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With the recovery in PXN spread, PX supply shortage gets relieved. With the trading laycan rolling to Apr goods, tight supply and demand situation may further alleviated, which is also reflected in the backwardated structure. However, before the startup of new PX capacity from Shenghong and ZPC runn
The rapid squeeze in PX margin was mainly caused by disruptions of China domestic PTA plants. Due to dual controls policy and unexpected issues, PTA plant operating rate declined sharply by 14.1 percentage points from end-Sep to 58.9% on Oct 9. Billion cut the operating rate of its 2.5 million mt/yr
