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PTA market downturn in Asia may be surplus again

/ Saturday, 29 October 2022 /

Although the oversupply of purified terephthalic acid (PTA) in Asia has eased recently, with a large number of new capacity coming into use, market participants expect that the market may be surplus again in the near future, and the market will fall into a downturn. China’s PTA oversupply eased in August because of planned maintenance of several units.

In addition, mcpi closed its 470kt / a PTA Unit 1 and Reliance Industries (RIL) closed its hazira 2 PTA unit. The operating rate of downstream polyester industry in India has remained at a low level of 30% – 40%. In South Korea, the operating rate of PTA manufacturers decreased slightly, about 80%, while some PTA plants in Taiwan of China were scheduled for maintenance. Due to the spread of epidemic situation in Indonesia, many PTA units in Indonesia were shut down from March to July. At present, all PTA units are back to operation. According to statistics, the loss of PTA production in Asia increased slightly in August compared with that in the previous month, but the plan for future shutdown is limited. In addition, a large number of new PTA plants will be put into operation in the fourth quarter of this year, ushering in a wave of market shocks. The PTA capacity planned to be put into operation is about 7.1 million tons / year.

In the past 10 years, the global textile and garment industry has entered a downward cycle, and this year’s epidemic situation is even more weak. A bearish downstream demand outlook may continue to depress PTA industry, with supply significantly exceeding demand.

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