Corporate Defaults Continue To Soar

    While the PTA processing difference is further compressed, the price of PX has risen strongly. On the one hand, the upstream cost-end crude oil is relatively strong; on the other hand, the high operating rates of downstream PTA and polyester factories all provide support for PX prices; Although the price of naphtha also continued to rise along with crude oil, in the absence of improvement in the benefits of downstream olefins, the upside of naphtha prices was limited, and PXN remained high.
    Due to the preference of the supply and demand structure, it is reasonable that the upstream PX accounts for a large proportion of the profits of the polyester industry chain. However, the inventory level of polyester itself is still at a high level, and it is difficult to continue the hot situation of terminal weaving, and it is difficult to make a major breakthrough in profits in the off-season. Similarly, the pressure on the supply side of PTA is high, and it has been difficult to effectively remove the warehouse, and the pressure of overcapacity is the greatest in the industrial chain, and it is difficult to increase the processing fee.
    People in the industry generally believe that judging from the current production capacity structure, as the most redundant link in the industrial chain, it may be difficult to transfer profits from the PX industrial chain to the PTA link.