Many Polyester Price Went Down Yesterday
Why the crash?
"On the macro and sentiment side, rising inflation expectations and the continued rise in US bond yields have triggered a sharp correction in global stock markets, and the overall market sentiment is weak, which in turn affects the commodity market. At the same time, the early pace of commodity rise too fast, there is profit-taking demand for bulls." Everbright futures can change analyst Zhou said.
"The supply of ethylene glycol is still tight in the short term. From the domestic point of view, although the price of ethylene glycol continues to rise, which drives the profit of each process route to recover significantly, it seems that it can improve the enthusiasm of the early parking maintenance device to start up again, but there are still many coal chemical parking devices due to other special reasons and cannot be restarted in the short term." Zhou said that from overseas, with the rise of the temperature, the United States ethylene glycol plant due to the extreme cold weather is also resuming, but in general, the Middle East and North America are still more parking devices, China's ethylene glycol imports tight situation in March to May will continue.
From the perspective of new capacity, the probability of mass production of satellite petrochemical, Zhejiang petrochemical and other large plants in April is not large, and the time point of real production release may be in May at the soonest.
In terms of demand, as polyester plants are successively opened and gradually recovered, polyester load increases rapidly and elastic weaving starts to basically return to the level before the Spring Festival. The stock of grey cloth continues to decline, and the positive demand has a significant support for raw material prices.
It is reported that as a result of the early ethylene glycol prices rise sharply, the process profits have increased significantly, resulting in a significant recovery in the operating rate. Driven by high profits, with North America, the Middle East, Asia and other places began to gradually resume production, the late entry into the domestic increase can not be underestimated.
PTA in crude oil prices, the cost side of the market support; PTA processing fee is difficult to rise, PTA maintenance volume continues to rise; Polyester operating rate increased by 25% year-on-year to 92%; Supply and demand to increase the fundamentals of PTA price range to promote upward movement. "Given that the recent volatility in commodities is more influenced by the 10-year Treasury yield, the near-term PTA prices could be more volatile. However, the tight supply of crude oil has not changed for the time being. After the crude oil price stabilizes, the probability of the subsequent rise of PTA price is large.
source: Hua Xian Tou Tiaohttps://mp.weixin.qq.com/s?__biz=MjM5NTEwNTY5OA==&mid=2659303866&idx=2&sn=a02068d92359b2ba357aad67954cb20e&chksm=bd88ff778aff76611d9aac4579af07dc45b3b8d425d5b14b6499ab57b330021679006f7aa2c2&mpshare=1&scene=1&srcid=0311p69nizV6NKhHVQ7qyUS4&sharer_sharetime=1615428974406&sharer_shareid=ff5f2139d31a4580928c819c5eb948df&exportkey=ARYdZz7nTP87BWs9EVDfPDw%3D&pass_ticket=eAsoqhluf8w%2FeK%2FTF6MdY7FCO9cM%2BnnICNSDiVQLYsxvrs4zyfL3tWV9AC%2BNaobL&wx_header=0#rd