Introduction: polyester raw material PTA market after nearly a week of sharp rise, the beginning of this week, PTA futures market a sharp pullback, market bearish atmosphere is strong, lack of cost support, China's polyester market also began to shock and weaken.

Since the 7th, the PTA futures market has risen sharply, and as of the 14th, the main contract of PTA has risen as high as 6016 yuan, a new high in nearly 3 months. The spot market of PTA rose from 5650 yuan / ton on the 6th to 5980 yuan / ton last weekend, up 330yuan / ton, or 5.84%. Entering this week, the international crude oil rose and fell back, and the commodity markets retreated one after another, suppressing the market mentality, and the PTA futures market fell sharply. On the 17th, the main contract of PTA fell 154yuan a day, the futures market fell below 5800 yuan, and the spot market fell to 5835 yuan / ton.

From the point of view of PTA supply, China's PTA supply began to increase. The negative value of the 2 million-ton PTA plant in Yisheng Hainan dropped to 50% on July 7 and gradually rose to 90% on the 14th. The negative rate of 3.6 million tons of Yisheng new material PTA device dropped to 50% on July 11, and increased to 9.50% on July 17. Fuhaichuang 4.5 million-ton PTA plant was stopped for maintenance at the end of June and restarted in mid-July. A new 2.5 million-ton PTA unit in Hengli Huizhou was put into commissioning in mid-July, and the current load has been increased to 90%. With the restoration of the maintenance equipment, the working load of PTA enterprises has increased to the level near 80%, and the market supply has increased steadily. While the terminal storage continues to reduce production expectations, the market mentality is not good, downstream buying gas is light, the spot basis continues to fall, PTA spot market bearish pressure, the price center of gravity is significantly lower.

Polyester raw material market fell, lack of cost support, China's polyester market also began to shock and weaken, coupled with the downstream negative feedback news heating up, polyester market trading center of gravity fell narrowly. The mood of replenishing positions downstream is general, and the market production and marketing tends to weaken. Among them, the average production and marketing of polyester chip enterprises is about 25%, that of polyester filament enterprises is about 40%, and that of polyester staple fiber enterprises is about 30%. Although the polyester market is beginning to weaken, it is restricted by the low profits of polyester enterprises, so polyester enterprises are cautious, mostly maintain a small adjustment, the market decline is limited, and polyester enterprise profits are slightly repaired. Among them, the production of polyester bottle chips and polyester staple fiber enterprises is still in a state of small losses, polyester filament enterprises began to turn losses into profits, polyester chip profits to maintain a small profit. As of the 17th, the profits of sliced products are 160 yuan / ton, bottle chips are-140 yuan / ton, polyester filament products are 25 yuan / ton, and polyester staple fiber products are-10 yuan / ton.

At present, the start-up load of polyester enterprises is still maintained at a high level of more than 90%, and there is no short-term production reduction or maintenance expectation, so the start-up of the industry will be maintained. However, due to the influence of high temperature, the start of the terminal weaving industry began to decline slightly, and the demand is expected to continue to weaken, which suppresses the mentality of the whole polyester market.

The international crude oil trend weakens, suppresses the market mentality, the polyester raw material PTA and the ethylene glycol market confidence is insufficient, the short-term market will maintain the weak adjustment, the cost end forms the impetus to the market. The polyester market is mainly cautious wait and see, the market offer is loose, the downstream negative feedback news is heating up, and the market production and marketing is light. Short-term polyester market prices are expected to maintain a narrow range of fluctuations. Pay close attention to the changes of raw material market and demand side in the later stage.