PTA: Downward Trend Of Domestic Stock Center

1, upstream raw materials: crude oil Brent to 60.48 -0.07 (-0.07) US dollars / barrel; naphtha to 550.25 (-2.63) US dollars / ton CFR Japan, LPG to 551 (+7.00) US dollar / ton CFR Japan, heterogeneous level MX to 725 (-26.50); Asia PXCFR to 885 x (-37.00) CFR, equivalent to 5009 yuan (RMB) yuan / ton, and factory cash flow loss. PXFOB- naphtha oil price difference in the 313 US dollars / ton, PX profit to downstream; PX FOB and MX price difference in 138 US dollars / ton, PXFOB Korea and FOB Rotterdam price difference to +78 dollars / ton. South Korea's many sets of PX and China Tenglong aromatics plan in 3-4 months maintenance, PX supply is expected to be tight.

2, PTA: spot market PTA to 4700 (-105), spot 05 than the 05 contract premium 154 yuan / ton; external transactions to 640 -10 (USD) / ton, import cost 4917 (-76) yuan / ton, domestic and foreign price difference to -216 yuan / ton. The 5 day Yisheng port's cash price was 4925 yuan (-25) yuan per ton, and PTA's domestic spot price shifted downward. Sell at low prices The market turnover is 4650-4700 yuan / ton. It is reported that several large PTA factories held a meeting today to pay attention to the possible measures.

3. Polyester polyester yarn Raw materials are weak and market watching atmosphere is strong. The price quotations of Jiangsu and Zhejiang polyester products are basically stable. Today, the market atmosphere of the polyester Market in Jiangsu and Zhejiang has dropped, and the mainstream production and sales in the vicinity of 50%, lower in 20-30%. Later, with the load rising of the fabric manufacturer, the demand for polyester will improve.

4, the industrial chain operating rate: Domestic PX The start-up rate of the unit is 71%, the operating rate of the domestic PTA unit is 74 (-2.3)%, the downstream polyester operation rate is 70.8 (+0.2)%, and the weaving load is 23 (+0)%.

5, China Light Textile City total turnover to 333 (-66) million meters, of which 307 tons (-48) million pieces of long staple cloth, short fiber cloth into 26 (-18) million meters, gray fabric turnover will continue to rise.

6, PTA inventory: PTA factory 7-8 (0) days, polyester factory 6-7 (-0) days; Zhengshang warehouse receipt + effective forecast 67165

Personal view: oversupply, registered warehouse receipts continue to increase, short capital takes the initiative, Thursday PTA sharply callback. PX also followed TA's weakness and made some profits. However, due to the tight supply and demand of PX in March, and the lower polyester polyester product inventory was relatively small, the TA factory was in a weak position in the competition for profits, and it was concerned about whether it would make the strategy of alliance reduction. At present, TA is still at a low level in history. Crude oil prices and factory initiatives will drive prices. It is not recommended that investors should chase after the empty market.