Domestic gasoline and oil blending components such as toluene and mixed xylene have risen sharply; people in the polyester industry chain are also discussing the news. On the one hand, it will increase the production cost of PX, and on the other hand, it will suppress its start-up, which will stimulate the price of PX.
At the opening of this Monday, domestic crude oil futures rose directly to 626.3 yuan/barrel; the main PX contract rose by 190 (+2.62%) to 7440 yuan/ton; the main PTA contract rose by 106 (+2.1%) to 5162 yuan/ton. While futures prices rose, the basis of PTA spot transactions also strengthened.
In terms of the fundamentals of polyester filaments, although there are disturbances to the direct demand for polyester filaments during the Spring Festival holiday, there is a lack of rigid demand for polyester filaments 20-30 days before and after the Lunar New Year; however, since mid-December, there has been a good speculative demand for polyester filaments at home and abroad, and the equity inventory of polyester filament factories has declined significantly. Up to now, the equity inventory of polyester filament factories is only around 8 and 15-16 days, respectively, which is at a relatively low level in history, and some polyester filament specifications are in a queue for goods. The absolutely low equity inventory enables polyester filament factories to have a good price initiative. Under the condition of smooth cost increase, the price of polyester filament pre-spinning mainly follows up.
At present, the price increase pressure of polyester filament mainly lies in the fact that the price follow-up of DTY and grey cloth is slightly insufficient, and the two downstream links lack efficiency. Since mid-December, the price of polyester filament has begun to rise. In the past month of rising, the increase in the DTY link is obviously less than that of POY. POY has risen by 600 yuan/ton, while DTY large factories have only risen by more than 300 yuan/ton. The processing difference of DTY150D large factories has been compressed to around 1120 yuan/ton, resulting in losses.
