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🌐 Market Update: PTA, MEG & Polyester Trends Amid OPEC Concerns As the OPEC meeting approaches, market worries over potential production increases are driving down international crude oil prices, impacting the polyester chain overall.
🌐 Market Update: PTA, MEG & Polyester Trends Amid OPEC Concerns
As the OPEC meeting approaches, market worries over potential production increases are driving down international crude oil prices, impacting the polyester chain overall.
🔹 PX & PTA
This week, domestic PX production fell to 690,600 tons (-0.56% WoW), with an average operating rate of 82.35%. PTA operating rates also declined to 79.67%, with output at 1.4261 million tons, down 18,900 tons from last week.
PTA inventories at producers fell to 3.82 days, and polyester factories’ PTA stock dropped to 7 days, as downstream players focus on destocking.
📉 PTA futures expected to track oil prices, with resistance near 4,850 and support around 4,600.
🔹 MEG (Ethylene Glycol)
Domestic MEG output rose slightly to 368,800 tons (+2.48% WoW), with operating rates at 60.67%.
East China port inventory decreased to 427,200 tons, while next week's arrivals are projected at 168,700 tons.
📉 MEG price fluctuations are expected to follow crude oil, with key levels at 4,450 (resistance) and 4,250 (support).
🔹 PSF (Polyester Staple Fiber)
Production reached 160,200 tons (-0.12% WoW), with an operating rate of 84.68%.
Downstream yarn factories maintained operation at 70.69%, with rising inventories.
📉 Short-term PSF prices expected to track crude oil, with pressure at 6,550 and support near 6,250.
🔹 PET Bottle Chips
Production dipped to 321,200 tons (-0.34%), with an operating rate of 70.34%.
June exports fell to 545,500 tons (-11.87% MoM), totaling 3.241 million tons YTD.
Losses are deepening, with average gross profit at around -267 RMB/ton.
📉 Bottle chip prices likely to fluctuate with oil. Watch 6,050 (resistance) and 5,800 (support).
📌 Conclusion:
From PX to PET, the polyester chain is adjusting under macroeconomic pressure. Operating rates are sliding, inventories are shifting, and margins are under strain. With crude oil leading the trend, short-term volatility across polyester products is expected.
