After a period of Spring Festival holiday, the polyester market had a short-term good start; however, the market did not rise steadily as expected. Most of the market adjustments were range adjustments, and it seemed to have fallen into a “sleep” state again! What is the current price and profit performance of various products in the polyester industry chain? Has the market changed much compared to before the holiday or the same period last year? Let’s take a brief inventory below!
The rise of PX should not be underestimated, with profits increasing nearly 3.6 times!
In the entire polyester industry chain, the performance of raw material PX is relatively ideal, and the upward momentum cannot be underestimated; especially in this dull February, the price focus is also It keeps rising. As of the 26th, Asian PX prices reached US$1,094/ton FOB South Korea and US$1,113/ton CFR China, and European PX prices reached US$1,016/ton FOB Rotterdam. Whether compared with the price of last month or the same period last year, they are all rising; and the increase is good.
As for profits, the cash flow performance of the PX market before and after the holidays was relatively stable, with profit margins remaining above US$200/ton. Year-on-year, it has increased significantly by US$164/ton, an increase of nearly 3.6 times.
PTA was the first to fall, and its profits shrank significantly!
PTA, the polyester raw material that once performed best in January, was the first to enter the “diving” market after the holiday. This is mainly due to the fact that during the Spring Festival, PTA inventory accumulated to 1 million to 1.2 million tons, exceeding the highest level in half a year; coupled with the loosening of supply and demand caused by Fuhai Chuang PTA’s resumption of production. In the recent period, PTA futures are still affected by financial fluctuations, and the spot market mostly follows the futures, forming a range adjustment pattern, which is difficult to boost. As of today, the quotations in the domestic market are concentrated at around 6420-6500 yuan/ton, and the transaction negotiations are around 6320-6400 yuan/ton; the price has dropped slightly compared with the pre-holiday price, but has increased slightly year-on-year.
The recent decline of PTA is not only in terms of price, but also has a greater impact on profits, and the shrinkage is more obvious. Data calculations show that PTA’s profit margin is now only 20 yuan/ton, which has shrunk several times compared with the pre-holiday profit. The same is true year-on-year. The high profitability level that was finally restored has completely dissipated.
MEG was the most miserable, with prices falling by 38.8%! Profits shrank by 93.5%!
In this round of polyester industry chain, the most miserable one is MEG! The continued rise in inventories has put tremendous pressure on the ethylene glycol market. At the same time, the supply of imported goods is still increasing. Demand has shrunk significantly due to the impact of the Spring Festival, but the supply side is still abundant. The inventory pressure in the ethylene glycol port area is still under pressure before and after the Spring Festival. With expectations of continued growth and market sentiment under pressure, ethylene glycol prices, which have always been negatively correlated with inventory, are under pressure.
It is understood that the current spot quotation of ethylene glycol is only around 5,000 yuan/ton. Compared with the same period last year, it has dropped significantly by nearly 3,150 yuan/ton, a decrease of 38.8 yuan/ton. %! The price of ethylene glycol was originally higher than that of PTA, forming a scissor gap. Recently, the price has been declining, which has also widened the gap with PTA. What is even more sad is that as its own price weakens, the profit margin of ethylene glycol has shrunk even more. The high profit level in the past is gone forever, and the profit is only 29 US dollars/ton, which has shrunk by nearly 93.5% year-on-year!
Polyester filament is struggling, and large-quantity discounts are common!
Compared with the ups and downs of the upstream raw material market, the recent performance of the polyester filament market has been embarrassing, with no significant fluctuations, and even more difficult. Although after the Spring Festival, the price focus of some polyester manufacturers increased slightly as the market opened, the magnitude was not large. Recently, due to the increase in inventory pressure, the market has experienced a downward trend, and large-volume discounts are common.
In terms of specific prices, the price focus of various products in the polyester filament market has not changed much before and after the holidays or year-on-year; relative to the POY market, the market is the weakest, with year-on-year prices falling by nearly 10%. 500 yuan/ton, and the profit has shrunk slightly compared with before the holiday. As for profits, due to the reduction in upstream raw material prices, the profit levels of each product have recovered year-on-year; compared with the general loss last year, polyester manufacturers are still making profits this year.
Today’s polyester industry The status of the chain seems to have many similarities with the same period last year, such asThe good start was difficult to continue, and the stock market that was supposed to be stocked did not go as expected… However, in mid-March last year, the polyester market suddenly ushered in a “big explosion” and lasted for a long time. Quotes. Can the polyester market replicate last year’s market situation this time and usher in a “late spring” boom again in March? </p
