Big Factory Overhaul Plan Good Stimulus PTA Rebound Slightly

According to the price monitoring of business associations, the price of domestic PTA spot market rose slightly today (September 3rd), and the average price of the market was 5193 yuan / ton, up 0.17% from the previous trading day, down 44.46% from the same period last year. Main futures rebounded, closing to the close of main futures (2001) closed at 5116 yuan / ton, compared with the previous trading day rose 24 yuan / ton, or 0.47%.

PTA mainstream plant Hengli Petrochemical is scheduled to repair the No. 1 2 million 200 thousand ton PTA production line in mid 9, and the repair time will be 15 days. This news has boosted the market and the current load has been maintained at 94%. However, due to the overhaul of the plan, the support for the market rebound is relatively limited, the turnover atmosphere is declining, traders are mainly buying, sporadic polyester factories follow up. The raw material market PX Asia (CFR China) closed 778 US dollars / ton in September 2nd, down 10 US dollars / ton compared with the previous trading day. Downstream polyester start-up load fell slightly to 89%, the profit of terminal weaving and adding companies is not optimistic. The overall boot rate of Jiangsu and Zhejiang looms is around 78%. The stocking mood is generally normal. The mainstream prices of polyester factories in Jiangsu and Zhejiang provinces are stable, and POY is down by 100 yuan / ton, and the POY150D/48F market price range is 7600-7950 yuan / ton.

Xia Ting, a business analyst, believes that although there is a good incentive for the big factory overhaul plan, there is plenty of liquidity in the spot market, and the raw materials and demand side are not very optimistic. It is expected that PTA prices will still be dominated by weak adjustment in the near future.