Most merchants cancel imported goods, and multiple sets of foreign devices are permanently parked

    In the first half of 2023, the domestic PTA industry will still maintain the characteristics of high exports and low imports. With the oversupply gradually becoming the consensus of the domestic PTA industry, the domestic PTA export volume will gradually increase. In the first half of 2023, China’s PTA export volume will decline compared with the same period last year. The main reason is that the export volume declined significantly in January due to the impact of the new crown epidemic. According to statistics, in the first half of 2023, the total export volume of PTA was about 1.9942 million tons, a year-on-year decrease of 3.16%.
    In the first half of 2023, China's PTA imports are still scarce. The main reason is that the new domestic PTA production capacity is concentrated, the domestic PTA production capacity is oversupplied, some downstream polyester factories purchase raw materials nearby, and most businesses cancel imports and switch to domestic products. According to statistics, the import volume of PTA in the first half of 2023 will be about 18,500 tons. In the first half of the year, China's PTA import region was still dominated by Taiwan, with an import volume of 9,100 tons, accounting for 49.19%.
    In the first half of 2023, China's PTA export volume has declined compared with the same period last year. The main reason is that the export volume fell significantly in January due to the impact of the new crown epidemic, but the export volume returned to the level of 400,000 tons in March; the export volume in May reached the highest level in the first half of this year. Point 456,800 tons. At present, the domestic PTA industry is seriously oversupplied. In order to seek more development opportunities, the production enterprises are actively exploring foreign markets and promoting the increase of PTA export volume. In addition, the permanent parking of multiple sets of PTA devices abroad also provides a certain space for domestic enterprises to develop abroad.
    According to statistics, in the first half of 2023, the total export volume of PTA was about 1.9942 million tons, a year-on-year decrease of 3.16%. In the first half of the year, China's PTA exports were still mainly in the surrounding areas of Asia. India is the primary region for PTA exports, exporting 577,500 tons of PTA, accounting for 28.96%. Turkey and Vietnam ranked second and third in terms of export volume, with export volumes of 402,400 tons and 201,800 tons respectively, accounting for 20.18% and 10.12% respectively.
    As oversupply has gradually become the consensus of the domestic PTA industry, the domestic PTA export volume has gradually increased, which has also laid a solid foundation for the internationalization of the PTA industry. It is expected that the domestic PTA industry will continue to maintain the characteristics of high exports and low imports in the second half of the year.
    Up to now, the PTA load has dropped to below 80% again. Among them, a 1.2 million-ton unit of Hailun Petrochemical was overhauled as planned on weekends, and the restart is pending; Yisheng Hainan’s unit was reduced in the evening of July 6. Currently, 50% of the equipment is in operation, and the repair time is to be determined. Frequent plant dynamics caused the PTA load to drop to 77.58%. At the same time, the operating rate of downstream polyester manufacturers rose to 93.5%, giving a certain amount of strong support on the demand side. In addition, it should be noted that multiple sets of polyester plants were included in the production capacity during the week, and the domestic polyester production capacity base has increased significantly. However, due to the fact that the new plants are not at full capacity, the capacity utilization rate has increased in the case of a significant increase in supply. more limited. In other words, the actual output increase of polyester plants is actually greater than the increase shown by the capacity utilization rate. Then, the main reason why polyester factories can still maintain a relatively high start-up in the traditional off-season is that their own finished product inventory pressure is not large, and there is still production profit in addition. Polyester manufacturers are strengthening their ability to tolerate fluctuations in their own profits. Superimposed Jiangsu and Zhejiang Weaving indicators such as looms show signs of a slight increase, and the export of PTA and polyester products has increased significantly. It is expected that the load of polyester in the future market will still be maintained at a relatively high level. The overall good pattern of supply and demand is also the main reason why investors are optimistic about PTA.