casinoonlineliveroulette| PTA prices are at risk of falling: falling crude oil and weakening demand affect cost support

News summary

PTA market prices rose slightly this weekcasinoonlineliveroulette.52%casinoonlineliverouletteThe average price in East China is 5946 yuan/ton. Equipment maintenance is frequent, and the industry operating rate is about 75%. As oil prices fall and polyester factories reduce production, PTA prices are at risk of falling.

Newsletter text

[The PTA market fluctuated upward, and fundamentals showed downside risks] During this week, the domestic PTA spot market experienced a turbulent upward trend. The average market price in East China reached 5946 yuan/ton, a slight increase of 0.52%. During this period, the PTA plant experienced frequent changes, including planned maintenance of Dongying Joint's 2.5 million-ton plant, short shutdowns of Yisheng New Materials's 3.3 million-ton plant and Ningbo Taihua's 1.5 million-ton plant, and Innios Zhuhai's 1.25 million-ton PTA plant also temporarily stopped operating. At first, positive expectations in the international oil market, the decline in U.S. crude oil inventories and geopolitical tensions jointly promoted the rise in oil prices and indirectly stimulated the PTA market. However, minutes that the Federal Reserve may postpone interest rate cuts and an unexpected increase in U.S. oil inventories led to a fall in oil prices, with WTI crude oil futures falling to a nearly three-month low. In terms of the PX market, Malaysia's 550,000-ton PX units resumed operation, while Saudi Arabia's 1.34-million-ton PX units were accidentally stopped. Coupled with frequent plant stops since May, supply pressure has eased. Although polyester factories intend to reduce production to support the market, in the context of the terminal seasonal off-season, buying intentions are limited. As summer approaches, the polyester operating rate has a significant downward trend, resulting in a decrease in demand for PTA and expectations of accumulated inventory, which puts pressure on PTA prices. Analysts pointed out that as crude oil prices fall, PTA cost support weakens and demand also declines. At the same time, it is necessary to observe the possibility of unplanned maintenance of PTA units under low processing costs. Overall, the PTA market lacks bullish news and the downside risk increases.

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