At the end of February, the average daily production and sales of polyester filament yarns were still around 20%-30%. The market was in a light state, affected by the sharp drop in raw materials, slow demand recovery, and inventory With the continuous rise and other negative factors superimposed, the price of polyester filament lost support and fell along the trend.
Market concerns have reignited, the center of gravity of international crude oil has shifted sharply, and the cost of polyester filament has The end lost support. According to the price monitoring of SunSirs, the domestic PTA spot market price fell sharply on February 28, with the average market price at 4,245 yuan/ton, a decrease of 3.09% from the previous trading day and a year-on-year decrease of 33.62%. The main futures market (2005) closed at 4252, down 96% from the previous trading day, or 2.21%.
In terms of equipment, although Sichuan Shengda’s 1 million tons/year and Hanbang Petrochemical’s 2.2 million tons/year PTA units failed to restart as planned at the end of February, Hengli Phase 4’s 2.5 million tons The operating load of PTA units per year increased from 50% to 90%. The operating load of Fuhai Chuang’s 4.5 million tons/year PTA unit increased from 60% to about 80%. This week, the operating load of domestic PTA units rose to about 85.8%. PTA social inventory has accumulated at a high level and may exceed 3 million tons in the near future. PTA processing fees will be further compressed, and it is difficult to see an inflection point in the short term.
Downstream textile companies plan to resume work after mid-February, but are limited by the upgrade of local governments’ protective measures against the epidemic, as well as traffic control and isolation periods for non-local workers returning to work. As of At present, the comprehensive operating rate of chemical fiber weaving in Jiangsu and Zhejiang is only 38%. In addition, small businesses in particular are faced with tight cash flow, shortages of epidemic protective equipment and huge labor pressure, which increases business risks. At the same time, there are many logistics restrictions and large-scale sales have not yet started. Therefore, the demand for raw material procurement is mainly cautious. The overall demand is still weak. It is expected that it will take time for the end-use textile market to fully recover.
Currently, crude oil is still in the process of decline, and the high inventory pressure evolved from PTA supply and demand will be difficult to alleviate in the short term. Therefore, the cost side will still maintain a weakening adjustment. Downstream textile companies are facing problems such as the availability of workers, shortage of funds, and logistics restrictions, and the recovery progress is relatively slow. However, fortunately, various regions have introduced measures to promote the active resumption of work. It is expected that the demand side will improve significantly in March, which will also have a negative impact on the price of polyester filament. Good news.
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