Good cost boosted the price of polyester filament in May and then rose

In addition to the low season of demand, the cost side continued to weaken in May. Under the influence of this negative situation, the price of polyester yarn remained weak. However, with the continuous maintenance of PTA equipment in the middle and late ten days, the contradiction between supply and demand improved, and the price of PTA rebounded slightly. Next, the downstream phased inventory replenishment action, the factory inventory pressure is reduced, and the load is rising again.

The recent large fluctuations in crude oil prices are mainly due to the game between macro sentiment and fundamentals, and prices are mainly volatile. The peak of PX maintenance has passed, the supply has begun to increase, and the market confidence is slightly insufficient. It is estimated that the domestic PX output in May will be close to 2.6 million tons, returning to the previous high level again. After June, with the restart of maintenance equipment and the commissioning of new equipment, the price of PX will gradually enter a downward mode. At the same time, in June, the PTA overhaul device restarted after a short stop, and the supply will also rebound.

In terms of terminal demand, spinning and clothing is in the traditional off-season, and the rebound space brought about by phased replenishment is limited. Domestic and foreign terminal orders are insufficient, and sales of most products in places such as Zhejiang Wujiang and Changxing have dropped significantly compared to the previous period. The operating rate is also further weakened, and the operating rate of weaving in Jiangsu and Zhejiang is around 60%. In addition, as far as polyester itself is concerned, there are still individual factories undergoing maintenance in the near future, but the production will be reduced in the early stage and the maintenance equipment will be restarted one after another. In addition, there are plans to start production of new equipment in the market, and the overall supply will also increase slightly. Therefore, on the whole, the negative factors in June are still dominated by the weak operation of polyester filament prices.