The rebound in the chemical industry's recovery is the beginning
The rebound in the chemical industry's recovery is the beginning
Recently, the prices of many chemical industry products have risen sharply, which also led to the market performance of corresponding listed companies. From terephthalic acid (PTA(7046,-2.00,-0.03%) to polyester filament, the price of ethylene, propylene, vitamins and spandex has increased, and the chemical industry seems to be showing signs of recovery. For this, the securities times reporter interviewed a number of listed companies and industry analysts, and the reasons for the recovery of the industry are various.
In the process of interview of listed companies, no matter on which, the reporter understands the reason outside of the following: environmental factors the boom of the cut, is too low, the price war pause, leak or fewer new capacity and so on.
There are many reasons to suspect that the recovery in the chemical industry is a casual affair, not a common factor in the recovery. If so, the signs of recovery are decidedly below expectations. After all, the recovery of a niche industry is not only small, but also affected by the environment, and its own trend will not last long.
When we began to suspect that the chemical industry's recovery was short-lived, there was a growing resurgence of sub-sectors. In this tangle, we may find another common reason: many chemical products have fallen too far in the early stages. The people who have been in the capital market for a long time know that the stock has fallen so much that it will naturally rise. Similarly, an industry downturn is too long, and it will be integrated and eliminated. Similar to the secondary market, the rise in the price of chemical products is not an occasional occurrence, and many of the reasons that lie on the surface are not necessarily true answers.
The main contract for futures has risen nearly 20 per cent, judging from the recent rise in the PTA. The reasons cited by analysts are that the PTA factory in China has been continuously implementing the "guaranteed price" mode, and the parking service has been kept up. Up to now, the domestic PTA immediate opening rate has fallen to about 63 percent. Because of the concentration limit of the PTA factory, the inventory has been greatly reduced, and the market supply shortage has intensified, and spot prices have risen sharply. While the reasons for the rise of ethylene and propylene are believed to be affected by the international crude oil price rise, it is also claimed that it is caused by short-term manufacturers.
In fact, in recent years, due to the economic downturn and excess capacity, most of the chemical products have been cut in price, or even more than 70%. Whether it is the early recovery of glyphosate, or the recently received PTA, the market price can be said to have fallen so badly that the survival of the enterprise has been very difficult. Against this backdrop, the corporate situation is beginning to bottom out.
On the one hand, the authorities will reject the demand for excess capacity, which has already been put on the horse and caused pollution, and will be shut down. , on the other hand, to the enterprise itself, in the past economy degree is high, can compete on price and other market, times are hard for everyone, now would be easy to hand in hand, to deal with the upstream and downstream.
From this perspective, the recovery of the chemical industry is the general trend. The reason for the recovery, it seems, is just one of the reasons for the rebound.
