PX Imports Fell Sharply In October, And PX Supply Contracted.

In October, China's Huizhou sea and Zhenhai Refinery two sets of 1 million 500 thousand tons of equipment have been overhauled, the domestic PX plant's operating rate dropped to 71% level.

After last week's PX price fell below 1000 US dollars / ton integer mark.

The price difference between naphtha and naphtha dropped to a profit and loss balance line of US $302 / ton, and there was also a phase of overhaul in domestic PX installations. The load of Jinling Petrochemical Plant dropped to 70%, and the overall start-up rate of domestic PX devices remained at around 70%. In November, domestic PX production was estimated to be near 720 thousand tons.

At the same time peripheral PX

There are also maintenance actions, of which 700 thousand tons PX device in Iran NPC was scheduled for overhaul in November 3rd for 20 days. South Korea's Samsung Total 1 million tons PX plant plans to reduce load by 10% in December.

In October, the import volume of PX in China dropped sharply from the historical high of 1 million tons in September to the level of 750 thousand tons. In November, the import volume of PX was 880 thousand tons in the previous two months, and the total supply of PX is still not enough PTA and downstream.

Consumption, PX social inventory will continue the net consumption state in October.

In December, the PX overhaul device of Zhonghai Huizhou and Zhenhai Refining and chemical plant was opened, but the supply of these devices has been partly reflected in the current supply and demand information of PX's external quotation. Unless the crude oil continues to slump in the late stage, there will be limited space for the PX price to fall sharply in the short term.

Overall, the supply side contraction and the expected performance of the demand side make the PTA supply and demand relatively strong, and the late PTA device is still expected to be maintained. The demand side does not see the trend of weakness in the short term, so the short-term PTA strong pattern is expected to continue.

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Because of the low start-up load of polyester and weaving links in the off-season environment from 7 to September this year, the overall finished product inventory control is reasonable.

In October, the terminal textile orders were released successively, plus the Spring Festival postponed this year, the terminal demand exceeded expectations, and the load of polyester and downstream looms increased all the way. As of November 12th, the operating rate of Jiangsu and Zhejiang looms was kept at 80%, and the polyester link opening rate remained at a high level of 79.3%.

Rough statistics show that the average monthly output of polyester in 10 to November is 2 million 910 thousand tons, compared with the increase of 2 million 600 thousand tons in the three quarter, which has increased by more than 11%. In November, polyester production increased by nearly 18% compared with that in the off-season August.

Considering that there is still a production profit of 200 yuan / ton in the polyester link and a low level of stock remaining between 10 and 12 days, the strong pattern of polyester terminal demand is expected to continue.