According to the Commodity Market Analysis System of the Business Society, the domestic PTA market showed a significant decline today (October 9th), with an average market price of 6013 yuan/ton in the East China region, a decrease of 3.22% compared to the previous trading day.
There were many negative news during the National Day holiday, leading to a weakening of PTA prices. Crude oil and PX have plummeted, with significant cost drag. Concerns about interest rate hikes, an increase in bearish inventory from oil producing countries that may increase production in the future, and weak gasoline demand have put pressure on oil prices at high levels. The current market is still relatively abundant in spot goods. In addition, Yisheng Hainan’s 2.5 million ton and Hanbang Petrochemical’s 2.2 million ton new units have been postponed to production in November. The downstream polyester start-up load remains stable at around 85%, and some weaving factories are on vacation, resulting in a slight decrease in start-up load. Domestic and foreign trade orders are also mostly small orders.
Analysts from Business Society believe that with the end of the Asian Games, the polyester production load will rebound to a certain extent, and demand is expected to rebound. It is expected that the short-term PTA price will fluctuate with the raw material end.
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