Who Is Supporting The Strong Rise Of PTA?

  From the recent polyester industry chain, the supply and demand structure of PTA is still good. This week, the social inventory of PTA is about 2.9117 million tons, a decrease of 9100 tons compared to the previous week. This week, the 640000 ton PTA plant in Yizheng underwent maintenance, and in early January next year, the PTA plants in Yadong and Yisheng Ningbo will begin maintenance. Due to the fulfillment of the previous maintenance plan, delayed restart of some devices, and macroeconomic support, the PTA processing fee has been restored to a high level of 411.3 yuan/ton. With the unplanned load reduction of Yisheng New Materials Phase 2, the current PTA operating rate has dropped to 74%. In terms of spot goods, equipment maintenance and increased new production capacity coexist, and supply expectations are relatively loose.
  On the other hand, the polyester industry chain is still at a high level, providing strong support for PTA. As of November 10th, the operating rate of polyester plants has remained stable at 89% -90%, with minor adjustments made to local loads. There is still a sustained trend in November. However, polyester enterprises do not have a high acceptance of high priced raw materials. If PTA prices rebound too quickly, polyester profits will once again be squeezed, and it cannot be ruled out that polyester enterprises may reduce their burden. At present, the inventory of the downstream polyester industry chain is not high, and there is a certain improvement in terminal demand. Winter orders began to be launched in large batches as the weather turned colder, and the number of weaving orders began to increase.
  The improvement in supply and demand has given a certain level of confidence in bottoming out and making long positions in funding, ushering in a positive trend in the market.