Market Profile
Short comment
At present, the overseas epidemic situation is gradually fermenting, and the domestic epidemic situation has improved significantly. The plunge in crude oil prices in the polyester industry chain has driven the focus of downstream related products downwards. In the PTA industry chain, naphtha has fallen the most, followed by PX and PTA. As upstream costs have moved downward, PTA processing fees have rebounded, but in Under the pressure of ultra-high inventories and expectations for the launch of new production capacity this year, the rebound has been weak. In terms of MEG, falling crude oil prices have put greater pressure on coal-based MEG, which also faces the problem of high inventory. The downstream polyester end has started operations and production and sales have rebounded significantly. Polyester inventory has gradually entered the destocking stage, but it will take time to reach the upstream. The high inventory of PTA and EG requires significant production cuts to solve. At present, PTA in the second quarter of this year , EG may maintain medium and low fluctuations. In the later stage, we should pay attention to the game between the main crude oil producing countries and the development of overseas epidemics.
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