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Due to the limited market demand, the upstream raw materials increased the price of xylene, while the downstream polyester prices were relatively light, and there was no sign of stabilization in the PTA market.
PTA is widely used in chemical fiber, light industry, electronics, construction and other fields. More than 90% of PTA in the world is used to produce polyethylene terephthalate (polyester or PET). Polyesters include fiber chips, polyester fibers, bottle sections, and film sections. In China's domestic market, 75% of PTA is used to produce polyester fiber; 20% is used to produce bottle grade polyester; 5% is used for film grade polyester.
Market analysts further pointed out that since the autumn and winter of 2007, some local textile markets have not flourished during the peak season, resulting in a large backlog of conventional products of textile companies, and they have had to stop production and shutdown, leading to a large-scale shrinkage in the demand for polyester filaments. Affected by this, the inventory of chemical fiber plants in the upstream has rapidly increased, and the production load of enterprises has been passively lowered. The demand for chemical fiber raw material PTA has been reduced. As a result, the price of PTA has apparently declined compared to the same period of last year, but PTA’s The profit space has shrunk, and even some companies have suffered losses.
Mitsui and other companies believe that since 2006, many new construction and expansion projects have been put into production, resulting in lower prices of Asian PTA, which led to Mitsui and other companies have to take measures to reduce production. Since October 2007, the price of domestic products in Japan has further declined. This is mainly due to China's control of investment. It is expected that the pressure for price cuts will increase. Under this circumstance, investing in PTA industry will face certain risks. Some PTA production plants are forced to suspend production or reduce production.
Mitsui Chemicals recently announced that it intends to reduce its PTA output. Among them, the company's production plants in Thailand and Japan will reduce production by 20%. Indonesia's production plants will not reduce production due to strong domestic demand in Indonesia. In the Asian PTA market downturn and the use of raw materials for xylene prices, in October 2007, Japan's Mitsubishi Chemical Corporation also significantly reduced its production of PTA in Indonesia and South Korea and other overseas factories. In mid-November last year, the company shut down the 600,000-ton/year PTA plant that had just been completed and put into production in Ningbo, China in 2007, but continued to maintain its normal production of the PTA plant in Matsuyama, Ehime Prefecture, Japan. Recently, the company is paying close attention to the market trends to determine the period for stopping production of the device. In addition, the new PTA plant that the company is building in India will also be put into production in the second half of 2008.
In mid-November 2007, information was uploaded from the China International Polyester Industry Chain Market Forum hosted by the China Development and Reform Commission and the China Chemical Fiber Industry Association. As a key raw material for the chemical fiber industry, China’s domestic demand increased, and consumption in 2006 increased. It will be 13.4 million tons, reaching 14.8 million tons in 2007 and 16 million tons in 2008. However, China's domestic PTA capacity growth rate is even worse than that.
Due to the continuous increase in domestic supply, China's PTA imports have been declining year by year. In 2006, it was 6.8 million tons, and it will drop to 4.8 million tons in 2007. According to forecasts, it may drop to 3 million tons in 2008. The PTA import dependency declined from 51% in 2006 to 32% in 2007 and will further drop to 18.8% in 2008. It is estimated that from 2008 to 2010, China's PTA capacity expansion rate will continue to increase. The first phase of Fujian Shishi PTA project, Yizheng Chemical Fiber 1 million tons/year, and Otsuka 1.4 million tons/year PTA project will be successively put into operation. In 2010, the total domestic PTA production capacity will reach 19.89 million tons, and the consumption will reach 16.7 million tons at that time. Calculated from the operating rate of 80%-90%, China's PTA production capacity will basically meet the market demand.
PTA (Pure Terephthalic Acid) Producers Fall into Unprofitable Dilemmas
In the past two years, the Asian PTA (pure terephthalic acid) market has been in a downward trend. Analysts believe that the PTA market this winter remains weak, prices are still fluctuating at lower prices. On the one hand, the winter apparel demand has turned weaker, and polyester factories may reduce production on a large scale, reducing the demand for PTA. On the other hand, the price of paraxylene, another raw material of PTA, is expected to further increase, which will greatly reduce the profitability of PTA production plants, even to the point where it is not profitable.