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]