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Noacy Futures: Polyester Sector Sees Increased Buying on Dips
Ongoing Russia-Ukraine peace talks continue to face unresolved details, keeping supply concerns alive—supporting a rise in international crude oil prices and influencing polyester market trends.
**📍 PX Market Highlights**
- Domestic output this week: 709.8k tonnes, up 2.37% WoW
- Avg capacity utilization: 84.63%, rising 1.96% WoW
- PTA operating rates also increased, currently at moderate levels
Short-term PX prices are expected to track crude oil. Key levels for the main contract:
▶ Resistance near 7,150
▶ Support around 6,600
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**📍 PTA Overview**
- Avg operating rate: 76.22% (+1.21% WoW)
- Production: 1,412.9k tonnes (+17.2k tonnes WoW)
- Polyester operating rate: 86.55% (+0.20% WoW)
- Producer inventory: 3.71 days (+0.05 days WoW)
With processing spreads around 250 and more plants restarting, supply has increased. Downstream buyers are mainly purchasing on dips. PTA prices are crude-sensitive. Key levels:
▶ Resistance: 5,000
▶ Support: 4,600
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**📍 MEG Update**
- Output: 379.6k tonnes (+2.20% WoW)
- Capacity utilization: 62.45% (+1.34% WoW)
- East China port inventory: 497.8k tonnes (down 36.7k tonnes WoW)
Lower arrivals are expected next week. MEG remains tied to oil movements. Key levels:
▶ Resistance near 4,600
▶ Support around 4,350
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**📍 Short-Staple Fiber**
- Output flat WoW at 163.5k tonnes
- Operating rate: 86.45% (unchanged)
- Producer equity inventory fell to 6.65 days
Transactions favor lower prices, supporting inventory drawdowns. Price direction remains oil-dependent. Key levels:
▶ Resistance: 6,750
▶ Support: 6,250
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**📍 PET Bottle Chip**
- Production flat at 323.7k tonnes
- Exports in July: 579.6k tonnes (+6.25% MoM)
- 2025 cumulative exports: 3,820.6k tonnes
Operating rates recovered slightly as some plants restarted. Losses narrowed with margins around -213. Key price references:
▶ Resistance: 6,150
▶ Support: 5,850
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