The price of PTA is expected to increase due to shutdowns and delay in start-up of new units and the inventory reduction is expected to remain limited. The lower stock of raw materials in the local polyester factories and insufficient stock in Zhapu reservoir also supported the price of PTA in China.
PTA price showed a considerable rise in Q1 2021. It was 3,759.76 yuan per mt in January 2021, which surged by 18.37 per cent to 4,450.43 yuan per mt in March 2021. It further recorded a moderate climb of 5.45 per cent in Q2 to reach 4,693.08 yuan per mt in June 2021, according to Fibre2Fashion’s market analysis tool TexPro.
In Q1, the price of crude oil recorded a substantial rise due to the upstream market. Crude oil prices reached an 11-month high with diminishing US crude oil inventories as Saudi Arabia supported the significant production cuts. The US had announced an additional $1.90 trillion package in January 2021. The severe cold weather in Texas had broken the oil supply to the largest shale area in the US, while the OPEC countries had implemented production cuts.
In April 2021, the prices of crude oil rose due to expected recovery in demand. PTA futures market was also supported by the expected demand. Vaccinations in the US increased in the beginning of May 2021 and the US and the EU welcomed vaccinated tourists.
Fibre2Fashion News Desk (KD)
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