The Market For Raw Materials Has Collapsed And PX Prices Have Fallen Sharply.

On the raw material market, New York crude oil futures continued to plummet and prices hit a 5 year low, dragging down the upstream raw materials of Dacron staple to the lowest level throughout the year.

In the first ten days, New York's oil price fell 60 dollar mark; PX fell sharply and lost 900 dollars / ton integer; MEG spot price fell to 6000 yuan / ton below again, PTA's spot price fell below 5000 yuan / ton integer mark, polyester chip price fell below 7000 yuan / ton integer mark.

Varieties of raw materials continue to bottom down in the middle and late term.

MEG has rebounded slightly in the middle of its support due to the low storage capacity of the tank farm. The spot price dropped 450 yuan to 5750 yuan / ton in the whole month, which was smaller than that of other raw materials (7.26%).

Polyester chips accumulated over the month dropped by 1225 yuan to 6350 yuan / ton.

In December, New York's oil price continued to decline for the first two months in the first 5 months, reaching a low level of 5 years.

"

OPEC refused to cut production, resulting in the global oil market oversupply situation is difficult to alleviate, is the current oil price collapse trend "the culprit".

In December 11th, the main contract price fell below the US $60 mark for the first time since 2009.

In the first half of the month, the decline was too large. On the 1-15 th of December, the main contract decreased by 10.24 US dollars, or 15.48%, and the second half of the month slowed down, and the overall shock was around 55 dollars.

According to the statistics of the whole month, the main contract decreased by 12.88 US dollars, or 19.47%, at the end of the month at 53.27 US dollars, the lowest price since May 1, 2009.

In the past year, oil prices have been cut short, from $98.42 a barrel at the end of 2013 to $53.27 a barrel, with an annual drop of 46%.

Affected by the sharp fall in international oil prices and the reduction in output of PTA manufacturers, the Asian PX

Ultra sharp decline, the 1-18 day in December fell 188 US dollars / ton to 809, the loss of 900 U.S. dollars / ton integer closed directly to the 800 U.S. / ton mark.

In the late part (including 19 days), the price rebounded slightly by 39 US dollars / ton under the support of the decline of crude oil and the improvement of PTA operating rate.

Asian PX prices fell by 174 US dollars / ton this month, down 17.03, and the price at the end of the month was running at 848 US dollars / ton.

PTA spot price expansion continued.

Although the number of PTA production enterprises in the early December reduced production, the PTA operating rate dropped to about 50%, and the stock was also in a low position. However, the continuous collapse of crude oil resulted in the collapse of PTA production cost, and weakened the upgrading effect of joint production reduction. The price of PTA dropped rapidly, and the spot price of the internal market fell below the 5000 yuan / ton integer mark in December 11th.

12 from the second half of the month, the PTA maintenance device will be restarted, and the load will continue to rise. By the end of the month, it will be close to 80%. The supply pressure will increase, but the decline will be slowed down based on the low price adjustment of crude oil prices.

In December, the PTA settlement price was issued at 5200 yuan / ton, slightly lower than the market expectation, but the spot price has not been boosted.

At present, oil prices are at a low level and the market is waiting for directions. Libya's output reduction can not change the situation of oversupply of crude oil, while the downward pressure on Europe and China's economy is bigger. Crude oil is expected to continue weak market. Domestic PX supply is adequate and cost support is weak.

The load of the PTA plant is at a high level, while the downstream demand is in the low season.

The industry is dominated by bad assets, and the PTA market is likely to maintain weak shocks.

At the end of the month, the spot price of PTA fell 900 yuan / ton, or 16.33%, at the end of the month, it was running at 4610 yuan / ton.

At the end of the month, China's PX operating rate was near 71.7%, and the PTA plant operating rate continued to rise to 76.3% (3.7% higher than the beginning of the month).

The operating rate was 80.4% (0.6% higher than the beginning of the month) and the loom loom load was 71% (8% lower than the beginning of the month).

PTA factory inventory in about 4-7 days, polyester factory stock in about 5-7 days.

Sinopec December polyester raw material contract settlement price: PX reported 6300 yuan / ton, PTA reported 5200 yuan / ton, MEG reported 6225 yuan / ton.