According to the monitoring of the business community, the domestic PTA market showed a slight rebound trend on December 7. As of December 20, the average price of the East China market was 5444 yuan/ton, up 6.43%, up 19.40% year on year.

PTA unit maintenance has increased. Ineos has shut down 1.1 million tons, Eason Dalian 2.25 million tons, and Yangzi Petrochemical 650000 tons for maintenance. Some units have reduced their load to 50% to 90%. The overall operating rate remains around 66%, and the supply has declined in the short term.

In the international crude oil market, the leakage led to the closure of the Keystone pipeline system with a daily oil delivery volume of 600000 barrels at the border between the United States and Canada, which led to the recent rebound in oil prices. However, if it is restarted later, its supporting role will weaken. In addition, it is difficult to be optimistic about the supply and demand fundamentals in the future, and the risk on the demand side is approaching step by step. In the future, the oil market is still facing the pressure of fundamentals, and there is no lack of possibility for crude oil to continue bottoming out. As of December 19, the settlement price of the main contract of WTI crude oil futures in the United States was USD 75.38/barrel, and the settlement price of the main contract of Brent crude oil futures was USD 79.80/barrel.

From the downstream perspective, with the rising price of the raw material end looming, the terminal market has exploded under a series of positive incentives, and weaving manufacturers have stepped out to purchase raw materials. The market has entered the periodic replenishment stage, and production and sales have increased dramatically. The polyester market quotation in Jiangsu and Zhejiang continued to rise, and the starting load rebounded to more than 50%. Some weaving enterprises postponed the original parking plan from mid December to the end of December or early January.

Analysts from the business community believe that the PTA operating rate has remained low since December, but with the gradual introduction of new devices, the pressure on the supply side is still large. In addition, the downstream weaving market is about to enter a holiday state, and reducing the operating rate is bound to hit the raw material procurement. It is expected that the supply increment superposition terminal will enter the seasonal slack season. It is expected that the PTA accumulation pattern will maintain, which will still suppress the upward trend of PTA prices.