PTA inventory has hit record high after a significant rise

However, PTA inventory has hit record high after a significant rise, as supply and demand fundamentals worsened due to low polyester operating rate.

China PX operating rate dropped slightly with some refineries cutting run rates due to weaker demand. However, as Zhejiang Petrochemical started its second PX unit successfully and increased the operating rate to 80-90%, the inventory built up obviously in Feb and it could further increase in Mar.