Polyester Industry Chain Rerub PTA Closed Daily Limit The Most Injured
The drop in PTA price comes from two aspects. On the one hand, the international crude oil price has been adjusted for several days under the expectation of increasing production due to the upcoming OPEC meeting this Thursday; , on the other hand, the PTA PX upstream of the supply and demand forecast changed, after continuous to library is expected to support the strong PX prices, processing way is approaching 288 dollars/tons of high, high inventories and recent domestic PX starts back up, under the influence of PX process cost nearly two days began to appear, PTA cost weaker side, PTA prices downward.
"From the fundamental point of view, the supply and demand of PTA in March short-term improvement, low profit under the increase of equipment maintenance, while the overall support of the downstream polyester link is strong, later demand season will still have a support to the price." Jiang Shuopeng, an analyst of Dadi Futures, said that, in general, the decline in short-term costs has led to the downward shift of PTA price center of gravity, while the short-term improvement in supply and demand still supports the price, and in the long term, we should still consider the pressure of high inventory and high production on the price. At present, PTA is still mainly oriented by the cost end, and the subsequent trend is still to follow the fluctuation of crude oil price.
The same as polyester raw materials, ethylene glycol recently also showed a greater range of adjustment. Investigate its reason, mainly is the supply and demand situation has changed. "Before the domestic start of low overlay imports less estimated, glycol before May or will maintain a continuous to the warehouse. With the rise of ethylene glycol prices, ethylene glycol profits, superimposed EO profits with seasonal weakness, oil system and coal quality started a substantial upward, in addition, satellite petrochemical, Shaanxi Weihe Binzhou chemical and other new devices in March test plan, the late domestic supply side pressure or will increase substantially.
In this regard, Jiang Shuopeng believes that the recent sharp decline in crude oil prices of ethylene glycol support weakened, but the current pattern of supply and demand of ethylene glycol is still good, the future price fluctuations are still expected to be large. "At present, the port inventory is at the lowest level in this year, and will still be depleted in the next two months. It is expected that the import volume will recover in March-April. The logic of near end destoraging and long-term high production are clear, and the situation of strong reality and weak expectation still exists in the whole ethylene glycol.