聚酯数据日报-20260302

Report Industry Investment Rating - No relevant information provided Core Viewpoints - Due to the recovery of PTA monthly average processing fees in recent months and sufficient PX supply, some PTA plants have restarted or plan to increase production. It is estimated that the PTA monthly output in March will likely reach a new high. The situation in the Middle East has worsened, and attention should be paid to the trend of the crude oil market next week [3]. - The ethylene glycol market in Zhangjiagang has seen fluctuations, with the spot price first falling and then rising, and the basis negotiation has strengthened slightly [3]. - The Asian PX market's speculative sentiment has recovered, but the physical supply is stable. Although some PX plants are scheduled for maintenance in March, the increase in the load of PTA plants indicates that the physical PX supply is sufficient. The downstream demand is still in a calm period, and the polyester's operating load is lower than expected [3]. - The Middle East situation is tense, and the market is in chaos. The production profit margin of naphtha cracking has declined, and the demand for naphtha continues to be weak. The spread between ethylene and naphtha has shrunk [3]. Summary by Relevant Catalogs Market Data - INE Crude Oil: The price increased from 483.6 yuan/barrel on February 26, 2026, to 488.4 yuan/barrel on February 27, 2026, with a change of 4.80 yuan/barrel [3]. - PTA - SC: The value decreased from 1745.6 yuan/ton to 1700.7 yuan/ton, a change of -44.88 yuan/ton [3]. - PTA/SC (Ratio): It decreased from 1.4967 to 1.4792, a change of -0.0175 [3]. - CFR China PX: The price increased from 931 to 932, a change of 1 [3]. - PX - Naphtha Spread: It decreased from 315 to 295, a change of -20 [3]. - PTA Main Contract Futures Price: It decreased from 5260 yuan/ton to 5250 yuan/ton, a change of -10.0 yuan/ton [3]. - PTA Spot Price: It decreased from 5235 yuan/ton to 5155 yuan/ton, a change of -80.0 yuan/ton [3]. - PTA Spot Processing Fee: It decreased from 344.2 yuan/ton to 290.7 yuan/ton, a change of -53.5 yuan/ton [3]. - PTA Futures Processing Fee: It decreased from 394.2 yuan/ton to 380.7 yuan/ton, a change of -13.5 yuan/ton [3]. - PTA Main Contract Basis: It increased from (63) to (60), a change of 3.0 [3]. - PTA Warehouse Receipt Quantity: It increased from 112250 to 126604, a change of 14354 [3]. - MEG Main Contract Futures Price: It increased from 3700 yuan/ton to 3703 yuan/ton, a change of 3.0 yuan/ton [3]. - MEG - Naphtha: It decreased from (215.33) to (218.67), a change of -3.3 [3]. - MEG Domestic Market: It decreased from 3641 to 3621, a change of -20.0 [3]. - MEG Main Contract Basis: It increased from -95 to -92, a change of 3.0 [3]. Industry Chain Operating Conditions - PX Operating Rate: It increased from 87.18% to 89.21%, a change of 2.03% [3]. - PTA Operating Rate: It remained unchanged at 76.40% [3]. - MEG Operating Rate: It decreased from 62.37% to 60.82%, a change of -1.55% [3]. - Polyester Load: It increased from 76.46% to 77.21%, a change of 0.75% [3]. Product Prices and Cash Flows - POY150D/48F: The price remained unchanged at 7080 [3]. - POY Cash Flow: It increased from 134 to 209, a change of 75.0 [3]. - FDY150D/96F: The price decreased from 7310 to 7290, a change of -20.0 [3]. - FDY Cash Flow: It increased from (136) to (81), a change of 55.0 [3]. - DTY150D/48F: The price decreased from 8195 to 8180, a change of -15.0 [3]. - DTY Cash Flow: It increased from 49 to 109, a change of 60.0 [3]. - 1.4D Direct - Spun Polyester Staple Fiber: The price increased from 6685 to 6695, a change of 10 [3]. - Polyester Staple Fiber Cash Flow: It increased from 89 to 174, a change of 85.0 [3]. - Semi - Bright Chip: The price decreased from 5980 to 5950, a change of -30.0 [3]. - Chip Cash Flow: It increased from (66) to (21), a change of 45.0 [3]. Product Sales Ratios - Long - Filament Sales Ratio: It increased from 18% to 120%, a change of 102% [3]. - Polyester Staple Fiber Sales Ratio: It increased from 50% to 85%, a change of 35% [3]. - Chip Sales Ratio: It increased from 25% to 274%, a change of 249% [3]. Device Maintenance - An East China 2.5 - million - ton PTA plant is expected to stop production on February 10, and the specific restart time is undetermined [5].