2018 Polyester Filament Industry Chain Profit Concentrated In PX And Polyester POY

In 2018, the profit of polyester filament industry chain was mainly concentrated in the upstream PX and polyester POY production links. The change of bargaining power in each link of the industrial chain will eventually lead to the change of the total profit distribution proportion in all links.

PX's highest profit was close to $400.

The average profit of PX in 2018 was 149.19 US dollars / ton, an increase of 156.16% over the same period of 1-12.

In the past 2017-2018 years, the main profit margins of PX were below US $130 / ton, and the mainstream profit range was US $60-80 / ton.

Since July 2018, thanks to the price differential trend between PX and naphtha, PX cash flow has continuously increased, hitting a high point of 391.51 US dollars / ton during the year, which is nearly 22 times the profit level at the beginning of this year.

Polyester POY profit margins continue to expand

In 2018 1-12, the average profit of polyester filament POY150D/48F was 417.48 yuan / ton, an increase of 28.74% over the same period last year.

This is mainly due to the acceleration of the growth rate of the downstream bomb adding machine, which makes the supply and demand of polyester POY tighter and the price is strong.

In 2018, the annual increment of the bomb loader was estimated at 1800 units, an increase of 38.5% over the previous year.

At the same time, the incremental release of the bomb increased the supply and demand relationship of the industry, and the production profit dropped.

In addition, the profitability of PTA industry has improved significantly compared with that of last year.

The average profit of PTA in 2018 was 245.72 yuan / ton, up 550% over the same period of 1-12.

2 quarter PTA centralized overhaul, factory oversold, supplier buyback and typhoon weather, jointly promote PTA social inventory continuous inventory, supply and demand mismatch to promote PTA prices rose sharply and the profit margin expanded.

In the future, the profits of the whole industry chain will be tilted to PTA and polyester.

At present, PX is the most profitable variety in polyester industry chain.

However, due to the large gap in China's PX production capacity, over 50% of the consumption has been dependent on imports for many years, and Japanese and Korean manufacturers have seized a lot of profits.

In the 2019-2023 year, the new capacity of China's PX will be concentrated. At the same time, PTA and polyester production enterprises will expand to the upstream.