-season of consumption, demand has weakened in the terminal industry, and inventory accumulation has occurred in processes such as weaving and knitting.
According to analysts from Shengyi Society, the current terminal market is lukewarm, and the downstream polyester end is not highly motivated to chase higher prices. However, the performance of PTA raw materials remains strong, and under the continuous destocking and low processing fees, the short-term PTA spot market continues to be strong.
| http://www.thiourea.net |