Liu Siqi, Special guest of Zijin Tianfeng Futures, delivers her report of Polyester feedstock market pattern and price trend in the second half of 2022

The first part: game between upstream cost and macro economy. 

First, the report describes the operation characteristics of the PTA industry chain in the first half of 2022, and then describes it in detail from the following aspects: "tight supply oil products, low crude oil inventory", "naphtha cracking spread hit a new low in recent years", "PX capacity expansion concentrates in the fourth quarter", "PX maintenance plan to maintain high", "PX imports declines significantly month-on-month", "aromatics blend oil profit". 

The second part: PTA may face the piling stock pressure again. 

PTA new capacity mainly comes online in the fourth quarter, meanwhile PTA plants are under maintenance, and output losses keeps high. PTA production increased slightly in the first half of the year, PTA net exports increased, polyester production maintained a high level during the year, polyester demand was weak. Facing high inventory and low profit, Ms. Liu finally gives a summary of H2 2022. 

The third part: MEG low-pricing to tests cost line. 

This part first describes the operation characteristics of the MEG industry chain in the first half of 2022, and then gives a summary of the ethylene glycol industry chain in the second half of 2022 from the point view of: the acceleration of MEG localization process, China MEG O/R lowers while production increases, the situation of integrated plants maintenance, the mainstream processing units stay in loss, the evaluation of import volume in the second half of 2022, and the balance table of ethylene glycol.