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From the prospective of feedstock, PX supply is tight, and PTA operating rate is hard to climb up. Some plants still have plan to cut production in Sep. PTA market may focus on de-stocking further in Sep. In terms of demand, yarn inventory in spinning mills remains high currently, but with the lower
In a conclusion, with PTA operating rate rising, the impact from Shenghong’s PTA plant shutdown has winded down, and the pressure on PX has relieved. As PTA margin is in negative territory, PX-naphtha spread may recover some losses. There could still be pressure from PX plants’raising operating rate
2. Downstream PTA operating rate remains high with stale demand for PXSpurred by good profits, China PTA plants were running at high operating rates. PTA-PX spread rebounded to 700yuan/mt in average to-date in Apr, new high since Nov 2019. The average PTA operating rate has also increased to above 9
