During the National Day holiday, the global energy crisis continued to ferment, natural gas surged, and U.S. crude oil rose by more than 4 US dollars in total. The polyester industry chain was significantly boosted by costs. The three varieties collectively opened sharply higher at the beginning of the session, and ethylene glycol fell back from its highs more significantly. Because coal prices did not rise as strongly as expected, PTA and short fiber prices rose by more than 6% at the close, rising to new stage highs. EG rose more than 3%, but was lower than its pre-holiday closing price.
International crude oil prices continue to rise, driving the price of raw material PX to rise sharply. In terms of supply, the overall operation of PTA is relatively stable. Only the load of Fuhaichuang’s 4.5 million tons unit has returned to stability, and the other units have not seen significant fluctuations. However, the PTA parking installation may face restoration in the early post-holiday period. Among them, Honggang Petrochemical, Fujian Baihong, and Yangzi Petrochemical are all facing restarts after the National Day holiday. The maintenance and implementation of Hengli Petrochemical has become the main focus.
The domestic ethylene glycol production capacity base is increased in parallel with the increase in construction starts. Considering that foreign natural gas continues to surge, MEG’s subsequent imports are expected to continue to decrease, and supply-side inventories are expected to continue to decrease. During the festival, the overall unloading pace in mainstream reservoir areas was moderate. In Shanghai, affected by the arrival of foreign trade, unloading was sufficient. In Taicang and Zhangjiagang, the unloading speed was average. Longzhong Information believes that the probability of inventory accumulation at ethylene glycol terminals after the holiday is small.
The polyester end performed better than expected. During the National Day holiday, some spinning mills in Jiangsu and Zhejiang that had been suspended due to power cuts in the early stage resumed operations one after another, causing a significant increase in the price of polyester products during the holiday. The price increase for filament was around 50-200 yuan/ton, and the price increase for short fiber was 100 yuan/ton. -200 yuan/ton. With the price increase, production and sales have also improved. Terminal fabric factories have gradually accepted the fact that upstream prices have increased and have raised prices for finished products. Moreover, many textile companies in Jiangsu and Zhejiang still have expectations for load increase in recent days.
Short fiber has gained momentum, because the pre-holiday market has not been overdrafted, and the long-term low operating conditions have also caused the industry to continue to destock. Inventory levels in the middle and lower reaches Against the backdrop of low prices, the post-holiday market growth rate was higher than that of other polyester products. However, considering that there may be another production restriction after the holiday, industry players are still cautious. </p
