Group 1 - The core viewpoint is that PTA prices are under pressure due to supply recovery expectations and seasonal demand weakening, despite tight supply-demand balance and cost support [1][3] - PTA's price range is expected to be between 4800-5300, with no new capacity additions until 2026, leading to a gradual supply contraction in the industry [1] - The polyester industry maintains rigid demand, and the supply-demand pattern for PTA is expected to improve, with mid-term price levels likely to rise gradually [1] Group 2 - In December, PTA prices reached a high point for the second half of the year, driven by cost support, strong demand, and high export volumes [3] - PX supply-demand expectations are optimistic, with upcoming maintenance on a major facility and planned repairs for Asian PX units, leading to a monthly average price increase of over 3% in December [3] - Despite favorable factors pushing PTA prices up, the traditional off-season demand is expected to suppress price increases, limiting the potential for further gains beyond the 2025 high [3]
供应回归预期下 PTA短线调整
Sou Hu Cai Jing·2025-12-29 08:10