According to the price monitoring of business agency, the domestic PTA market rose sharply on March 9. The average market price in East China was 6555 yuan / ton, up 3.49% from the previous day and 42.33% year-on-year. The main futures 2205 closed at 6552 and settled at 6478, up 288 or 4.60%.

International crude oil futures prices continued to rise. On March 8, the settlement price of the main contract of WTI crude oil futures in the United States was US $123.70/barrel, up US $4.3 or 3.6%; The settlement price of the main contract of Brent crude oil futures was US $127.98/barrel, up US $4.77 or 3.9%. The situation in Russia and Ukraine is turbulent, the sanctions imposed on Russia by the Western camp continue to escalate, the United States proposes to ban the import of Russian crude oil, and the United Kingdom also said to gradually stop the import of Russian crude oil by the end of the year. The tightening of global oil supply is expected to continue to heat up.

From the perspective of supply and demand, the 350000 ton PTA plant of Yizheng Chemical fiber was overhauled for about 20 days on March 1. Fuhai Chuang’s 4.5 million T / a PTA plant will reduce the load to 80% in early March 2022. Chuanneng chemical’s PTA plant with an annual output of 1 million tons was shut down for about one week on March 5. PTA maintenance increases or restart is delayed, and the current industry starts around 76%.

The cost pressure is prominent, and the downstream polyester market is bound to follow the rise of raw materials. However, at present, the wait-and-see mood of mainstream factories in Jiangsu and Zhejiang is strong, and the price is generally flat today. Terminal textile enterprises hesitate to place orders due to high oil prices, high transportation costs and epidemic risk. At present, there are few orders in spring and summer, and the operating rate of the weaving industry increases slowly, maintaining around 65%.

Business analysts believe that under the low processing fee of PTA, the supply will shrink further and the downstream polyester market is not prosperous. Crude oil surged again, cost factors continue to dominate PTA market, and PTA short-term market is expected to remain upward.