SunSirs: PTA Prices Fluctuated Downward in 2024

Price trend

According to the Commodity Market Analysis System of SunSirs, the domestic PTA price fluctuated downward in 2024. As of December 31, the average market price in East China was 4,790 RMB/ton, a decrease of 19.22% from the beginning of the year.

It can be roughly divided into four stages:

From January to early July 2024, PTA prices showed an overall range of fluctuations. Although crude oil surged and fell in the first half of the year, it provided some upward support for PTA costs. With the new production capacity put into operation, PTA supply was abundant. Combined with weak demand performance, downstream procurement maintained essential demand. Under the game of strong cost and weak supply and demand, the PTA price range was consolidating.

From early July to early September, the center of crude oil prices shifted downwards, and under the multiple pressures of continuous release of new PTA production capacity and supply-demand imbalance, PTA prices experienced a significant decline, with a drop of over 22%.

From early September to early October, driven by favorable macroeconomic and crude oil conditions, the PTA price center significantly recovered upwards, with an increase of over 11%.

From early October to December, crude oil rose to the high point of the range and then fell back again. Demand improved but did not have sustainability, and PTA new production capacity was released. Under multiple negative factors, PTA prices adjusted weakly.

Compared with 2023, the price trend in the first half of the year was basically consistent, but there was a significant differentiation in the second half of the year. In 2024, there was a significant decline, and as of the end of the year, it was at a low level in nearly three years.

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