PTA market has been under the downward pressure since November

PTA market has been under the downward pressure since November as new PX and PTA capacities are scheduled to start and more polyester plants are to cut output. Based on TA2301 and PX January paper goods, PTA margin has been compressed to very low level. In PTA spot market, the spot liquidity remained relatively tight and the monthly average spot/TA2301 was still sustained at a premium of 400yuan/mt.