Introduction: In August, the maintenance of PTA devices came as scheduled and concentrated. The market supply pressure has eased. The spot price of PTA has risen. Recently, the pattern of strong fluctuations has been maintained.

　　From the perspective of cost, the international crude oil market has recently fluctuated at a high level. Although the market is still pessimistic about the global economic slowdown caused by the epidemic, various countries have introduced economic stimulus measures to stabilize the market. Crude oil prices have limited ups and downs, which provides solid support for the PTA market. In the short term, PTA prices tend to fluctuate strongly.

　　Data source: Jinlianchuang

　　From the perspective of the supply side, the PTA device entered a centralized maintenance period in August, and the maintenance plan of some PTA devices was fulfilled as agreed. This week, Honggang Petrochemical's 1.5 million tons of PTA equipment was shut down for maintenance, and the deadline is August 10-14. At the end of August, Yadong Petrochemical’s 750,000-ton plant planned to shut down for 3 days for maintenance. Reignwood Petrochemical’s 1.4-million-ton plant plans to drop to 50% in mid-August, and plant maintenance is still being implemented. With the increase in overhaul devices, the PTA operating rate has been reduced to below 80%, and the supply and demand pattern has improved. It is expected that the PTA market will be slightly de-stocked in the short term, and the PTA market sentiment will be warm.

　　Data source: Jinlianchuang

　　 From the demand side, the domestic polyester comprehensive start-up has remained high recently, and the demand performance has improved compared with the previous period. In terms of polyester filament, the traditional off-season is about to pass, some autumn and winter fabrics show signs of improvement, the market atmosphere is gradually active, and textile orders have increased month-on-month. At present, "Golden Nine Silver Ten" is worth looking forward to. However, the foreign epidemic situation continues, export orders are still suppressed, the domestic market is weak year-on-year, and terminal demand is still a long way from true recovery.

On the whole, the equipment maintenance that was delayed repeatedly in the previous period was finally implemented in August. The phased supply reduction provided favorable support for the PTA market. In addition, the downstream demand gradually improved. The long-term supply and demand contradiction of PTA was eased in the late summer and early autumn. In the short term, the market may maintain a strong turbulence pattern.