According to the Commodity Market Analysis System of Shengyi Society, as of October 17th, the PET factory’s quotation has been lowered, and its average market price has been adjusted to 6350 yuan per ton.
Overnight crude oil prices plummeted, and PET currently lacks cost support, causing a shift in focus. Recently, PTA plant maintenance has been limited, but the overall market supply is sufficient. There is currently no significant release of new orders downstream of the terminal, maintaining normal production and consuming more raw materials for stocking up in the early stage, resulting in weak procurement follow-up. Short term fundamentals are weak and difficult to change, and PTA prices will continue to decline. Due to the drag of raw materials, the quotation of polyester bottle chip factories has been lowered, and the market focus is weak and stable.
Overall, the PET market may experience weak fluctuations in the short term. The actual trend still depends on the trend of the raw material side and the subsequent actual supply and demand situation.
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