Supply and Demand - As of August 15, PTA production capacity is at 76%, with a 1.3% increase due to the restart of several plants, including 1.5 million tons from Taiwan and 2.25 million tons from Yisheng [3] - Polyester factory load has slightly increased, with the overall polyester load rising to approximately 89.4%, a 0.6% increase [3] - There is a local improvement in the operating rate and shipment volume in Jiangsu and Zhejiang, although the overall market remains weak [3] Price and Profitability - On August 18, PTA spot processing fees are around 185 yuan/ton, with futures processing fees at 239 yuan/ton for TA2509 and 342 yuan/ton for TA2601 [2] - The spot market shows a trading range for PTA prices between 4650 and 4690 yuan, with some transactions occurring at lower prices [1] Market Outlook - The PTA supply-demand situation is expected to improve in the short term due to increased maintenance plans amid low processing margins, providing some support for the basis [4] - However, with the new PTA facility from Hailun Petrochemical coming online, the medium-term supply-demand outlook appears weak, limiting the upward potential of PTA basis [4] - The traditional demand peak in September and October may provide some support for PTA, with short-term price fluctuations expected between 4600 and 4800 yuan [4]
PTA:低加工费但成本端支撑有限 短期PTA驱动有限
Jin Tou Wang·2025-08-19 03:49