Supply and Demand - As of August 21, PTA production capacity has decreased to 71.6%, down by 4.4% due to various maintenance and unexpected shutdowns [3] - Polyester production capacity has slightly increased to around 90%, up by 0.6%, with terminal operating rates in Jiangsu and Zhejiang continuing to improve [3] - Downstream raw material inventory is concentrated at 10-20 days, with some exceeding one month, indicating a buildup in anticipation of demand [3] Price and Profitability - On August 21, PTA spot processing fees reached approximately 214 CNY/ton, with futures processing fees at 227 CNY/ton for TA2509 and 347 CNY/ton for TA2601 [2] - PTA prices surged due to unexpected shutdowns of 500,000 tons of PTA facilities in South China, leading to a significant increase in polyester chain futures [1] Market Outlook - The market outlook for PTA is cautiously optimistic due to improved supply-demand dynamics and the upcoming traditional demand season in September and October [4] - However, the introduction of new PTA capacity from Hailun Petrochemical may limit the upward potential of PTA prices in the medium term [4] - Overall, the short-term support for PTA prices remains strong, but the driving factors are limited, with a focus on monitoring resistance around 4900 CNY [4]

Report Information - Report Name: PTA Daily Report [1] - Date: August 12, 2025 [2] Market Review and Operation Suggestions - **Futures Market**: On the 11th, the closing price of the PTA main futures contract TA2509 was 4,706 yuan/ton, up 18 yuan/ton or 0.38%, with a settlement price of 4,708 yuan/ton and a daily reduction of 19,038 lots. The TA2601 contract closed at 4,732 yuan/ton, up 16 yuan/ton, with a trading volume of 253,884 lots, an increase of 21,317 lots [6]. - **Analysis**: Despite a slight decline in crude oil prices, the PTA market has maintenance expectations, and low processing fees support the spot market. Mixed long - and short - term news has led to a consolidating market [6]. Industry News - **Crude Oil**: European and American crude oil futures ended a six - day decline. Brent crude futures closed slightly higher, while WTI crude futures closed flat but had a significant weekly net decline. The September 2025 WTI crude futures settled at $63.88 per barrel, and the October 2025 Brent crude futures settled at $66.59 per barrel, up $0.16 or 0.24% [7]. - **PX Market**: The assessed price of the PX market in China was $833 - 835/ton, up $2/ton from the previous day; in South Korea, it was $813 - 815/ton, also up $2/ton [7]. - **PTA Market**: A PX and PTA plant in Shandong is restarting. The PTA price in the East China market was 4,698 yuan/ton, up 27 yuan/ton. The average daily negotiation basis was at a discount of 11 yuan/ton to the 2509 futures contract, up 6 yuan/ton [7]. Data Overview - The report includes data on international crude oil futures closing prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures prices, basis, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories [11][13][17]