Supply and Demand - PTA supply decreased as Yisheng New Materials reduced production to 3.6 million tons, resulting in a PTA operating rate of 77.7% (down 1.4%) [3] - Demand for polyester also saw a slight decline, with operating rates dropping to approximately 91.2% (down 0.8%) [3] - The price of polyester filament has been adjusted downwards by 50-100, with overall sales remaining sluggish due to the off-season and high temperatures, leading to increased inventory levels [3] Market Outlook - Despite maintenance at Fuhai Chuang and Hengli facilities, the stable operation of new PTA units and expectations of reduced production in downstream polyester factories have weakened PTA supply-demand outlook [4] - The recent decline in oil prices has limited support for PTA, leading to short-term price resistance, although absolute prices remain supported by raw material costs [4] - The strategy suggests that TA will fluctuate within the range of 4600-4900, with a bearish bias at the upper end; some PTA units in South China are expected to undergo maintenance starting in August for three months [4] Cost Analysis - As of July 1, PTA processing fees reached approximately 330 yuan/ton, while TA2509 processing fees were at 350 yuan/ton [2]