外贸订单气氛略有下降 压制PTA期价反弹空间

News Summary Core Viewpoint - The PTA market is experiencing a supply-demand imbalance due to maintenance and inventory reduction, leading to a short-term bullish outlook for PTA prices, although medium-term pressures from new capacity and reduced downstream production are anticipated [2][3]. Group 1: Market Data - As of May 23, the Zhengzhou Commodity Exchange reported 56,566 PTA futures warehouse receipts, a decrease of 994 from the previous trading day [1]. - Last week, PTA social inventory was at 3.7316 million tons, down by 149,700 tons, continuing a downward trend since March [1]. - The PTA industry operating rate increased to 77.1% due to the restart and short maintenance of some facilities [1]. Group 2: Price and Trading Activity - The spot market for PTA showed a general trading atmosphere, with spot basis strengthening. Transactions for May were reported around 4,840 to 4,905, with Ningbo goods trading at 4,835 to 4,840 [1]. - The mainstream spot basis was reported at 09+151 [1]. Group 3: Institutional Insights - According to Guangzhou Futures, the PTA market is expected to remain strong in the short term due to cost support and inventory reduction, but medium-term pressures from new capacity and reduced downstream production are likely to limit price rebounds [2]. - Hualian Futures noted that supply is expected to see slight increases with the restart of certain facilities, while demand remains stable. However, foreign trade orders have slightly decreased [3].