According to the price monitoring of business agency, the domestic PTA market showed a downward trend today (November 18). The average price in the spot market was 4789 yuan / ton, down 2.98% from the previous day and up 47.07% year-on-year. PTA futures 2201 closed at 4834, down 144, or 2.89%.

In terms of units, the 1.5 million ton unit of Honggang Petrochemical failed to restart last weekend. It is planned to restart around November 19. At present, the operating rate of the industry remains around 79%. The inventory of production enterprises has increased significantly, and the inventory accumulation trend is expected to continue. At present, PTA inventory continues to increase, and the social inventory is about 3.7245 million tons.

Crude oil prices plummeted to a six week low after the organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) warned against oversupply, compounded by the resurgence of the European epidemic, the surge of new cases exacerbated the expectation of lower market demand and put pressure on oil prices. On November 17, the international oil price fell sharply. The settlement price of the main contract of WTI crude oil futures in the United States was US $78.36/barrel and that of Brent crude oil futures was US $80.28/barrel.

At present, the power rationing restrictions in many places in China have been cancelled. Although some conditions have improved, the operating rate of polyester plants has not rebounded rapidly as expected, and remained at about 83% as of November 17. Jiangsu and Zhejiang are the main textile bases, the comprehensive starting rate of looms is around 66%, and the start-up of polyester and weaving is still at a low level compared with the first half of the year. The price remained stable today. Polyester POY (150D / 48F), a mainstream factory in Jiangsu and Zhejiang, quoted 7450-7900 yuan / ton, and the market was in a strong wait-and-see mood.

Business analysts believe that the short-term crude oil market is anxious, the supply-demand game is dominant, and the cost support has weakened. In addition, the performance of terminal demand orders is poor, and PTA continues to gradually enter the inventory accumulation cycle. However, under the background of low processing cost, the factory has a maintenance plan. One PTA production line of Hengli Petrochemical plans to shut down for maintenance in the near future, involving a production capacity of 2.5 million tons. Therefore, on the whole, PTA prices will remain narrow downward.