37℃, 38℃, 39℃…the temperature in these two days is high enough to make you melt on the road. In this hot and scorching heat, the polyester market is not idle either. PTA has just finished rising, and the spot price of ethylene glycol has risen to a new height. It can be said that the rising tide is one wave after another.
Event Review:
On July 11, the restart of the constant force device was delayed, and PTA started a bullish market.
On July 13, Ningbo Liwan (Mitsubishi)’s 700,000-ton/year PTA unit stopped, adding fuel to the already hot PTA rebound.
Under the stimulation of continued positive news, the current price of PTA both exceeded the 5,400 mark, an increase of nearly 600 yuan/ton from the beginning of the month.
PTA’s surge during the month really made PTA steal the show. PTA is booming, and its little partner ethylene glycol is unwilling to be lonely this month. The market conditions of ethylene glycol and PTA this month can be described as a “tortoise and the hare”. If PTA is compared to the rabbit, then ethylene glycol is the little turtle that wins the race. It rose a little every week, and after a period of time, ethylene glycol quietly increased by several hundred yuan.
The good news for PTA has faded in the past two days, and the impulse on the ethylene glycol electronic market has also been slightly insufficient. Just when the prices of the two major raw materials showed signs of weakening, the spot ethylene glycol broke through the reins like a fierce horse, and the price rose straight up. On July 19, the ethylene glycol electronic trading closed slightly up by 50 yuan/ton, but the spot price soared by 190 yuan/ton.
What is the big benefit that caused ethylene glycol to rise sharply away from the electronic market?
It is reported that a major chemical fiber factory in Zhejiang carried out sweeping purchases of ethylene glycol yesterday (19th), making the originally tight ethylene glycol spot even tighter. In addition, the imported supply will only arrive at the port at the end of the month, and the domestic spot output It is difficult to increase the volume in the short term, which has contributed to the obvious premium of ethylene glycol spot prices.
The market for polyester raw materials this month is mainly driven by tight supply and demand. As of July 20, the PTA load was around 65%. At the same time, the start-up of about 85% of downstream polyester production has created strong rigid demand for polyester raw materials. This can be seen from the shipment situation of ethylene glycol in East China Port. In recent weeks, the inventory in East China’s main ports has basically remained around the average of 500,000 tons. The port inventory is digested quickly and is difficult to accumulate.
Since July, the internal price of PTA has increased by 600 yuan/ton, and the internal price of ethylene glycol has increased by 630 yuan/ton. The two major raw materials have risen together, giving polyester filament a strong cost support in the near future. Although the prices of these two major raw materials are currently at a high level and face a greater risk of correction, market conditions are often determined by speculation. The current low inventory of PTA, ethylene glycol or polyester filament is an objective reality. In fact, as long as there is a big positive event in the market, it may rise again in two days. Even if there is no benefit, it is estimated that chemical fiber factories can maintain prices for a while with low inventories. If the downstream wants to hope that polyester yarn will fall, it seems that it will have to wait for a while!
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