According to the price monitoring of business agency, the domestic PTA spot market rebounded slightly this week (August 9-13). As of August 13, the average market price was 5330 yuan / ton, with a weekly increase of 0.29% and a year-on-year increase of 46.58%.

Recent changes of domestic PTA units

Enterprise name Maintenance scale (10000 t / a) Maintenance start time

Helen Petrochemical 1# one hundred and twenty It is estimated to restart at the end of August

Helen Petrochemical 2# one hundred and twenty Parking on July 30 for about 2 weeks

Fuhaichuang four hundred and fifty It was overhauled on July 27, heated up on August 4 and discharged on August 6

Yisheng new materials three hundred and thirty It was stopped on July 30 and is still under commissioning

Honggang petrochemical one hundred and fifty The load will be reduced by 50% around July 26, which is expected to last for one month

Zhongtai petrochemical one hundred and twenty Shutdown on August 5, restart date to be determined

Ningbo Taihua one hundred and twenty The car stopped unexpectedly on the evening of August 12, and it is planned to restart on August 13

In terms of supply, at present, the operating rate of the industry is around 74%. In terms of specific units, the 1.2 million T / a installation of Sinopec Thailand Petrochemical will be shut down on August 5, and the restart date will be determined; Helen Petrochemical’s 1.2 million T / a PTA unit was shut down for technical transformation around June 7, and it is estimated to restart at the end of August. Another 1.2 million T / a unit was shut down for about 2 weeks on July 30; Honggang Petrochemical 150 will reduce the load by 50% on July 26, 2021, and it is estimated to maintain it for about one month; Ningbo Taihua’s 1.2 million T / a unit was shut down unexpectedly on the evening of August 12, and it is planned to restart on August 13. The restart of the 3.3 million ton PTA plant of Yisheng new material was not smooth, and PTA was still in the de inventory state this week.

Due to the improvement of U.S. employment data and fuel demand, the international oil price rebounded slightly this week. As of August 12, the settlement price of main contracts in the U.S. WTI crude oil futures market was $69.09/barrel, with a weekly increase of 1.19%, and the settlement price of main contracts in Brent crude oil futures market was $71.31/barrel, with a weekly increase of 0.86%. In terms of PX, Zhejiang Petrochemical’s 2.5 million tons of new PX capacity has produced qualified products, but the load is not high, and the cost side has a certain support for PTA.

Some polyester factories in the downstream have reduced or planned to reduce production, poor production and sales, the operating load has decreased to about 87%, the demand for PTA has decreased, and the enthusiasm for PTA spot procurement is general. In terms of price, the mainstream factories in Jiangsu and Zhejiang have preferential promotion, among which the quotation of polyester POY (150D / 48F) is 7500-7700 yuan / ton, down 200-300 yuan / ton compared with the beginning of the week.

Business analysts believe that the current crude oil fundamentals are acceptable, there is no basis for sustained deep decline in prices, there is a greater possibility of short-term wide-range oscillation, and the support at the raw material end remains. In addition, it is understood that a mainstream PTA supplier will further reduce the supply proportion of contract goods in August from 80% to 50%, or postpone delivery to September. Therefore, there are still tight supply expectations in the short term. However, the downstream polyester plant plans to reduce production, and the demand for PTA is expected to decline. On the whole, the power of PTA supply side remains, and the short-term price continues to be warm. In the future, we will pay attention to the implementation of the actual production reduction of polyester plants.