Supply and Demand - PTA supply has decreased due to planned shutdowns at Taiwan Chemical and Hong Kong facilities, with PTA operating rates down to 72.5% (-5.2%) [3] - Polyester demand has rebounded post-holiday to 94.2% (+0.8%), driven by the restart of long filament production and recovery in short fiber output [3] - The current low inventory levels at polyester factories are supporting price increases, while upstream materials PX, PTA, and MEG are under a destocking logic [3] Market Outlook - The repair of PTA processing fees and continuous price increases suggest a potential delay in PTA facility maintenance, leading to a weaker supply-demand balance than expected [4] - Short-term PTA supply-demand remains tight due to high polyester operating rates, with macroeconomic factors and rising oil prices contributing to a strong PTA market [4] - Despite the strong short-term outlook, concerns about weak oil supply-demand and demand-side issues may limit PTA's rebound potential [4] Cost Analysis - As of May 13, PTA spot processing fees are around 353 CNY/ton, while TA2509 futures processing fees are at 356 CNY/ton [2]
PTA:供需驱动偏强 叠加关税利好提振 PTA走势偏强
Jin Tou Wang·2025-05-14 02:02