Chemical fiber main raw materials brewed and launched PTA, EG futures varieties
The surge in international oil prices in recent years has had a great impact on the prices of major raw materials for chemical fiber, and many chemical fiber companies have proposed to take corresponding measures to respond. The China Textile Industry Association is currently considering negotiations with relevant departments to use the futures market function to avoid the risk of price changes in refined terephthalic acid (PTA) and ethylene glycol (EG), the main raw materials of chemical fiber. During the two sessions, Du Yuzhou, a member of the National Committee of the Chinese People's Political Consultative Conference and chairman of the China Textile Industry Association, pointed out in an exclusive interview with reporters that in recent years, world oil prices have continued to rise and PTA and EG market prices have soared. From 2004 to 2005, international oil prices rose by an average of 42.33%, while PTA prices increased by an average of 38.58%, and EG prices increased by an average of 64.41%. Statistics show that China's textile industry has developed rapidly since the 10th Five-Year Plan, and the total volume of textile fiber processing has increased from 13.6 million tons in 2000 to 26.9 million tons in 2005. Among them, the amount of chemical fiber accounts for 65% of the total domestic textile fiber processing, and 40% of the world's total chemical fiber. In 2005, China's chemical fiber output was 16.29 million tons, becoming the world's largest chemical fiber production and processing base. Among them, the output of polyester is 12.83 million tons (mainly the continuous production process of polyester polyester), accounting for 78.8% of domestic chemical fiber production and 38% of the world's polyester production. It has become the most important raw material for China's textile industry.
The rapid development of polyester polyester has made China the country with the largest amount of polyester raw materials including refined PTA and EG. In 2005, China's demand for PTA was 12.1 million tons, accounting for 42% of the total global demand for PTA goods; EG demand was 51.02 million tons, accounting for 45% of the global total EG demand. Due to the serious lag in the development of China's PTA and EG, imports have increased significantly year by year. In 2005, PTA imports amounted to 6.5 million tons, with an import value of US $ 5.21 billion and an import dependency of 54%; EG imports 4 million tons, an import value of US $ 3.53 billion, and an import dependency of 80%.
PTA and EG must rely on large-scale oil refining and large-scale equipment such as ethylene. There are only 70 suppliers in the world, of which only more than 20 are supplied to the Chinese market. China's excessive import dependence and the high concentration of suppliers, as well as the excessive fragmentation of domestic buyers (currently more than 300), have caused frequent speculation and exacerbated the impact of world oil price fluctuations on the chemical fiber industry. Affected by the prices of PTA and EG, the sales cost of polyester chemical fiber industry in 2005 increased by 28.53%, and the profit dropped by 19.42%.
Du Yuzhou predicts that the shortage of PTA and EG will continue into the "11th Five-Year Plan" period, which has become a major bottleneck restricting the development of polyester polyester industry. It is severely restricted by the monopoly of a few foreign raw material producers and the speculation of domestic traders, which has greatly increased. Industry-specific operating risks. In view of the strategic role of PTA and EG on the chemical fiber industry and the entire textile industry, there is an urgent need to study the introduction of PTA and EG futures varieties to reduce market fluctuations, play the role of price discovery and hedging, and thus reduce the operating risks of domestic chemical fiber production enterprises. , Stable industry operation. According to Du Yuzhou's analysis, China's market trade scale based on more than 40% of global consumption, more than 70 international suppliers, more than 20 domestic manufacturers, more than 300 traders and more than 200 users participate in the group. A trade volume of more than 150 billion yuan is a good basis for establishing PTA and EG futures markets.
Drawing on the New York Mercantile Exchange (NYSEX) West Texas Intermediate Crude Oil (WTI) futures price, a successful precedent that has become the benchmark for global crude oil prices, the China Textile Association will negotiate with relevant authorities in the near future to develop and develop PTA and EG futures varieties. Exploring may make China's PTA and EG futures prices become the world's price guide for the industry, thereby creating a favorable market order for the healthy development of China's textile industry.