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Chinese PTA supply shows steady upward trend
10
Nov '11
China's domestic supply of PTA shows a steady upward trend in general. Currently, overall operating rate of PTA plants remains at a level, close to full capacity and imports continue to rise. However supply is outstripping demand.

Customs statistics show that China's PTA imports reached 514,300 tons in September 2011, an increase of 50,900 tons compared with August, and 25,200 tons more than the same time last year.

The operating rate of downstream polyester sector is 87.5 percent. According to reports, currently, downstream weaving enterprises are going through a tough time, due to large inventory and financial constraints and some companies plan to cut production.

Now since the consumer shopping season of textiles and apparels is nearly over, units in the sector are staring at a long and stark winter.

Rough estimates show that domestic monthly supply of PTA has exceeded 2.2 million tons, while monthly PTA consumption of downstream polyester industry is 2 million tons at the highest. It is expected that excess supply pressure will gradually appear.

Therefore, PTA will face pressure from supply and demand in the near future and pricing will face greater pressure.

PTA fundamentals during the year will be bearish due to weak demand; the support level is expected to be at 8,000 Yuan / ton and the upper resistance at 9,000 Yuan / ton.

Fibre2fashion News Desk - China

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