According to the price monitoring of business agency, the domestic PTA market rebounded slightly today (December 22). The average market price in East China was 4723 yuan / ton, up 1.81% from the previous day and 30.91% year-on-year. PTA futures 2205 closed at 4784, up 178, or 3.86%.

On December 21, the international oil price rose sharply. The settlement price of the main contract of WTI crude oil futures in the United States was US $71.12/barrel, up US $2.51 or 3.7%, and the settlement price of Brent crude oil futures was US $73.98/barrel, up US $2.46 or 3.4%. In terms of supply and demand, OPEC’s domestic oil production level is still far lower than the previously agreed target; Superimposed on geopolitical advantages, Libya’s ports were blocked again because of the war. In addition, the price of natural gas in Europe soared sharply, and the electricity price in most regions hit a record high, driving the oil price of alternative energy higher.

Statistics of recent changes in PTA plants in China

At present, domestic PTA units have been restarted one after another, the industrial operation has increased to more than 71%, and the operation rate is easy to rise but difficult to fall. At the same time, the demand side continues to be affected by the terminal weakness, the market trading enthusiasm is insufficient, and the contradiction between PTA supply and demand intensifies again.

Business analysts believe that the short-term strong shock of crude oil has increased the support for PTA costs. However, with the restart of some PTA units to increase the load, PTA is about to end the de inventory state, and the market is expected to weaken.