According to the price monitoring of the business community, the current domestic PTA price continued to weaken slightly this week (August 30-september 3), and the tail rebounded narrowly. As of September 3, the average price in the spot market was 4877 yuan / ton, with a weekly decrease of 2.15% and a year-on-year increase of 35.11%. The main force of PTA futures 2201 closed at 4934 yuan / ton.

In terms of devices, the current operating rate of the industry is maintained at more than 80%. With the stable operation of Yisheng new material device in September, the 1.2 million ton PTA device of hailun petrochemical and 1.2 million ton PTA device of Zhongtai Petrochemical are planned to restart next week, and the device load will increase. In addition, the supplier Yisheng supplied the full proportion of contract goods in September, and Hengli increased the supply proportion of contract goods in September to 80%. Therefore, the spot supply will rebound significantly in September, and PTA will enter the accumulated inventory.

In the upstream, the international crude oil at the raw material end recovered from the shock. As of September 2, the settlement price of the main contract in the U.S. WTI crude oil futures market was reported as USD 69.99/barrel, and the settlement price of the main contract in Brent crude oil futures market was reported as USD 73.03/barrel. Prior to this, the US commercial crude oil inventory data was positive, which showed that the crude oil inventory fell more than expected last week. In addition, the global economic recovery is expected to heat up, the organization of Petroleum Exporting Countries (OPEC) raised its oil demand forecast for next year, and the oil price rise is strong. Recently, PX spot liquidity is loose, and the price shows a downward trend this week. Generally speaking, driven by the good crude oil, there is good support on the cost side.

Since late August, large polyester factories have begun to jointly reduce production, and the commencement rate has been reduced to around 82%. Polyester started to decline, superimposed on the demand expectation in the peak season, and the product price rebounded slightly. Among them, polyester POY increased by 1.93% in the week, and the quotation of mainstream factories in Jiangsu and Zhejiang was 7250-7400 yuan / ton. At present, the market mentality is more cautious and the demand for PTA is not strong, mainly small order transactions.

Business analysts believe that the current PTA supply is sufficient, the follow-up of new orders at the demand terminal is slow, the downstream polyester pulse high production and marketing maintains a low operating load, and the demand is general, which is a drag on the PTA price. In the short term, the PTA price may continue to be weak and volatile.