First Futures: Cost Boost, PTA Futures Price Strongly Hit Limit Up

In terms of supply, the maintenance devices have gradually restarted, and last week the PTA load has significantly increased. The load of Fuhaichuang's 4.5 million ton PTA device has increased from 50% to 80%; Yizheng Chemical Fiber will undergo maintenance from March 2nd for 18 days, Yisheng New Materials' 3.6 million ton device has already restarted, British Lesi's 1.25 million ton device restarted at the beginning of March, Dushan Energy's 2 # 2.5 million ton device stopped on February 10th and restarted on the 27th. The PTA inventory in February was 600,000 tons, higher than the same period last year. The maintenance plan for PTA in March is still unclear, and it is expected that the PTA inventory status will continue in March. In terms of demand, the polyester load has rebounded slightly, and the start-up of Jiangsu and Zhejiang textile industries is slowly recovering. In short, with the increase in PTA production, the industry maintains an inventory balance. Energy supply is tight, and PX prices remain strong on the cost side. With the cost boost, it is expected that the short-term PTA futures price will fluctuate slightly stronger. Pay attention to the trend of costs, the intensity of device maintenance, and the progress of downstream startups.