Industry News
PX and PTA supply has picked up overall market supply and demand balance
PX capacity recovery more
PX, from March onwards into the centralized maintenance, Asia PX start rate in mid-April down to 65%, April PX imports fell simultaneously to a record low of 538,000 tons. The demand side of the PTA start has been high, PX supply and demand to maintain a tight balance pattern. Currently, the PX centralized maintenance period has passed, enterprises gradually resume production, as of June 3, Asia PX start rate increased to 71.8%, of which the domestic start rate increased to 76.9%, has returned to the maintenance before, PX supply gradually turned loose.
As for PTA, the supply of PTA was sufficient from March to May, and the start-up rate was basically maintained above 80%. Into the middle and late May, some enterprises gradually into the overhaul. Specifically, Dushan Energy 2.5 million tons of devices from May 16 to overhaul 2 weeks; Fujian Baihong 2.5 million tons of devices, Hengli Line 4 2.5 million tons of devices and Jiatong Energy 2.5 million tons of devices in late May stop maintenance. Device overhaul concentrated cash, PTA start rate since the high level of 10 percentage points down to about 70%, the supply chain has a significant contraction. However, according to the plan, in early June, enterprises will gradually end the overhaul, is expected this week PTA start rate will return to a high level.
Polyester link performance exceeded expectations
Demand-side polyester, currently in the cash flow repair, inventory de-stocking and start-up rate to improve the pattern, the overall than the downturn in April significantly better. As the price of raw materials fell, polyester segment profit repair, filament and staple fiber has been removed from the loss situation in April, profit recovery to a high level. As a result of April had a concentrated reduction in production, coupled with the May production and sales have been released, polyester plant inventory decline, the pressure is reduced. In terms of operating rate, polyester load gradually climbed to about 92.2%, more than the high point in March. In addition, polyester new devices in succession put into operation, polyester actual production has hit a new high this year, the monthly output of polyester in May at 5.62 million tons, is expected to remain at a high level in June, PTA rigid demand is strong.
Comprehensive analysis, although the supply of PX and PTA has picked up, but the demand side of the polyester performance exceeded expectations, PX and PTA relative to polyester is not excess, the overall supply and demand balance. And the market previously to trade supply pickup, resulting in PTA relative to crude oil prices have fallen back. In the premise that crude oil prices are supported by production cuts, we are not pessimistic about PTA prices.
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