Shouchuang Futures: High costs and weak demand struggle, PTA futures prices fluctuate at high levels

On the supply side, due to sharp fluctuations in costs, the processing margin of PTA spot has been significantly compressed, leading to an increase in domestic plant shutdowns and reductions, with PTA utilization rate decreasing by 1.9 percentage points month-on-month.
On the demand side, terminal demand remains weak, affecting the recovery of polyester utilization, which saw a slight increase of 0.5 percentage points this week.
Polyester product inventories are rising rapidly, which may limit the potential for increased polyester production.
In summary, the high-cost and weak demand game suggests that short-term PTA futures prices will undergo high-level adjustments, with attention to cost-side price trends and plant operation changes. (First Capital Futures)