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Recently, market participants said that due to the dual impact of China's large number of new production capacity and the uncertain demand outlook in the second half of the year, the prospects for the Asian purified terephthalic acid (PTA) market are worrying.
PTA production margins are dragged down
PTA production profit rate is dragged down PTA production profit rate is dragged downChina added 4.
According to data from Platts Energy Information, from January 1 to May 12 this year, the average price difference between the PTA produced in China and the raw material paraxylene (PX) was 335 yuan/ton (approximately US$52/ton), which was lower than the usual The break-even level of 500~700 yuan/ton.
India's PTA imports will be blocked
India's PTA imports will be blocked India's PTA imports will be blockedSince China became self-sufficient in PTA at the end of 2020 and India became the largest PTA importer in Asia, PTA trade participants have paid close attention to the needs of the Indian market, which is suffering from the second wave of COVID-19.
In India, the timing of the recovery of demand in the polyester industry chain is unclear, but market participants hope that the situation of the new crown pneumonia epidemic in India will improve around mid-June.
Sources said that once demand recovers in the second half of the year, India's domestic PTA supply will tend to be tight.
Trends in the Chinese market are critical
Chinese market trends are critical Chinese market trends are criticalThe two Asian PTA producers stated that in addition to the uncertain demand in India, the prospects of the Asian PTA market depend to a large extent on the progress of China's new PTA production capacity, potential production rationalization adjustments, and China's PTA export volume in the second half of the year.
PTA trade participants hope that the overall operating rate of China's PTA installations will be lowered, or less competitive installations will be shut down.
According to Chinese customs data, China’s PTA exports in February and March of this year reached 196592 tons and 338,675 tons respectively, setting record highs in succession, far higher than the monthly average export level of 70,565 tons in 2020.
A PTA manufacturer said that unless there are freight and tax advantages, it will be difficult to compete with competitively priced Chinese PTA goods.
