PTA Center Of Gravity Has Shifted From Control Volume To Price Lock.

At present, the domestic PTA market is dominated by Yisheng, Hengli and other industry giants, and a number of small and medium-sized enterprises complement the industry pattern. The industry discourse power is firmly in the hands of PTA.

Due to the poor overall environment of the PTA industry, with the strong financial strength, PTA factories have stepped onto vertical development.

The road.

For a long time, the price of PTA has been relatively weak, and has maintained relatively low position oscillation. However, the PTA plant is not affected very much.

Active expansion to upstream PX.

Sinopec, a wholly owned subsidiary of Rong Sheng banner, has 900 thousand tons of PX capacity in Ningbo, but continues to expand its capacity to 2 million tons / year. In terms of Hengyi, Brunei's 8 million ton / year PMB refining and chemical project can produce an annual output of 1 million 500 thousand tons of PX, 1 million tons of chemical light oil, 800 thousand tons of stupid / toluene, 1 million 730 thousand tons of diesel oil, 380 thousand tons of gasoline, 1 million 280 thousand tons of aviation kerosene, and so on.

Improve downstream polyester production capacity.

PTA is not only dominant in the PTA industry, but also plays an important role in the downstream polyester industry.

Among them, Hengyi has 1 million 400 thousand tons of polyester and 1 million 650 thousand tons of polyester, and Rongsheng has 600 thousand tons of polyester production capacity and more than 800 thousand tons of polyester production.

With 1 million 500 thousand tons of aggregate capacity, it is the largest weaving enterprise in the world.

The industry chain has strong adjustment capability.

With the vertical integration of PX, PTA, polyester, chemical fiber and weaving, the PTA factory has a rich source of profits. According to the actual situation of different industries in the industry chain, it can adapt to the current situation and adjust the source of industrial profits in a timely manner without betting on the PTA industry.

Therefore, PTA factory has adapted to PTA's long-term low price normal.

Take Rongsheng as an example. Although the PX project of Sinopec petrochemical company has only been running for 4 months in the first half of the year, it has contributed most of its profits.

In fact, at present, the strategic effect of PTA has appeared, many small.

The factory started off and off, and the start-up time was greatly shortened, but the PTA factory's overall profit was good.

If the fundamentals have been deadlocked, for a long time, PTA may still be in a relatively low position for some time.

But if there are significant changes in fundamentals, such as crude oil strides upward, PX prices soar, PTA prices or breakthroughs upward.

Thanks to the perfect industrial chain, PTA big factory can endure the low price of PTA for a long time in the case of slight profit or even loss.

At present, the focus of market strategy of PTA big factory has shifted from control volume to price lock price. Its active use of raw materials and finished goods futures tools has become the norm, which can maintain profits and, on the other hand, fear that PTA prices will remain low.

Judging from the disk, the price trend of PTA is relatively tight, and its rebound is weak, and behind the rebound is always accompanied by a large number of main empty notes, including a large number of selling hedging, and at the same time, most of them are in a few large number of delivery seats, and the bull is relatively calm.

This also shows that the PTA factory has suppressed the price of PTA.

And a lot of hedging not only suppressed the PTA price, but also provided the PTA big factory with a huge hedging benefit.