The domestic polyester filament market has fallen sharply this week, and the operating load has increased to around 70%. As supply pressure increases, companies have started promotion mode one after another. The inventory pressure has eased slightly, and some companies have offered relatively strong discounts. The effect of destocking is significant.
In the raw material market, the domestic PTA spot market price has plummeted. As of March 20, the average market price was 3,510 yuan/ton. , down 6.54% from the beginning of the week and down 46.23% year-on-year, hitting a new low in the past 10 years. PTA plant equipment maintenance efforts have been intensified. Pengwei Petrochemical’s 900,000-ton annual PTA equipment was shut down on the night of March 9 and is expected to be inspected for one month. Hengli Petrochemical’s 2.2 million tons PTA unit began maintenance on March 12, and the maintenance is planned to last about 15 days.
Dushan Energy’s 2.2 million-ton PTA unit will be shut down for maintenance on March 15, and the maintenance is expected to last 15 days. Many units such as Luoyang Petrochemical, Tianjin Petrochemical, Shanghai Petrochemical and Hanbang Petrochemical are still not operating at full capacity. Downstream polyester is gradually recovering, but the destocking speed of PTA is slow, and the contradiction between market supply and demand is still prominent.
Downstream demand has not improved significantly, and is mainly due to consumption of pre-existing inventory. Coupled with the recent large fluctuations in international crude oil, the market mentality is cautious and wait-and-see. The atmosphere in downstream gray fabrics is relatively solemn. Although the transactions of pongee, polyester taffeta and imitation silk gray fabrics are acceptable, the overall trading atmosphere is average. Many companies said that after the start of construction, there was a lack of large orders, the number of orders was significantly reduced, and the willingness to purchase was weak to maintain rigid demand.
The current demand is difficult to improve, polyester filament companies are facing inventory pressure, and the market outlook is pessimistic. At the same time, the cost-side oil prices have plummeted, dragging down the bulk commodity market, and raw material prices have fallen sharply. Therefore, taken together, the upstream and downstream negative factors are superimposed, and the price of polyester filament will remain weak in the short term.
</p
