The collapse of cost support was caused by the heavy fall of international oil prices, and the current PTA price fell significantly yesterday (July 20). As of July 20, the average price of domestic PTA spot market was 5050 yuan / ton, down 2.29% compared with the previous trading day, up 43.43% year on year. PTA futures main force 2109 closed 4974, down 158, or 3.08%.
However, it is said that the main port of the Yangtze River has been affected by typhoon. The air is closed for three days, PTA Zhapu and other regions are in short supply, and the current price fluctuation has been rising. In addition, the price of oil rebounded slightly, and the cost was boosted. PTA futures main force 2109 closed 5190, up 204, up 4.09%. The average spot market price was 5182 yuan / ton, up 2.61%.
In terms of supply, recently, the PTA plant of Fuhai Chuang 4.5 million tons / year will reduce its load to 60-70% in mid July 2021. Ningbo Taihua 1.2 million tons PTA plant was overhauled from July 10 to 28, 2021. The PTA plant with annual capacity of 325000 tons of Luoyang Petrochemical was stopped in early July 2021, and it has been restarted recently, and the starting load is not high. PTA industry overall operating rate is around 80%. However, the downstream polyester maintains a high starting load of about 88%, and the demand for PTA is relatively stable, so the PTA will be mainly in inventory in July.
Business analysts believe that, in a comprehensive view, considering the tight liquidity spot in PTA Market in the near future, supply and demand support is still acceptable. It is also concerned that the weather will lead to the problem of unloading goods from the source to the port. It is expected that the PTA price will continue to fluctuate and warm in the short term, but the dynamic of the oil injection market still needs to be closed.
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