According to the Commodity Market Analysis System of Shengyi Society, the domestic polyester staple fiber market continued to decline on August 20th. The average price of 1.4D * 38mm in mainstream factories in Jiangsu and Zhejiang was 7501 yuan/ton, a decrease of 1.53% from the previous trading day. The general quotation was between 7450-7550 yuan/ton, a decrease of about 100 yuan/ton. The weak raw material prices have dragged down, and downstream purchases are cautious according to demand, resulting in a strong bearish atmosphere in the overall short fiber market.
The United States is pushing for a ceasefire agreement to end the Gaza conflict, and concerns about weak demand have put pressure on the market. International oil prices have plummeted, and on August 19th, the settlement price of the main WTI crude oil futures contract in the United States was $74.37 per barrel, a decrease of $2.38 or 3.0%. The settlement price of the main Brent crude oil futures contract was $77.66 per barrel, a decrease of $2.02 or 2.5%. PTA followed the decline in crude oil prices, coupled with expectations of accumulated inventory, and prices continued to fall. On August 20th, the average PTA market price in East China was 5357 yuan/ton, a decrease of 1.63% from the previous trading day.
Downstream terminal demand is sluggish, and some finished product inventory has accumulated, resulting in sporadic purchases of raw materials. At present, the purchasing enthusiasm of terminal enterprises is limited, and they plan to purchase raw materials at a low price after digesting the inventory.
Business analysts believe that there is still significant uncertainty in the geopolitical situation, and international crude oil is operating weakly. The PTA industry has a high operating rate of over 86%, and the supply of goods is still abundant, so the cost guidance has slowed down. Downstream is in the traditional off-season and cautious in raw material procurement. It is expected that the price of polyester staple fiber will continue to decline in the short term.
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