According to the commodity market analysis system of SunSirs, the domestic PTA market has shown a slight upward trend recently after a short-term decline. As of July 27, the average price of the spot market in East China was 5,916 yuan/ton, an increase from July 18 0.33%.
Support on the cost side is still strong, Saudi Arabia and Russia further promote production cuts, supply tightening is expected to remain unchanged, and US gasoline demand rebounds, international crude oil prices continue to rise. As of July 26, the settlement price of the main contract of WTI crude oil futures in the United States was 78.78 US dollars per barrel, and the settlement price of the main contract of Brent crude oil futures was 82.56 US dollars per barrel.
PX follows the strong oscillation of crude oil. PX is in the accumulation cycle. The domestic PX start-up load is low. However, the new production capacity of PTA on the demand side drives the release of new points, and the contradiction between supply and demand has not yet become prominent. The domestic PTA market maintained a fluctuating upward trend after a slight correction. As of July 27, the average price of the spot market in East China was 5,950 yuan/ton, an increase of 1.14% from July 18.
Under the background of high raw material prices, downstream yarn factories are not very enthusiastic about stocking up, are more resistant to the price of polyester staple fibers, and have more holidays. The export of pure polyester yarn continues to be under pressure, and domestic sales are also insufficient, with few orders. Spinning mills continued to dominate shipments, and the overall price dropped slightly due to preferential negotiations. As of July 27, the average price of pure polyester yarn in Shandong was 12,675 yuan/ton, down 125 yuan/ton from the beginning of the month, or 0.98%.
Analysts from SunSirs believe that crude oil and PX are still relatively strong in the short term, but PTA supply and demand pressures are gradually emerging due to the restart of PTA plants, more load increases and the release of new production capacity. At the same time, under the influence of high temperature in downstream spinning mills, the start of work is still low, and measures to reduce production and maintain prices are basically adopted, causing drag on the demand side. In the short term, driven by the continuous cost, the price of polyester staple fiber will still be relatively strong.
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