Shouchuang Futures: Rising costs, tightening supply, PTA futures remain high

K-LinePoet · 2026-04-09T09:27:53+00:00

In April, the East China PTA prices rose to 6,940 yuan/ton, as supply decreased and maintenance increased, leading to raw material shortages. On the demand side, weaving start-ups declined, and polyester inventories rose. In the short term, PTA is expected to continue its valuation recovery trend, with attention to crude oil prices and changes in operating rates.

K-LinePoet

2026-04-09 09:27:53

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Spot market: In East China, the PTA price is 6,940 yuan/ton delivered for pickup, up 60 yuan/ton from the previous trading day. For April, main port delivery reflects the 05 contract trading at a premium of 5–10 and the warehouse receipt premium around 10. There were deals for bids at a discount of 0–5.

On the supply side, Yizheng New Materials’ 7.2 million tons PTA will reduce load by 30% starting April 2; Ineos’ 1.1 million tons has a planned turnaround in mid-April; Dushan Energy’s 6 million tons also plans maintenance in mid-April. Last week, the PTA operating rate fell by 3.5 percentage points month over month. Geopolitical impact is gradually spreading from the crude oil end toward the downstream. A contraction in PX supply may lead to a shortage of PTA feedstock supply. In April, planned maintenance at PTA plants increases, tightening supply.

On the demand side, negative feedback from end users has emerged, weaving and processing operating rates have declined, and polyester product inventories are rising. Polyester operating rates are steady but slightly down; the production cuts schedule has currently been extended to the end of April.

In summary, geopolitical impact is gradually spreading downstream. Due to feedstock shortages, PTA’s maintenance plans increase. It is expected that in the near term, PTA will continue the valuation-repair trading pattern; watch the crude oil price trend and changes in plant operating rates.

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