Shouchuang Futures: Cost support boosts, PTA futures once hit the daily limit-up with a strong rally

On the supply side, the maintenance units resumed operation one after another in the early stage, and last week PTA load increased significantly. Fuhai Chuang’s 4.5 million ton PTA unit load rose from 50% to 80%; Yizheng Chemical Fiber’s shutdown and maintenance for 18 days starting March 2, Yisheng New Materials’ 3.6 million ton PTA already restarted, Ineos’ 1.25 million ton unit had restarted in early March, and Dushan Energy’s 2# 2.5 million ton unit was shut down on February 10 and restarted on the 27th. In February, PTA accumulated inventory by 600k tons, higher than the same period last year. In March, the PTA maintenance plan is still unclear; it is expected that PTA will continue to build inventory in March.

On the demand side, polyester operating rates rebounded somewhat month over month, and Jiangsu-Zhejiang weaving and processing operations are gradually recovering, albeit slowly.

In short, as PTA operating rates improve, the industry maintains an inventory-building pattern. With energy supply tight, PX prices on the cost side stay strong; with cost support, it is expected that in the short term PTA futures prices will trade in a bullish range with fluctuations. Pay attention to the cost-side price trend, the intensity of unit maintenance, and the downstream restart progress. (Founder Futures)