PX price may track the movements of feedstock

Therefore, the force majeure on Honggang’s PTA plant impacts PX market obviously. Looking forward, the end-use and polyester plant operations would continue to be affected by the dual controls. As for PTA, though the operating rate recover with plants restarting and processing margin increase, it would be difficult for the operating rate to rise substantially due to maintenance schedules and subdued demand from polyester. As for PX, PX-naphtha spread may remain low. PX price may track the movements of feedstock, but further changes would be dependent on the impact from dual controls.