China's PTA production capacity increased significantly

PTA (pure terephthalic acid) is the basic raw material for the production of polyester chips, and it is also one of the major imported goods in China. According to customs statistics, from January to February this year, China’s PTA cumulatively imported 961,000 tons, worth US$8.1 billion, which was 28.2% and 29.7% lower than the same period of last year, respectively, and the average import price was US$ 84.6/ton, down 2.2%. Its main features are:

General trade is the main mode of import. From January to February, China's PTA imported 518,000 tons by general trade, a decrease of 48.3%, accounting for 53.9% of China's total PTA imports during the same period, and imported 364,000 tons by processing trade, an increase of 46.3%, accounting for 37.9%.

Foreign-invested enterprises increased slightly, and domestic-funded enterprises' imports fell sharply. From January to February, China's foreign-invested enterprises imported 445,000 tons of PTA, an increase of 1.2%. In the same period, private enterprises imported 237,000 tons, down 26.5%; state-owned enterprises imported 184,000 tons, down 39.1%; collective enterprises imported 95,000 tons, down 65.3%.

South Korea and China’s Taiwan are the main sources of imports. From January to February, China imported 544,000 tons of PTA from Korea, an increase of 0.4%, and imported 299,000 tons from Taiwan, an increase of 12.3%, which together accounted for 87.7% of the total imports of PTA during the same period. In addition, imports from ASEAN 76,000 tons, a drop of 79%.

The combined imports of Zhejiang and Jiangsu provinces accounted for more than 80%. From January to February, Zhejiang Province imported 426,000 tons of PTA, a drop of 28.4%; Jiangsu Province imported 349,000 tons, a decrease of 9.3%, and the two provinces accounted for 80.6% of the total PTA imports of the country during the same period.

At present, the main reasons for the decline in China's PTA imports are:

Domestic PTA production capacity has expanded and the market supply is sufficient. In recent years, as domestic PTA projects have been put into production, China's PTA production capacity has continuously expanded and it has now become the world's largest PTA producer. In 2007, China's annual output of PTA reached 10.5 million tons. In addition to the import volume of 6.99 million tons that year, the apparent supply of PTA in the Chinese market reached 17.49 million tons in 2007, which is greater than the domestic demand of 16 million tons in the same period. Domestic production capacity As a result, the import volume of PTA began to decline.

The downstream industry has slowed down and import demand is relatively weak. Affected by the state's macro-control policies, since the second half of 2007, the state’s financial credit has been tight, and polyester funds in the downstream of PTA have been generally tight. At the same time, the export tax rebate rate for textiles has been reduced, the capacity expansion in the textile and chemical fiber industry has slowed, and the demand for upstream raw materials has declined. In addition, from the end of 2007 to the beginning of this year, some polyester manufacturing enterprises in Zhejiang, Jiangsu, and other provinces entered the equipment maintenance period and the production load was reduced, which also reduced the demand for imported PTA to some extent.

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