This week, the Asian PX market prices rose first and then fell. The average price of CFR in China this week was 1022.8 US dollars per ton, a decrease of 0.04% compared to the previous period; The FOB South Korean average price is $1002.8 per ton, a decrease of 0.04% from the previous period. Earlier this week, international oil prices entered a consolidation phase as the increase in crude oil production from countries other than OPEC+oil producing countries offset the production reduction alliance's domestic production restrictions. However, a domestic 2.6 million ton PX device was unexpectedly shut down, and the demand side PTA continued to operate at a high rate. The pressure on the supply and demand fundamentals slightly eased, and the enthusiasm of participants in negotiations increased. In the early part of the week, the PX price center increased, reaching the $1030/ton mark; However, in the later part of the week, due to concerns about weak global demand, the oil market fell under pressure, leading to weak support for PX costs. At the same time, there is still pressure to accumulate inventory, and the atmosphere of game playing on the market has heated up. Later this week, PX negotiations have fallen from a high level, with a maximum daily drop of $18 per ton. PTA Weekly Review: PTA has shown a volatile overall trend this week, with a stable weekly average price. From the perspective of PTA fundamentals, the PTA equipment has been operating steadily this week, with an increase in weekly average production capacity operating rate compared to last week, resulting in sufficient supply of goods. From the demand side perspective, the downstream polyester seasonal off-season, with the slow decline in polyester operating rate, gradually weakens the support for PTA demand. Coupled with polyester factories stocking up ahead of the New Year holiday, the PTA market negotiations this week are cautious, further increasing the pressure on sufficient PTA supply. In addition, the market is concerned that the weakening of crude oil demand will lead to a decline in international oil prices, but after the holiday ended, Saudi Arabia announced strict implementation of OPEC's production reduction plan, which led to a rapid rebound in international oil prices. Cost disturbance and sufficient supply game, PTA market fluctuates. The weekly average price of PTA this week is 5888.25 yuan/ton, which is stable compared to the previous period. MEG Weekly Review: The spot price of ethylene glycol has stopped falling and rebounded this week. Last week, the price of ethylene glycol fluctuated and rebounded from a high level. However, after entering this week, it was affected by the intensification of the Red Sea conflict, and there were concerns in the market about the stability of the supply of ethylene glycol and crude oil products. Coupled with the planned maintenance of some ethylene glycol units, the supply side of ethylene glycol was strongly supported, and the price of ethylene glycol stopped falling and rebounded again within the week. On January 4th, the spot basis difference in Zhangjiagang this week was discounted by 135-140 yuan/ton compared to EG2405. The spot offer for this week was at 4405 yuan/ton, with an intention to submit at 4400 yuan/ton. As of January 4th, the weekly average spot price of ethylene glycol in Zhangjiagang closed at 4385.63 yuan/ton, an increase of 0.39% from the previous period. The highest price for the week was 4460 yuan/ton, and the lowest was 4270 yuan/ton.
Recycled polyester industry chain:
This week, the market for recycled PET bottles has remained stable with little movement, and the focus of market negotiations and transactions has been basically maintained; This week, the recycled fiber market saw a slight increase, with the weekly average price rising month on month; This week, the recycled hollow market remained stable with minor fluctuations, and the weekly average price remained unchanged compared to the previous week. It is expected that the market for recycled bottle chips will remain stable next week; Expected to see consolidation in the recycled fiber market next week; It is expected that the range of the regenerated hollow market will remain stable next week.
Post time: Jan-15-2024