According to the monitoring of the business community, the average price of the domestic PTA spot market on November 22 was 5643 yuan/ton, down 0.86% from the previous day and up 17.84% year on year. The PTA new device is about to be launched, the cost is weakening, and the demand is poor. With the addition of bad news, the PTA price maintains a downward pattern.

On the supply side, the load of PTA large plants has been reduced and new units have been put into production late, but the improvement of processing fees will drive the production willingness to rise, and the current industry operating rate remains above 74%. In addition, PTA’s new capacity is about to be tested, and the accumulated warehouse is expected to rise.

In the crude oil market, the international crude oil futures fell on November 21. The settlement price of the main contract of the U.S. WTI crude oil futures was 80.04 dollars/barrel, and the settlement price of the main contract of Brent crude oil futures was 87.45 dollars/barrel. Yesterday, some media reported that OPEC+in oil producing countries may increase production substantially, and the oil price once plummeted by 5%. Then Saudi Arabia denied this rumor and made a strong voice that it might further reduce production. The oil market reversed dramatically, taking back most of the losses of the day.

The peak of the Double 11th Festival has passed, and the terminal textile and clothing consumption is again weak. The turnover of the Light Textile City is at a seasonal low, and the inventory of grey cloth and yarn is high. Some weaving factories have been closed for holidays or stopped in succession, and the operating rate has shown a downward trend of shock. The comprehensive operating rate of Jiangsu and Zhejiang looms has dropped to around 56%.

Analysts from the business community believe that at present, most PTA devices in China have completed annual maintenance, the pressure for new devices to be put into production is not reduced, and the starting load will continue to rise. In the near future, the cost side crude oil and PX have weakened, and the price support for PTA is correspondingly weak. Weak demand is a drag, and it is difficult to see significant improvement within the year. Therefore, on the whole, PTA prices are still expected to weaken.