Price trend

According to the price monitoring of SunSirs, since December, the market price of polyester filament has rebounded. Among them, polyester DTY rose 6.11%, polyester POY rose 5.62%, and polyester FDY rose 3.54%. As of the 21st, the mainstream polyester filament factories in Jiangsu and Zhejiang Province had offered polyester POY (150D/48F) at 7,100-7,350 RMB/ton, polyester DTY (150D/48F low elasticity) at 8,500-8,700 RMB/ton, and polyester FDY (150D/96F) at 7,950-8,350 RMB/ton.

Analysis review

In the international crude oil market, the fall of the US dollar and the US plan to buy back oil to replenish reserves boosted oil prices. However, due to the impact of the North American storm, travel demand was restrained and the increase of oil price was compressed. As of December 20, the settlement price of the main contract of WTI crude oil futures in the United States was 76.23 US dollars/barrel, and the settlement price of the main contract of Brent crude oil futures was 79.99 US dollars/barrel.

The domestic PTA market was weak at the beginning of December, but it began to rebound slightly on December 7. According to the monitoring of SunSirs, the average price in the East China market was 5,444 RMB/ton as of December 20, up 6.43% and up 19.40% year on year. PTA unit maintenance and load reduction increased. Ineos 1.1 million ton unit, Yisheng Dalian 2.25 million ton unit, and Yangzi Petrochemical 650,000 ton unit were successively shut down for maintenance. Some units reduced their load to 50% to 90%. The overall operating rate remained around 66%, and the supply decreased in the short term.

From the downstream perspective, with the rising price of the raw material end looming, the terminal market exploded under a series of positive incentives, and weaving manufacturers had stepped out to purchase raw materials. The market had entered the periodic replenishment stage, and production and sales increased dramatically. The polyester market quotation in Jiangsu and Zhejiang continued to rise, and the starting load rebounded to more than 50%. Some weaving enterprises postponed the original parking plan from mid December to the end of December or early January.

Market outlook

Analysts from SunSirs believe that the PTA operating rate of the raw material side remains low, but with the gradual introduction of new devices, the pressure on the supply side is still high. The terminal is in the seasonal slack season, and the weaving market is about to enter a holiday state. Reducing the operating rate is bound to hit the raw material procurement. To sum up, it is expected that the rising price of polyester filament will be limited.

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