供需改善 PTA或延续上行趋势

Group 1 - The core viewpoint indicates that the PTA market is expected to continue its upward trend due to tightening supply and improving demand dynamics, driven by seasonal factors and inventory reductions [1][4]. - Recent data shows that the overall PTA operating rate in China has dropped to 70.3%, significantly lower than the same period in the past three years, with multiple major manufacturers undergoing maintenance [2]. - The polyester sector has seen an unexpected increase in operating rates, reaching 94.2%, which is a new high for the year, alleviating previous concerns about low demand [3]. Group 2 - The social inventory of PTA has been decreasing, with the turnover days dropping to 13.36 days, indicating a continuous destocking trend [2]. - The upcoming summer season in Europe and the U.S. is expected to boost gasoline consumption, which may positively impact the aromatics market, particularly in the context of PTA and PX production [4]. - The overall supply of PTA is anticipated to remain tight in May, providing strong support for price increases, as the polyester industry shows robust production and sales performance [4].