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Research | Time:Apr 15 2017 3:57PM
Polyester industrial chain pattern and change
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Key points
1. Polyester production growth was 4.2% in 2016 with polyester demand growth at 8%. Since demand outnumbered supply, polyester inventory decreased.

2. Growth forecast of polyester production in 2017 is assessed to 7% or a little higher. Polyester inventory will increase as production is bigger than demand.

3. Recent price adjustment was resulted in discordance of supply and demand as inventory piled up in the slack season due to excessively bullish expectation.

4. Macro environment may be warm in Q2. Inventory may decrease in the peak season and cost sector may provide supports.

5. Market has great uncertainties in the latter half of the year. Will OPEC members continue production control? Energy and chemical products may shiver widely at high levels.

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