According to the price monitoring of business agency, the domestic PTA market rose slightly on April 26, with the average market price of 6196 yuan / ton, up 1.10% from the previous day and 35.40% year-on-year. PTA futures 2209 closed at 6078, up 46, or 0.76%.

The 1.2 million ton unit of hailun Petrochemical stopped on April 26, and the restart time is to be determined. Since April, the overhaul and production reduction of domestic PTA plants have increased. At present, the operating rate of the industry is around 70%. Although it rebounded slightly at the end of the month, it is still lower than 10% in the same period last year. The restart time of Honggang petrochemical, chuanneng chemical, Hengli petrochemical 1# and other units is to be determined. At the same time, I heard that Hainan Yisheng, Yisheng Dalian 2# and Ningbo Taihua plan to overhaul in May.

The price of international crude oil futures closed lower and the cost side was dragged down. As of April 25, the settlement price of the main contract of us WTI crude oil futures was reported as US $98.54/barrel, down US $3.53 or 3.46%; The settlement price of the main contract of Brent crude oil futures was US $102.32/barrel, down US $4.33 or 4.06%. At the macro level, the Federal Reserve’s aggressive interest rate hike is expected to depress the capital market, and the prices of venture capital such as stock market and crude oil are under pressure; More importantly, the restrictive measures related to the epidemic have exacerbated the market’s concern about the prospect of energy demand.

Although the loom and polyester start-up have picked up recently, due to the restrictions of logistics transportation and personnel flow, the downstream start-up is still low. The start-up of polyester industry is maintained at 77%, and the comprehensive start-up rate of Jiangsu and Zhejiang looms is less than 55%. The improvement range of the demand side is limited, which is difficult to form a strong support for PTA.

Business analysts believe that at present, PTA maintenance efforts are large, and the spot supply balance is tight, which supports the price. However, if the weaving factory continues to reduce production before May Day, the pressure on the demand end of PTA is still large. In the future, we still need to pay attention to the stock replenishment market brought by the recovery of terminal demand and the fluctuation of crude oil market.