Market Overview - On August 6, the market was boosted by the news of INEOS reducing production, alongside a recovery in commodity sentiment, leading to a rapid increase in PTA futures prices, which ultimately closed with gains [1] - The trading atmosphere in the spot market was relatively positive, with a weak basis for spot prices and limited offers from polyester factories [1] Pricing and Supply - Main suppliers offered August cargoes, with transactions for early August at a discount of 20-25 against September futures, and later in August at a discount of 15-20, with price discussions around 4650-4720 [1] - As of August 1, PTA operating rates decreased to 72.6%, down by 7.3%, while polyester operating rates slightly fell to 88.1%, down by 0.6% [3] Profitability - As of August 6, the PTA spot processing fee was around 130 yuan/ton, while the processing fee for TA2509 futures was 274 yuan/ton [2] Demand and Inventory - On August 6, the price of polyester staple fiber remained stable, with local sales volume increasing, and current inventory levels at fiber factories were manageable [3] - The terminal operating rates are expected to remain steady as the market awaits the peak season in September and October [3] Future Outlook - Despite a better-than-expected supply-demand situation for PTA in August, the market outlook remains weak due to the upcoming commissioning of new PTA facilities and continued weak demand for new orders [4] - The overall sentiment in the domestic commodity market has improved, providing some short-term support, but the PTA market is expected to face downward pressure from weak supply-demand expectations and recent declines in oil prices [4] - Short-term price range for PTA is anticipated to be between 4600-4800, with low processing fees suggesting potential for expansion [4]
PTA:低加工费但成本端有所企稳 短期PTA震荡对待
Jin Tou Wang·2025-08-07 02:04