The rebound of the polyester industry chain has come to an end, and it is expected to consolidate in a weaker position next. The polyester link is still high start-up, high inventory, and profitable. In the future, the terminal weaving link will have holidays one after another, the orders will be light, and the willingness to replenish the inventory will be general, which will cause the polyester factory to have to reduce the load or reduce the price to remove the inventory. For the raw material end TA EG, it is expected to remain weak and reverse the operation. The current transaction of staple fiber is fair, and it is expected to be relatively strong. Long PF short TA.
PTA: The rebound of the market has come to an end, the negative feedback continues, and the reverse operation. The start of the PTA plant rebounded to 78%. In the future, the start-up load of polyester is still expected to decline, and the inventory will drop slightly. The weaving link is about to enter the stage of suspension of work and holidays, and polyester is still facing greater pressure from storage. The start of PX equipment on the raw material side declined, which increased valuation. Pay attention to whether there are any new changes in the PTA contract policies of major manufacturers. Under negative feedback, long 09 short 05.