Shoufutures: Costs Declining, PTA Futures Prices Pull Back from Highs

K-LinePoet · 2026-03-18T22:41:06+00:00

This week's PTA utilization rates increased mainly due to the restart of maintenance units. However, cumulative inventory in February still reached 600,000 tons, higher than the same period last year. It is expected that PTA will maintain inventory accumulation in March, with demand showing modest improvement. The market should pay attention to crude oil prices and downstream operating rates.

K-LinePoet

2026-03-18 22:41:06

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On the supply side, as some maintenance units are gradually restarting, PTA capacity utilization has significantly increased this week. Fuhai Chuang’s 4.5 million-ton PTA plant’s load has risen from 50% to 80%; Yizheng Chemical Fiber has been shut down for maintenance since March 2 for 18 days; Yisheng New Materials’ 3.6 million-ton plant has resumed operation; Yingli Industries’ 1.25 million-ton plant restarted in early March; Dushan Energy’s No. 2 unit, with a capacity of 2.5 million tons, was shut down on February 10 and restarted on the 27th. In February, PTA inventory increased by 600,000 tons, higher than the same period last year. The PTA maintenance plan for March is still unclear, and it is expected that PTA will continue to accumulate inventory in March.

On the demand side, polyester capacity utilization has slightly rebounded month-on-month, with Jiangsu and Zhejiang weaving mills gradually resuming operations.

In summary, PTA operating rates are improving, and the industry maintains a stock accumulation pattern. Coupled with the correction in crude oil and aromatic hydrocarbon prices, short-term PTA futures are expected to fluctuate and adjust. Attention should be paid to crude oil price trends, maintenance intensity of units, and downstream production recovery progress. (First Capital Futures)

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