PTA plant operating rate to stay low in May
Polyester downstream mills have slashed the operating rate after the resurgence of COVID-19 cases in China since March. Polyester plants also cut the output due to higher inventory and expanded losses as well as a lack of raw materials due to prolonged large-scale lockdown.
With the full-scale efforts to combat the resurgence, the fabric mills in major textile bases in Zhejiang and Jiangsu are opening up gradually last week, by committing to follow stringent epidemic control measures as the government tries to stabilize industrial and supply chains, while maintaining the "zero-COVID" policy.
According to the turnaround plans, PTA plant operating rate in May is estimated at 70-75% in May. PTA margin kept at 400-600yuan/mt, which may continue to restrain the recovery of supply.
Plant | Capacity (kt/year) | Operation |
Zhongtai Chemical | 1200 | Shut on Mar 25-Apr 25 |
Hengli | 2500 | T/A from Apr 20 |
Sinopec Yangzi | 600 | 2-month T/A from Mar 14 and plans to restart on May 15 |
Honggang | 1500 | T/A from Mar 15 |
Fuhaichuang | 4500 | O/R down to 50% from Apr and plans to lift to 90% in May |
Energy Investment | 1000 | T/A from Apr 4 to mid-May |
OPSC | 750 | Shut from Apr 7 |
Yisheng New Materials 1 | 3600 | O/R down to 50% from Apr 23 |
Yisheng Dahua | 3750 | T/A plan from May 10 |
Yisheng Hainan | 2000 | T/A plan from late May |
FCFC | 1200 | 20-25 days of T/A from May 4 |
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