Supply and Demand - As of August 29, PTA operating rate is at 70.4%, a decrease of 2.5% [3] - As of August 29, polyester operating rate has increased to 90.3%, an increase of 0.3% [3] - Downstream polyester production has seen a decline due to lack of orders and high temperatures, with inventory levels being acceptable but overall stock being high [3] Price and Profitability - On September 1, PTA spot processing fee is around 170 CNY/ton, while TA2511 and TA2601 futures processing fees are 317 CNY/ton and 313 CNY/ton respectively [2] - The main spot trading range is between 4710 and 4735 CNY, with some transactions at a basis of 40 to 48 [1] Market Outlook - The low processing margin has led to increased unplanned maintenance of PTA facilities in August and September, improving supply-demand expectations, although the execution of maintenance is not meeting expectations [4] - There is still a demand expectation for September and October, with polyester and terminal loads recovering compared to previous periods, providing some support to demand [4] - Short-term strategies suggest focusing on support around 4700 CNY, with a short-term bullish outlook [4]
PTA:9月PTA供需矛盾不大 驱动有限
Jin Tou Wang·2025-09-02 03:30