SunSirs: Device Overhaul Increased, PTA Price Rose Slightly
On September 23, the domestic PTA current price rose slightly, the spot market average price was 4966 yuan/ton, a single day increase of 1.08%, an increase of 45.89% year-on-year, the main futures 2201 closed 5000 settlement 4950, an increase of 134, an increase of 2.75% .
On the supply side, with the maintenance of Hengli Petrochemical 2#2.2 million tons, Yangzi Petrochemical 2#650000 tons, and Baihong 1.25 million tons PTA equipment overhaul, Yisheng New Materials’ 3.3 million tons PTA equipment reduced the load. At the same time, the supplier Hengli Petrochemical Supply decreased by 30% in October, supporting the price of PTA. In addition, the raw material end also has a certain boost. On September 22, international oil prices rose. The settlement price of the main U.S. WTI crude oil futures contract was reported at $72.23/barrel, an increase of $1.74 or 2.5%, and the main contract settlement price of Brent crude oil futures was reported at $76.19/barrel, an increase of US$1.83 or 2.5%. The US Energy Information Administration (EIA) released positive crude oil inventory data on Wednesday. The data showed that US crude oil inventories fell to the lowest level in three years.
However, the downstream polyester and weaving factories are reducing production, and the mainstream factories in Jiangsu and Zhejiang mainly promote sales, and the quotation discounts range from 100-300 yuan. The textile terminal industry was affected by the power rationing of weaving companies in Jiangsu and Zhejiang, the“double reduction and double control”of printing and dyeing factories, and the insufficient fineness of the“Golden September and Silver November”. The operating load of the loom quickly dropped to 59.24%. In terms of exports, the continued increase in ocean freight rates, prolonged transportation turnaround time, and increased logistics costs have led to continued pressure on textile and apparel export orders.
The current crude oil cost support is acceptable, the PTA device has been overhauled frequently, and there is no pressure on the supply side; however, the demand side is mainly cautious and the overall transaction is weak. Therefore, it is expected that the short-term PTA price will continue to rise within a narrow range.