Group 1 - The PTA futures market is experiencing a volatile downward trend, with the main contract opening at 5230.00 CNY/ton and fluctuating between a high of 5242.00 CNY and a low of 5066.00 CNY, reflecting a decline of approximately 1.95% [1] - Institutions predict a shift towards a favorable supply-demand balance for PTA in the coming year, driven by planned maintenance and reduced output from major facilities, although current price increases have outpaced downstream products, leading to profit compression [2] - The overall maintenance of PTA facilities is high, with some recovery in output this week, while downstream demand remains relatively strong but is expected to weaken, indicating a tight supply-demand balance in the short term [2][3] Group 2 - Polyester production remains stable, with good raw material demand; however, there is a risk of negative feedback due to accelerated reductions in output from weaving machines in Jiangsu and Zhejiang, compressing profit margins [3] - The current supply of PTA is tight due to significant maintenance, and social inventory continues to decrease, with first-quarter accumulation expectations lower than previous years [3] - The processing fee for PTA has seen some recovery, and the absolute price is expected to follow raw material fluctuations, suggesting a focus on cost changes for trading strategies [3]
PTA装置检修力度偏高 后期大幅深跌空间不大
Jin Tou Wang·2025-12-29 06:09