As of November 20, 1.4D*38mm The national average ex-factory price of polyester staple fiber was 6,860 yuan/ton, a month-on-month decrease of 6.88%, a decrease of 507 yuan/ton; a year-on-year decrease of 26.92%, a decrease of 2,526 yuan/ton. Large manufacturers generally quote prices of 6,700-7,000 yuan/ton.
OPEC+ stated that it will not increase production cuts to alleviate the global oversupply phenomenon. At the subsequent semi-annual meeting, it stated that it will not expand production reduction targets and maintain current production at most. Saudi Arabia will reduce production next year due to the United States , they are actively executing plans to boost crude oil demand.
Jiaxing Petrochemical’s 1.5 million-ton unit will be shut down as planned on November 12, and maintenance is planned for two weeks; Hailun Petrochemical’s 1.2-million-ton unit is scheduled to be overhauled in December; Ningbo Taihua’s 1.2-million-ton unit suffered a malfunction in mid-November. has been suspended and has now resumed normal production; Hanbang Petrochemical’s 2.2 million tons unit is now operating at a load reduction of 90%. The enthusiasm for downstream replenishment is difficult to sustain. The overall shipments of polyester staple fiber companies are weak, with production and sales ratios of 20%-80%. Polyester production and sales are also sluggish, ranging from 10%-100%.
The price of the textile market is in flux, and textile companies are under greater pressure at the end of the year, so profits will inevitably be compressed. Although there is still demand for purchases from the downstream, next month should be mainly about receiving goods, and operations are still relatively difficult.
To sum up, the supply of upstream crude oil exceeds demand, and there is no sign of relief. It is expected that prices will continue to fluctuate and fall. PTA equipment maintenance has resumed and new production capacity has been put into operation. It is expected that the supply pressure will be greater in the future market, and the price of PX is weak, which will be difficult to support the cost of PTA. Downstream yarn gray fabrics are being reduced in price, and the products continue to be weak. In the environment of insufficient profits and the peak season of the Golden Nine and Silver Ten has passed, the operating rate is likely to fall further, and the fundamentals are bearish. </p
