PTA Overhaul Device Increased Obviously, Production Reduction Is Difficult And Growth Period Is Good.

In the past three months, the cumulative value of PTA stock in PTA factories and polyester factories has remained at a relatively high level of 8.5 days.

Since the repair time is basically between 15 and 30 days, the market is still facing great pressure after restarting.

In addition, the new capacity will also be released. It is reported that the PTA plant of Sichuan Shengda 1 million tons of capacity will be put into operation at the end of the year, and the new capacity of 2 million 200 thousand tons of Hon Bang Petrochemical will also be completed and put into operation in the four quarter.

Over the medium and long term, the oversupply of PTA market will continue.

At present, the profit of polyester link production is still not good, and the production and marketing rate is also lingering low.

The mainstream polyester filament and staple fiber production and marketing in Jiangsu and Zhejiang provinces are hard to reach a balance, most of them are near 60%.

The price trend of Main polyester products has been down all the way, all of which have reached a historical low.

In terms of start-up load,

The operating rate of Jiangsu and Zhejiang looms is near 72% and 65% respectively, the lowest since March of this year.

September is the downstream tradition.

At that time, the downstream operating rate is expected to increase, and the demand for raw materials is expected to rise to a higher level. However, the macroeconomic environment is still weak at present, and the magnitude of the rise in terminal demand is open to question.

Overall, the risk of falling crude oil has not stopped. The PX of raw materials supply side has weakened, and the support for PTA has gradually weakened. The downstream polyester industry has not yet come out of the off-season. After the PTA repair device is restarted,

The increase will reduce the late season effect.

In the short term, it is difficult to reverse the trend of the PTA price and will continue to operate at the bottom.

Severely affected by dynamic losses, the PTA overhaul device increased significantly. First, the two sets of Yisheng Dalian's total annual output of 6 million tons were reduced by 20% in early July. In August, Hengli petrochemical, Ya Dong petrochemical, Yizheng chemical fiber, Yisheng Ningbo and other PTA devices were overhauled, involving nearly 8 million tons of capacity.

Factory production reduction has become the main factor to support the disk. The PTA price rose in the first half of August, but the weakness of the spot market also showed that the weak production capacity in the periphery was weak for the market support.