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Li Zhoulei, an analyst at Shanghai Interim Financial Times, said in an interview with the “International Financial News†reporter: “The downside of the PTA has already opened up, especially after the previous 1205 contract has formed the top of the M-type, the future PTA** decline is hard to stop.â€
Market participants pointed out that the PTA price reversal stems from the deterioration of the fundamentals.
Li Zhoulei pointed out that the cost support to promote higher PTA prices has already begun to deteriorate. Crude oil and paraxylene (PX) are the main raw materials of PTA.
From the perspective of international oil prices, the New York Mercantile Exchange (NYMEX) crude oil ** is in a highly volatile pattern, and high oil prices have caused the United States and Britain and other countries to pay attention. According to reports, when US President Barack Obama and British Prime Minister Cameron held talks at the White House on March 14, they discussed the possibility of releasing strategic oil reserves and increased crude oil upward pressure. With the advent of the traditional peak season for gasoline consumption in the summer, the United States is likely to surpass the $4 per gallon warning line. The negative sentiment caused by high oil prices will erode Obama’s votes, so recently Obama is rushing to suppress oil prices.
Short-term corrections in international oil prices occurred. Last week, New York's oil prices fell 0.34 U.S. dollars to 107.06 U.S. dollars per barrel. This led to an overall decline in the price of the international PX following the oil price, which means that the PTA is losing cost support.
In addition to the weakening of cost support, the lack of demand for PTA also constrains prices. PTA is the main raw material for producing polyester fiber, resin, film and container resin, and is widely used in chemical fiber, containers, packaging, film production and other fields.
Li Zhoulei pointed out that subject to the slow process of inventory digestion, polyester fiber companies have a weaker willingness to purchase PTA, and some companies have taken measures to stop and overhaul.
Gao Huan analyst Gao Hua also pointed out to the “International Financial News†reporter that due to the overall slowdown of the Chinese economy, the demand for PTA downstream textile and apparel products has continued to decline. In addition, the industry itself also has unfavorable factors, due to the cold weather this year, PTA spring demand started to postpone.
Gao Hua judged that the current domestic PTA main 1209 contract callback has not yet been put in place. From the midline, the next support level for PTA is 8200 yuan/ton. 
On March 19th, the Zhengzhou Commodity Exchange's PTA ** fell further. The new main 1209 contract closed at 8,638 yuan/ton, a decrease of 1.84%, and fell below the 60-day moving average.