Shouchuang Futures: Costs weaken, demand-side operations decline, PTA futures prices adjust from high levels

K-LinePoet · 2026-04-08T04:32:51+00:00

East China PTA prices have risen to 6,820 RMB/ton, but terminal demand remains weak. In the short term, PTA prices are expected to fluctuate with costs, with attention to crude oil prices and plant operation conditions. Processing margins remain low, and future increases may be followed by declines.

K-LinePoet

2026-04-08 04:32:51

Abstract generation in progress

In the spot market, the East China PTA price is 6,820 yuan per ton, up 90 yuan per ton from the previous trading day. This week and next week, delivery at main ports is trading around 05 being at a discount of 50, with warehouse warrants also at a discount of around 50. At the end of April, delivery at main ports for 05 is trading at a discount of 40, and bid offers are trading around a discount of 50.

On the supply side, an East China PTA plant with capacity of 2.5 million tons continues to reduce its operating rate to 60–70%, down from around 90% previously. With some previously shut-down units restarting, last week’s PTA load increased by 4.3 percentage points month-over-month. In the period ahead, there are still plans for some units to reduce load further. The pace of PTA inventory build has slowed somewhat.

On the demand side, negative feedback from downstream end markets has emerged. Polyester operating rates fell by 0.9 percentage points month over month. Polyester filament factories plan to further increase their production cuts, which suppresses PTA demand.

In short, the PTA processing margin is still staying at a relatively low level. After a near-term improvement in operating rates, there is still the possibility of a decline later on. Downstream demand remains weak, which will weigh on PTA prices. It is expected that in the near term, PTA futures prices will track fluctuations on the cost side, so keep an eye on crude oil price movements and changes in plant start-ups. (Founder Futures)

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