SunSirs: Downstream Purchasing Enthusiasm is not High, PTA Prices Fell Slightly

　　On January 3, the domestic PTA market fell, and the average spot market price was 5,057 yuan/ton, down 2.09% from the previous day and up 55.49% year-on-year. The main force of PTA futures 2201 closed at 5088 and settled at 5152, down 134, or 2.57%.From the perspective of supply and demand, Sichuan Energy invested 1 million tons and Hengli Petrochemical’s 2.2 million tons installations were overhauled one after another, and the industry’s starting load was around 82. However, the current PTA stocks are sufficient, and there are not many equipment repairs before the end of the year.International oil prices closed slightly lower on November 2. The settlement price of the main US WTI crude oil futures contract was reported at US$83.91/barrel, a decrease of US$0.14, and the main contract settlement price of Brent crude oil futures was reported at US$84.72/barrel, an increase of US$0.01. The market awaits the results of Thursday’s meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies. In addition, the rise in US commercial crude oil inventories is expected to curb the upward pace of oil prices.Currently, the power limit of the industry chain is relaxed, and the operating rate of the downstream polyester plant has slightly rebounded to more than 80%. However, due to the influence of terminal demand, it is still difficult for the operating rate to return to the previous high.The current crude oil supply and demand pattern is good, and the cost side is still favorably supported. However, the wait-and-see atmosphere in downstream factories has increased and the purchasing enthusiasm is not high, which has increased the speed of PTA’s accumulation of inventory. Therefore, in the short term, PTA prices are likely to fluctuate and weaken slightly.