Because PTA, polyester and weaving are all

High enterprise leads to heavy load ahead.

The performance of crude oil, which is the source of the industrial chain, has also greatly reduced the price of the downstream market.

Since the end of June, international crude oil prices have continued to plummet, and WTI crude and Brent crude oil indices have fallen by about 16%.

Market participants analyze the market, they believe that the downstream textile market "light" situation will be to suppress PTA and the entire polyester market "shackles".

Even if the PTA market is boosted by crude oil, the market will be dragged down by the downstream market.

In Wang Guangqian's view, because the excess capacity of the PTA industry chain is not effectively cleared and the market competition is serious, it will eventually compress the profit and cash flow in every link of the industrial chain.

stay

The market will remain weak until the inefficient capacity is cleared.

"At this time last year, the price of WTI crude was near $86 / barrel, and the current price is below US $50 / barrel. The collapse of crude oil prices directly affects market confidence."

Wu Xiaofen said that although crude oil has rebounded several times this year, the overall position is still low, which makes the market bearish sentiment.

"Crude oil prices rebounded under the influence of geopolitical factors and the weakening of the US dollar.

But the pattern of international crude oil supply and demand that dominated the trend of oil prices has not changed significantly.

The supply of crude oil in the month of OPEC9 was 31 million 570 thousand barrels, the highest level since 2012.

With this news, crude oil prices fell by more than 5%, and the valuation of the entire industrial chain was therefore reduced.

Wei Lin said.

In addition, from the market reaction, we can see that, despite the recent rebound in crude oil and driving up polyester, the volume of terminal orders is limited, coupled with the tight funds and high inventory of weaving enterprises, the market is not particularly keen on the "silver ten" market.

At the same time, the capacity of PX PTA polyester in the whole industry chain is serious.

More failures, coupled with tighter lending by banks, severe shrinkage of orders, and fierce competition in the market.

Terminal demand and crude oil prices will be hard to reverse in the short term, while supply pressure will also increase in PTA.

It is understood that 400 thousand tons of Shanghai Jinshan Petrochemical and 650 thousand tons of Yisheng Petrochemical have been restarted on the first two days.

"According to the overhaul plan, 2 million 200 thousand tons of Yishi petrochemical and 2 million tons of Yisheng petrochemical plant will be restarted in the second half of October, and the market supply will be relaxed."

Wei Lin believes that the PTA price will continue to weaken in the short term.