China Polyester Market Snapshot

Sep 15, 2023

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Financial Markets

Closing price Change (%) Open High Low

US Dollar Index 105.41 0.61% 104.74 105.44 104.56
Shanghai Composite 3126.55 0.11% 3124.85 3135.03 3111.86

Market price
14-Sep Change Pre-week AVE. MTD(%) YTD(%)
Brent ($/bbl) 93.7 1.82 90.04 5.02% 12.38%
Naphtha ($/mt) 711 -5.875 678 5.01% 6.42%
Ethylene (CFR $/mt) 825 0 821 0.61% -5.45%
PX (CFR $/mt) 1148 8 1101 4.27% 16.03%

PTA spot (yuan/mt) 6375 50 6145 3.66% 15.49%

PTA 2401 (yuan/mt) 6340 48 6099 3.63% 15.69%
PTA FOB China($/mt) 825 10 793 3.77% 11.49%
PTA CFR China($/mt) 825 10 793 3.77% 11.49%
China-made ($/mt) 825 10 793 3.77% 11.49%

MEG (yuan/mt) 4175 10 4107 1.71% 4.24%

MEG 2401 (yuan/mt) 4319 -4 4256 1.86% 4.20%
MEG ($/mt ) 486 3 474 2.32% -1.22%

SD chip (yuan/mt) 7210 35 7031 2.85% 11.44%

Bright chip(yuan/mt) 7230 30 7054 3.06% 10.38%
BG PET (yuan/mt) 7195 -6 7084 1.07% 1.85%
BG PET ($/mt) 915 0 898 1.10% -1.08%

POY (yuan/mt) 8085 45 7842 3.45% 11.06%

PSF (yuan/mt) 7880 35 7676 2.87% 9.67%
Cotton 3128 18140 80 18306 -1.31% 24.55%
Polyester yarn 32S 11650 50 11510 1.48% 3.10%

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 Profit

Unit 13-Sep 14-Sep Change Change

PX-naphtha $/mt 424 437 13.88 3.28%

PTA-PX yuan/mt 41 39 -2.34 -5.70%

MEG (naphtha route) $/mt -247 -240 7.76 -3.14%

POY 150/48 yuan/mt 1249.35 1248.27 -1.08 -0.09%

FDY 150/96 yuan/mt 1849.00 1833.00 -16 -0.87%

DTY 150/48 yuan/mt 1340.00 1310.00 -30 -2.24%

PSF 1.4D yuan/mt 974.35 963.27 -11.08 -1.14%

PET bottle chip yuan/mt 410.35 358.27 -52.08 -12.69%

PET fiber chip yuan/mt 384.35 373.27 -11.08 -2.88%

$1=CNY7.33

Inventory and operating rate

PFY Inventory Virgin PSF Inventory

Day
Day FDY DTY POY 16
35

30 14

25 12
20
10
15

10 8
5-Sep
1-Sep
2-Sep
3-Sep
4-Sep

6-Sep
7-Sep
8-Sep
9-Sep
10-Sep
11-Sep
12-Sep
13-Sep
14-Sep
10-Sep
11-Sep
12-Sep
13-Sep
14-Sep
1-Sep
2-Sep
3-Sep
4-Sep
5-Sep
6-Sep
7-Sep
8-Sep
9-Sep

Plants operating rate PFY Sales Ratio

PTA Polyester Weaving 400%
100%
百

300%
85%
200%

70%
100%

55% 0%
10-Sep
11-Sep
12-Sep
13-Sep
14-Sep
4-Sep
5-Sep
1-Sep
2-Sep
3-Sep

6-Sep
7-Sep
8-Sep
9-Sep
11-Sep

13-Sep
10-Sep

12-Sep

14-Sep
3-Sep

6-Sep

8-Sep
1-Sep
2-Sep

4-Sep
5-Sep

7-Sep

9-Sep

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Market summary
PTA
PTA futures moved higher today. However, spot market transactions remained moderate. Some mainstream supplier
offered on the market, but there was limited buying interest from traders and polyester factories. The basis slightly
weakened. For September deliveries, the mainstream traded prices ranged from TA2401+33 to TA2401+35 yuan/mt,
with some slightly lower at around TA2401+30 yuan/mt.

MEG
MEG market moved up Thursday with modest discussions. Futures went up due to news about unit shutdowns and
maintenance, and spot prices went up to about 4,200yuan/mt. Spot basis was around 145-150yuan/mt discount to
EG2401. CFR China market went up with nearby cargoes concluded at $483-486/mt, and mid-Oct cargoes at $488-
490/mt.
PET
In China, polyester feedstock futures was in narrow waves, and PET bottle chip factory offer was largely stable. Trading
sentiment was lukewarm. PET bottle chip export offers were stable. In East China, the talking level for Q3 goods was at
$920-930/mt FOB Shanghai.
PET fiber chip offers were mostly steady with individual ones up by 50yuan/mt. PTA futures maintained high-level
consolidation. Offer for semi-dull chips prevailed at 7200-7350yuan/mt, some second-tier sources around
7150yuan/mt; offers for bright chips prevailed at 7250-7400yuan/mt.

PFY
Prices of polyester filament yarn advanced by 50-100yuan/mt in Zhejiang and Jiangsu. POY75/72 was mainly stayed at
8,350-8,500yuan/mt and POY150/48 was mostly stayed at 8,000-8,150yuan/mt. Sales of PFY were modest today in
Zhejiang and Jiangsu. The average sales ratio was assessed to around 50% by P.M.3:00.
PSF
PSF futures market maintained firm driven by PTA market, and some spot PSF plant offers rose by 50-100yuan/mt.
Semi-dull 1.4D PSF prevailed at 7,750-8,000yuan/mt ex-works or short-distance delivered. Downstream buyers
continued to purchase for pressing demand, with average sales ratio at 46%.

Outlook
The supply and demand for PTA are under pressure, but PTA processing margins remain low. PTA prices are expected to
fluctuate within high range, in line with feedstock trend. MEG remains clearly pressured at high levels. MEG prices are
expected to consolidate in a wide range in the near term, with weak fundamentals capping upside. Polyester products
prices may also go range bound, in line with feedstock cost. Pay attention to feedstock price change, polymerization
rate and sales ratio.

MEG PTA and PX

$/mt PTA PX
$/mt MEG (CFR China) 1200
500 1100
1000
900
475
800
700
450 600
1-Sep

5-Sep

8-Sep
2-Sep
3-Sep
4-Sep

6-Sep
7-Sep

9-Sep
10-Sep
11-Sep
12-Sep
13-Sep
14-Sep
4-Sep
5-Sep
6-Sep
7-Sep
1-Sep
2-Sep
3-Sep

8-Sep
9-Sep
10-Sep
11-Sep
12-Sep

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 Crude oil PET and PFY
$/bbl WTI Brent
100 yuan/mt SD PET POY 150D
8500

90 8000

7500

80 7000

6500
70 6000
3-Sep
4-Sep
5-Sep
1-Sep
2-Sep

6-Sep
7-Sep
8-Sep
9-Sep
10-Sep
11-Sep
12-Sep
13-Sep
14-Sep

1-Sep

3-Sep

8-Sep
2-Sep

4-Sep
5-Sep
6-Sep
7-Sep

9-Sep
10-Sep
11-Sep
12-Sep
13-Sep
14-Sep

DISCLAIMER

All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information
Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability
for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on
such information. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of CCFGroup

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Email: market@ccfgroup.com www.ccfgroup.com