At the beginning of the Asian market on January 5 (Thursday), US Oil traded at 73.42 dollars/barrel; Oil prices fell by more than 5% on Wednesday, due to demand concerns related to the global economy. Brent crude oil experienced the largest two-day percentage decline since 1991 in the first two trading days of this year; API data in the morning showed that the US crude oil inventory increased last week, which also dragged down oil prices.
As concerns about oversupply continue to hang over the market, Saudi Arabia reduced the official price of Arab light crude oil this month by $2.20 in December last year, to a 10 month low. It is not ruled out that Saudi Arabia may further reduce the official price in February, which is expected to be about $1.50 per barrel.
Affected by the cost side, PX and PTA fell further.
According to Hexun Futures, Asian PX fell 24 dollars/ton to 940 dollars/ton, and PXN fell 44 dollars/ton to 275 dollars/ton. PTA spot processing cost rose to 564 yuan/ton, up by 100 yuan/ton. At present, PTA's commencement has recovered to 63.91%. PX costs fell sharply, crude oil fell sharply, and costs fell sharply. PTA prices are expected to continue to fall further on the premise of falling costs and falling demand.
Affected by the cost, polyester production and sales rose and fell with each other. Production and sales of polyester filament fell 2.9% to 35.1%; Production and sales of polyester staple fiber rose 8.56% to 34.76%; The production and sales of polyester chips decreased by 3.14% to 25.76%. At present, the commencement of polyester is maintained at 68.13%.
source:https://www.tnc.com.cn/info/c-034001-d-3728247.html