Reduced PTA profit

2. Reduced PTA profit
PTA profit has weakened drastically, with PTA-PX spread narrowing to 400yuan/mt recently, reflecting losses for most PTA producers. However, PTA operating rate is not low, as around 80%, as it will take time for the sluggish demand to affect PTA plant operation, and the price of PTA futures is now 150-160yuan/mt higher than that of spots, supporting producers to keep plant operation and use futures to hedge.