Market Profile
Short comment
The domestic epidemic situation has improved recently, and the resumption of work in the lower reaches of the polyester industry chain is expected to accelerate. However, the high polyester inventory is the main constraint. But at the same time, the epidemic spread rapidly abroad and panic among international investors caused crude oil prices to plummet, thus lowering the overall cost center of the polyester industry chain. In the current era of ultra-high inventory, falling costs have also caused a sharp short-term decline in PTA. At present, in addition to paying attention to the resumption of downstream polyester production and its destocking progress, we must also pay attention to the development of foreign epidemics and be cautious about the risk of crude oil decline caused by panic. In the short term, PTA and EG face great resistance to rising prices.
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