market observers have looked to PTA as the main support for whether the polyester industry chain can bottom out and stabilize

Recently, market observers have looked to PTA as the main support for whether the polyester industry chain can bottom out and stabilize. However, this is only based on the implementation of PTA plants maintenance and expectations of downstream polymerization rate increase. In actual physical markets, end-user customers have not shown obvious purchasing interest, mostly were improved sales brought by polyester manufacturers' promotions. For example, end Apr early May, end-user plants consecutively built stock as PET price declined. PFY sales ratio didn't increase until factories promoted sales. Thus, the expected new round of price rise has not arrived, and the market sentiment continues to be flat.