The operating rate of existing units may not change much later later

The operating rate of existing units may not change much later later. Hengli and Yisheng will remain shut; Fuhaichuang runs at lower rate; Energy Investment and Ineos may not restart in the short term; FCFC Ningbo may shut shortly. The PTA output increment in January may mainly from the new units, which is still limited by demand or raw material supply. From the demand side, speculative demand is declining, and with the continuous increase in the number of infections and the approaching Spring Festival, the operating rate of polyester and textile mills are still facing downward pressure. From the perspective of exports, considering the weaker demand and the contraction in the long-term PTA contracts in the new year, the export volume may decline.