From the perspective of the profit distribution of the industrial chain, the profits of the industrial chain are mainly concentrated in the PX link. Except for the relatively good profit of PX, the profits of naphtha, PTA, and polyester are all in a state of break-even or loss.
On the other hand, the downstream polyester product end is more passive and mainly follows the rise, and the overall benefit is compressed.
On the whole, the raw material side of the polyester industry chain is still strong, and the product side is mainly rising. The profit of the industrial chain is still concentrated on the PX side, and the PTA processing difference has been significantly reduced, but there is no news of the initiative to reduce the negative, and the PX may remain strong in the short term. As the polymerization cost of downstream polyester factories continues to rise, some factories may reduce their load, but the actual impact is relatively small, and the polyester load is expected to remain high in the short term. On the whole, in the short term, the polyester industry chain mainly follows the fluctuations of crude oil, and follow-up attention will be paid to the load of polyester factories and fluctuations in the crude oil market.
