Lead: After entering the second half of September, China's polyester industry market began to pull back from its high level. Under the weakening atmosphere of China's commodity market, the polyester raw material market fluctuated and fell. Pressure was put on the cost side, and the polyester market gradually pulled back.
Since mid-August, China's polyester industry market has experienced another month-long rise. Since September 18, the polyester industry market has begun to pull back at a high level. International crude oil fluctuated at high levels, commodity market sentiment was weak, polyester raw materials PTA and ethylene glycol futures weakened, and the spot market fell accordingly. Downstream polyester began to reduce production, putting pressure on the market. As of now, spot negotiations in the PTA market have dropped to around 6170 yuan/ton. Transactions and negotiations around 20-25 yuan for delivery at the main port this week and next week. The price of ethylene glycol in East China is around 4,070 - 4,080 yuan/ton. Under the pressure of cost, China's polyester market has also begun to fluctuate and fall. Before the holidays and when some foreign trade orders were replenished, the production and sales of most polyester companies were improving.
With the correction in the market prices of polyester raw materials PTA and ethylene glycol, the pressure on production costs of polyester companies has eased. Therefore, the overall profitability of Chinese polyester companies has rebounded slightly. At present, only polyester bottle chip companies are still at a loss. The profits of polyester filament companies have gradually turned around, and the profits of polyester staple fiber and polyester chips have remained low and fluctuated. As of now, the profit of polyester chip products is 81 yuan/ton, the profit of polyester bottle chip products is-269 yuan/ton, the profit of polyester filament products is 176 yuan/ton, and the profit of polyester staple fiber products is 116 yuan/ton.
China's polyester load has dropped due to the impact of the Asian Games, but some Zhejiang enterprises will gradually recover after the October holiday. Therefore, the polyester load will steadily rise next month. Currently, it is still in the peak demand season for gold September and silver 10. Weaving companies have started operations and maintained operations, the operating rate has increased slowly, and the speed of order placement has slowed down before the holidays. In terms of inventory, orders from weaving companies are relatively low, which has formed certain support for the market. In late October, with the increase in foreign holiday orders, foreign trade demand will improve. Coupled with the continued issuance of orders for autumn and winter fabrics in China, the prospects for textile demand are still optimistic.
Entering October, demand in the global crude oil market may continue to weaken. Judging from the regularity of the season, the fourth quarter is often the low season for global crude oil consumption. However, Saudi Arabia and Russia have extended production cuts until the end of this year. Overall, the fundamentals of the global crude oil market continued to show a trend of exceeding supply in October, thus forming a supporting role for the crude oil market. International crude oil may remain high and volatile. After the 11th holiday, polyester raw material PTA and ethylene glycol enterprise units have maintenance plans. Industry start-ups will decline, while downstream polyester loads will pick up. The market supply and demand sides will improve, forming certain support for the market. However, the global economic situation is still facing great uncertainties and the market lacks sustained driving. It is expected that the polyester industry market will be mainly adjusted at a high level after the holiday. Pay attention to the promotion of international crude oil and market supply and demand to the market.
