Since November, there has been an increase in domestic supply, with over 10 million tons of PTA plants being restarted one after another, and the current industry operating rate is close to 90%. The new PTA production capacity of 2.7 million tons in the East China region is also about to be put into operation, and the PTA supply is still abundant, which is bearish on spot prices.
According to the Commodity Market Analysis System of Shengyi Society, as of November 27th, the average market price in East China was 4783 yuan/ton, a decrease of 2.39% from the beginning of the month.
The easing of geopolitical issues in the Middle East and the slight decline in crude oil prices have slowed down the support for PTA costs. As of November 26th, the settlement price of the main contract for WTI crude oil futures in the United States was $68.77 per barrel, and the settlement price of the main contract for Brent crude oil futures was $72.81 per barrel.
The downstream polyester end maintains high load, while the overall performance of the terminal textile is poor. Domestic autumn and winter orders are coming to an end, and the enthusiasm for raw material stocking is insufficient. The demand for foreign trade orders still exists, but it has narrowed compared to the same period last year.
Therefore, overall, analysts from Shengyi Society believe that the PTA market lacks upward momentum, and the market may experience weak fluctuations and adjustments.
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