Xin Lang Cai Jing·2026-02-25 01:20PX Industry - The estimated operating rate of China's PX industry remains stable at 92.0%, while the Asian industry's operating rate increases by 1.1 percentage points to 84.8%, indicating a generally ample supply [4][19] - Demand from downstream PTA facilities is recovering, and the PX fundamentals are relatively strong within the industry chain [4][19] - As the PX maintenance season begins, inventory is expected to shift from accumulation to depletion [4][19] - Brent crude oil prices are likely to continue fluctuating at high levels due to ongoing geopolitical issues in the Middle East [4][19] - The PX May contract is expected to fluctuate within the 7200-7300 range, with potential long opportunities [4][19] PTA Industry - The PTA industry's estimated operating rate increases by 3.2 percentage points to 78.0%, reaching a neutral level for the same period in previous years [5][20] - Downstream operations are gradually resuming post-holiday, with a warning that high raw material prices may affect the recovery pace [5][20] - The supply-demand dynamics for PTA are expected to improve in March, with recommendations to wait for stabilization before entering long positions around the 5200-5300 support area [5][20] EG Industry - The domestic ethylene glycol industry's operating rate increases by 2.1 percentage points to 78.9%, with synthetic gas production rising by 5.3 percentage points to 83.9%, marking a high level for the same period historically [8][23] - The overall import dependency for ethylene glycol is approximately 27.2%, with Iranian sources accounting for about 0.9%, indicating limited impact from Iranian supply changes [8][23] - Short-term valuation for ethylene glycol has entered a low range, with limited downward space, suggesting potential long positions if prices drop to the 3650-3750 support area [8][23] PR Industry - The supply side of the bottle-grade PET industry remains stable at 68.6%, with ongoing production cuts since last quarter leading to a sustained de-inventory process [12][27] - Demand from small and medium-sized enterprises is recovering earlier than in previous years, with many preparing to resume operations shortly after the holiday [12][27] - Short-term strategies may involve shorting PR processing fees, with expectations for PR May prices to fluctuate with raw material prices [12][27] Soda Ash Industry - Soda ash futures have seen a slight increase, with stable spot prices and improved market sentiment [13][29] - Recent production has increased by 18,000 tons to 792,000 tons, with expectations for a decline in production soon [13][29] - Downstream demand has slightly decreased, with inventory levels rising, indicating a weakening purchasing sentiment [13][29] Glass Industry - Glass futures have slightly declined, while most spot prices have increased, reflecting weak supply-demand fundamentals [15][30] - Recent glass production remains stable, but purchasing activity has decreased, leading to an increase in inventory by 114,000 tons to 2.768 million tons [15][30] - The recent decline in construction activity and reduced order quantities suggest ongoing challenges in the glass market [15][30]