As of 14:15 in 2026, the main PTA contract of Zhengzhou Commodity Exchange has risen by more than 3% to 5390 yuan/ton. The spot market followed the rise, and according to the Commodity Market Analysis System of Business Society, the spot price of PTA in East China was 5333 yuan/ton on February 24th, an increase of 2.93% compared to the previous trading day.
| Gamma-PGA (gamma polyglutamic acid) |
During the holiday period, crude oil prices showed strong performance, providing favorable support for the cost side. The market is still concerned about the uncertainty of US Iran relations, coupled with the lack of substantial progress in the Russia Ukraine peace talks, and the rise in international oil prices during the Spring Festival. On February 19th, WTI、 Brent crude oil futures closed up 4.59% and 4.35% respectively; On February 20th, the two oil prices hit $67.03 and $71.66 per barrel respectively, setting a new high in nearly half a year, with a cumulative increase of over 5% in the past two days.
In terms of self supply, during the Spring Festival holiday, Yisheng New Materials’ 3.6 million ton PTA plant was temporarily shut down on February 24th due to unforeseen circumstances and is currently recovering. The industry’s production capacity is operating at around 70%, which has temporarily halted the pace of PTA inventory accumulation. In 2026, there are currently no plans for new PTA plants to be put into operation in China, and the industry’s capacity expansion has entered a “window period”. At the same time, the expansion pace of downstream polyester is still continuing, and it is expected to show a trend of tight supply and demand.
On the demand side, in the short term, due to the support of holiday costs, downstream polyester factories have raised their quotations to varying degrees. The terminal market is still in holiday mode. The operating rate of the pre holiday stretch, weaving, and printing and dyeing industries has significantly decreased to around 120%, while the load of the polyester industry has also fallen to around 76%. With the end of the Spring Festival holiday, strong expectations for the “Golden Three and Silver Four” are still in place. In early March, domestic textile and clothing enterprises will see a concentrated resumption of work and production, and terminal orders are expected to gradually recover, thereby driving the steady increase in polyester load and driving PTA essential procurement.
Business analysts believe that crude oil prices will continue to strengthen during the holiday, and after the holiday, various products in the PTA industry chain will mainly follow suit. Short term oil prices will continue to be dominated by supply disruptions and geopolitical risks. Against the backdrop of supply disruptions not completely subsiding, geopolitical risks continuing to rise, and strong expectations of OPEC suspending production increases, oil prices may experience wide fluctuations in the near future. In the downstream polyester market, due to the gradual resumption of production and work by terminal enterprises, the operating rate has recovered, and there is a certain demand for replenishing raw materials. The continuous accumulation of PTA social inventory will be alleviated. It is expected that the PTA market will maintain a strong expectation in the short term.
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