When futures go up, I go up, and futures have an impact on me;
When futures go down, I don’t go down, and I am different from futures!
If PTA rises, so will I. We have the same roots;
If PTA falls, I will not fall. I have policies. Not in stock yet!
When the macro is good, I am also good, and I am a macro barometer;
When the macro is bad, I am not bad, and the environmental impact is differentiated !
Although this is a joke, it is indeed a true portrayal of the recent polyester filament market!
No, boosted by the rebound in international oil prices on the 18th, polyester raw materials on the 19th The prices of PTA and ethylene glycol have rebounded one after another. Polyester filament, which has been following the rise but not the fall, has started a wave of price increases again! Price increase notices from various polyester manufacturers are arriving one after another.
Hengli Chemical Fiber: Individual specifications of FDY semi-gloss have generally increased by 100-200 yuan/ton, and full-dull FDY has generally increased by 100 yuan/ton.
Shenghong Shares: Semi-gloss DTY50D series fine denier increased by 200-400 yuan/ton, and other parts of DTY increased by 50-100 yuan/ton.
Tongkun Chemical Fiber: The quotations of some products increased by 50-100 yuan/ton, and some products even increased by 50 yuan/ton after midday.
Huaxiang High Fiber: Semi-gloss DTY50D series fine denier increased by 100 yuan/ton, and semi-gloss FDY40D series generally increased by 100 yuan/ton.
Taicang Shenjiu: POY quotation increased by 50 yuan/ton.
International oil prices: stopped falling and turned up, and rebounded after adjustments!
Since Saudi Arabia and other Organization of the Petroleum Exporting Countries (OPEC) and Russia planned to increase production last week, U.S. crude oil and Brent crude oil prices have fallen by 9.6% and 7.2% respectively. %.
After several trading days of adjustments, the crude oil end continued to decline on Wednesday (July 18th) International oil prices stopped falling and turned up, closing up 1% on the same day. As of the close of trading on the 18th, the price of light crude oil futures for August delivery in New York closed at US$68.76 per barrel; the price of London Brent crude oil futures for September delivery closed at US$72.90 per barrel.
PTA: The device is shut down for maintenance, and futures performance is strong!
With the rebound in international oil prices, coupled with the announcement of delayed restart of some PTA plants on the 18th, and the supply and demand impact of the shutdown of some plants, PTA futures are facing Be strong. On the 19th, the PTA futures of Zhengzhou Commercial Exchange closed sharply higher. Among them, the main 1809 contract closed at 5,962 yuan/ton. Compared with the settlement price on the previous trading day, it increased significantly by 90 yuan/ton, or 1.53%. Its trading volume rose to 830,212 lots, and its open interest climbed to 728,324 lots.
Boosted by the rise in international oil prices and futures, the PTA spot market rose steadily on the 19th, and its internal market quotation rose to about 6030-6080 yuan/ton, with transactions Negotiations have risen to around 6,000-6,030 yuan/ton.
The polyester filament market, which was gradually entering the off-season, has experienced a series of changes in the short period of one month from late June to the present, including international oil prices hitting a three-and-a-half-year high, PTA futures prices rising sharply, and the polyester industry chain’s mid-year carnival. Boosted by favorable costs, it will go “crazy” from time to time! Polyester manufacturers have also taken many measures such as increasing quotations, making up for increases in the afternoon, closing orders, etc., and the market continues to be surprised!
Of course, in recent times, the polyester filament market has followed the rise rather than the fall, which is naturally inseparable from the “low inventory” of polyester manufacturers. Confidence!
Favored by the increase in polyester filament market quotations, the production and sales of the polyester market are also advancing by leaps and bounds. The most intuitive thing is naturally the continuous reduction of inventories of polyester manufacturers. Judging from the statistics of China Silk City Network, the overall inventory of the polyester market is already at the low level of 2018, ranging from 4 to 13 days. From the perspective of specific products, POY inventory is concentrated in 3-7 days, FDY inventory is around 3-6 days, and DTY inventory is around 11-19 days.
But one thing I have to mention here is that cost is a double-edged sword. Although upstream raw material costs are rising in the face of polyester market conditions,It forms an assist, but it also affects the profits of polyester manufacturers to a certain extent; the increase in the price of upstream polyester raw materials also reduces the profit margin of polyester manufacturers.
With its own profits being squeezed, any disturbance in the upstream and downstream or external markets will increase the intention of polyester manufacturers to increase prices. Coupled with the support of low inventory, It is expected that in the short term, the polyester market will be easy to rise but difficult to fall!
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