PTA continues to strengthen, and companies actively deploy related industrial chains

On the evening of July 30, PTA’s main contract 2109 closed at 5580 CNY/ton, and the intraday peak rose to 5658 CNY/ton, setting a new high for the contract this year. It rose by more than 9% during the month and about 40% during the year.

PTA is one of the terminal petrochemical products of crude oil, and also the front-end product of chemical products such as polyester. It can be used in chemical fiber, light industry, electronics, construction, etc. Green Dahua Futures believes that the centralized maintenance of installations and the impact of weather factors have caused local tradable PTA sources to remain tight, and oil prices at the cost end fluctuate at a high level, which supports PTA. However, it is necessary to pay attention to the potential risks caused by repairing processing fees to a high level during the year.

Benefiting from the strong demand for petrochemical products such as PTA, related listed companies reported good news. Hengli Petrochemical announced that the net profit attributable to shareholders of listed companies in the first half of the year is expected to increase by 54.07% year-on-year; Rongsheng Petrochemical expects the net profit attributable to shareholders of listed companies in the first half of the year to increase by 104.69% year-on-year.

Related companies are also actively upgrading technological transformation and deploying PTA industry chain projects. Sanfangxiang announced earlier that the subsidiary Hailun Petrochemical will start to carry out energy-saving and emission-reduction technological transformation of the first phase of the PTA production plant on June 5, 2021 according to the needs of production and operation; Rongsheng Petrochemical's subsidiary Zhejiang Petrochemical mainly produces PTA The upstream raw material para-xylene and other related products, according to the interactive question and answer, the first phase of the project has been put into operation before, the second phase of the atmospheric and vacuum plant, ethylene plant and some downstream devices are in the trial operation stage, and the trial operation of the remaining devices is progressing steadily.

Institutions predict that the PTA market will continue to adjust at a high level. From the perspective of the supply and demand structure, the recent PTA supply and demand continue to be expected to destock. In addition, mainstream factories continue to reduce the August contract supply, and the spot market is still tight.