2.68 million tons!

The PTA circulation link inventory has reached a new high!

Since the Spring Festival this year, PTA social inventory has always been in a state of range fluctuations, occasionally de-stocking, but the de-stocking range is not large. At present, PTA social inventory has once again set a new high in recent years.

The main reason for this phenomenon is the imbalance between supply and demand.

Production capacity continues to expand, and the accumulated warehouse continues to increase

2020 is a year when PTA production capacity continues to expand. Even if there is an outbreak of a "black swan" event such as the new crown epidemic, the impact on the overall production plan of PTA will be limited. In the quarter of diyi, the 1.2 million tons of Zhongtai Chemical and the 2.5 million tons of Hengli’s Phase 4 were put into operation. In July, the two production lines of the 2.5 million tons of Hengli Petrochemical Phase 5 also produced qualified products. The domestic production capacity of PTA reached 58.855 million. Ton. The new device is put into production, making it difficult for PTA to get out of the trap.

Poor demand for polyester makes it difficult to depot PTA

In addition to increasing its own supply pattern, weak downstream polyester demand is also an important reason for the continuous accumulation of inventory. In July, facing the pressure of high inventory, 13 polyester factories announced their plans to reduce and stop production, but the overall reduction in production was not large. Entering the traditional textile off-season and the outbreak of overseas epidemics again, demand recovery is unpredictable. Weaving companies have not strong purchasing intentions. The continued weak production and sales of polyester yarns have led to higher polyester inventories and reduced demand for PTA, making it difficult for PTA to go to the warehouse.

Recently, a number of PTA devices have begun to be overhauled.

Including Ningbo Taihua’s 1.2 million tons equipment overhaul for two weeks, Sanfangxiang’s 1.2 million tons equipment overhaul for one month, Yangzi Petrochemical’s 650,000 tons equipment overhauled on August 6 for two weeks, and Reignwood Petrochemical’s 1.4 million tons load reduction in late August 50%. Fuhua’s 4.5 million tons plant reduced production to 70% on August 12 and maintained it for a week, and planned to be overhauled for half a month from September 15; Yisheng Ningbo’s 2.2 million tons plant planned to shut down for two weeks on September 1, Sichuan Chemical Energy The 1 million ton plant will be overhauled for 2 weeks starting on September 10.

Can the centralized maintenance of the PTA device help its de-stocking?

The editor believes that this can only achieve the effect of phased library removal, and continuous removal is still difficult.

After a long delay, the PTA device finally ushered in a large area of centralized overhaul. The overhaul of the device naturally caused the inventory to grow slowly, and the rigid demand of polyester for PTA still exists, which can make the PTA achieve the effect of phased warehouse removal. But negative factors still exist.

01. High polyester inventory

According to statistics from China Silk Capital, the overall inventory of the polyester market is now concentrated in 33-39 days; in terms of specific products, POY inventory is around 11-17 days, FDY inventory is around 22-31 days, and DTY inventory is around 22-31 days. To about 30-39 days. It can be seen that the current polyester inventory is at a high level, and the polyester operating rate remains at a high level of about 91%. There is a high probability that the demand for PTA will be relatively reduced in the later period.

02. The epidemic is serious, weaving high inventory and few orders

On the one hand, at present, most overseas countries have ushered in the second wave of epidemics. Brazil, the Philippines, Spain, Germany and other countries have fallen into the abyss of the epidemic again, tightening restrictions again, and even entered a new blockade. The weaving market ushered in a wave of market in early August. The short-term return of some European and Middle Eastern orders does not represent a complete recovery of the foreign trade market. This wave of market market is mostly considered to be an overdraft of the future gold, nine, and silver, and ten markets, coupled with the serious epidemic. , The export was blocked again.

On the other hand, the current situation of weaving manufacturers' orders is still unsatisfactory. The domestic market share is limited, and there are too few porridges. In addition to reducing production and burden, most manufacturers have accumulated inventory to a high level. The unsatisfactory weaving market is reflected in the negative feedback at the polyester raw material level.

The inventory of PTA has reached a high level, and the centralized maintenance of the device has brought a "timely rain" to the inventory, and supply and demand can get a short-term improvement. However, the repeated epidemics are a particularly bad factor for the weaving end, the raw material end, or even the polyester raw material end. The specific market trend of PTA still needs to control the next changes in the order of gold, nine, and silver.

Haian County Qinfeng Chemical Fiber Co., Ltd. ranks among the high-quality enterprises in the industry with its single-stream professional technical strength, front-end quality inspection system and perfect quality inspection system, specializing in the production of pp staple fiber, polypropylene staple fiber, polyester staple fiber, and functional polypropylene staple fiber Fiber, functional polyester staple fiber, etc.

If you want to know more product information, please contact: Mr. Qian 13962787918, 13813743991 Website: http://www.glory-fiber.com/