The PTA**1501 contract has gradually declined from the high of 7,156 yuan/ton in mid-August and has now been adjusted back to 6,600 yuan/ton. The key to determining the future trend of the 1501 contract is whether the downstream polyester season can boost PTA demand.
Large increase in PX supply, significant reduction in polyester losses
The current PX social inventory is low, but the gradual increase in late supply is a high probability event. A total of 3.3 million tons of the three sets in South Korea, a set of 920,000 tons in India, a total of 4.2 million tons of PX new production capacity has been put into operation in June and July respectively, August and September supply the market. The production capacity of 800,000 tons in Singapore in Kowloon will start in early September or mid-September. At the same time, old production capacity also began to take a notice. The most obvious is JX, Japan’s largest PX producer, which announced that it will increase its load from 60% to 70%–75% in the fourth quarter; PX plants scheduled to be overhauled in September have also been postponed. Overhaul and shorten the inspection time. The immediate driving force behind this is the high price difference between PX and naphtha. On August 11, the spread between the two countries was as high as US$550/ton. Although it dropped to US$370/ton at the end of August, the profit of PX was still very high. With the release of PX's new capacity, the price difference between PX and naphtha will inevitably fall to 200 points that have been repeatedly tested in history.
The worst period of the polyester market may have passed. The biggest benefit was the drop in raw material prices. From mid-August to early-September, PTA fell by 600 yuan/ton, and the decrease in polyester was significantly lower than PTA, and the loss rate of the polyester industry was significantly reduced. “Jin 9 Silver 10†is the traditional peak season for the terminal textile and polyester industry. This year's “Jin San Yin Si†season in the polyester market has obvious features. The arrival of “Jin 9 Silver 10†is the key to whether PTA prices can be stabilized.
The 1409 Contract Supplementary Base Quotes Ended, Bad Advancing
From the perspective of the PTA industry chain, the 1409 contract fell due to the contradiction of downstream polyester's high price for PTA. Since the sharp pull-up of PTA in mid-May, polyester profits have slowly declined. The PTA plant formed a coalition and seized the gross profit of the polyester segment. Since the PTA rebounded sharply, the polyester industry was still able to keep up with the rise and the loss was still bearable. However, since July 10, the polyester loss began to gradually expand. In mid-August, the loss ratio of polyester FDY has reached nearly one. The highest in the year is similar to the situation at the end of last year. During the general Spring Festival, the scale of maintenance at the polyester factory was not large. At the beginning of last year, the operating rate of polyester filament fell from 73% all the way to 45%. It was precisely because of the inability to bear losses. With the same precipitating factors, the operating rate of polyester filament fell from 75% in June to July to 62% in August, and the downstream has actually contravened the spot price of PTA of 7,600 yuan/ton. This is the 1409 contract and spot does not continue to rise. s reason.
Due to the continuing downturn in downstream polyester, PTA's social inventory has increased for two consecutive months, despite strict control of PTA plant production. The CCF estimates that domestic PTA total supply will be 2.36 million tons in August, and total demand will be 2.257 million tons. The total supply will exceed the total demand by 110,000 tons. Together with the increase of 130,000 tons in July, the PTA social inventories increased by 240,000 tons in July and August, which was the first consecutive increase in inventory after four consecutive months of inventory deprivation from March to June. The accumulation of spot inventory and the drop in the 1409 contract dragged down the 1501 contract.
In short, in the medium term, the PTA price will fall. With the new production capacity of PX in Asia, the production cost of PTA is expected to be 6,150 yuan/ton. This will be seen in the coming months. The current supply of PTA still maintains the contraction trend. If the downstream polyester “Golden 9 Silver 10†season can come, the newly added 240,000 tons of PTA inventory will be digested, and new social inventory will not be added. The 1501 contract is likely to return to 7,000 yuan/ton. , out of a wave of base return to the market.
When putting mask on, place shiny side to face with pleats facing downward. Pull loops over ears, and adjust to tightly cover the nose and mouth (or respirator if combined). If a tighter fit is required, the loops can be twisted before placing over ears.
To remove contaminated mask, avoid touching outer layer of mask or your face. Remove from ears, only touching loops, and immediately put into washer, sterilizer or safe storage.
Clean mask by washing or sterilizing before re-use every time. Sanitize hands immediately after handling contaminated masks each time. Clean after multiple use or if soiled. Discard if damaged or torn.
Antibacterial masks,antibacterial mask kn95, antimicrobial dust mask,Reusable Antibacterial Face Mask
Suzhou Ruihan Automation Technology Co. LTD , https://www.ruihansz.com