This expectation is influenced by both anticipated polymerization costs and downstream order forecasts. In December, there is an expectation of 3 million tons of new PTA capacity into operation, while

This expectation is influenced by both anticipated polymerization costs and downstream order forecasts. In December, there is an expectation of 3 million tons of new PTA capacity into operation, while polyester operating rate is currently around 93%, which is a high level for the year, leaving limited room for further increases. In fact, some polyester plants may reduce production in December. Therefore, from a supply and demand perspective for PTA, there is excess pressure, and support to direct-spun PSF is weakening. Of course, the new PTA supply is beneficial for PX demand, so attention should be paid to the dynamics between the two parties.