PTA spot price decline is expected to be limited and may probably follow the trend of cost

Under the backdrop of downturn in energy and chemical markets, PTA market temporarily loses the support from cost side. Coupled with the oversupply, PTA price decline expands. In November and December, PTA inventory is expected to accumulate as not many PTA producers have maintenance plans and polyester polymerization rate is hard to increase. But considering the sufficient storage capacity of futures warehouses, PTA spot price decline is expected to be limited and may probably follow the trend of cost.