聚酯数据日报-20260303

Report Industry Investment Rating - Not provided Core Viewpoints - The rise in crude oil prices due to geopolitical tensions has pushed up the PTA market, and downstream polyester factories have actively raised prices. The average sales volume of polyester filament factories as of 3:00 pm is around 112.22%. [3] - The Asian PX market's speculative sentiment has rebounded, but the physical supply is stable. Although some PTA device loads are expected to be shut down for maintenance in March to May, the physical supply of PX is sufficient. [3] - The demand side remains calm, downstream replenishment is not active, and the polyester's operating load is lower than expected. [3] - The Middle East geopolitical tensions may bring short - term energy price volatility risks. [3] - The ethylene - naphtha spread has shrunk, and the ethylene production situation in some regions is changing. The price of ethylene glycol is waiting at a low level, and attention should be paid to the impact of the Iranian situation on prices. [3] Summary by Relevant Catalogs Market Data - Crude Oil: INE crude oil price rose from 488.4 yuan/barrel on February 27, 2026, to 527.8 yuan/barrel on March 2, 2026, an increase of 39.4 yuan/barrel. [3] - PTA: PTA - SC increased from 1700.7 yuan/ton to 1716.4 yuan/ton; PTA/SC decreased from 1.4792 to 1.4475; PTA's main futures price rose from 5250 yuan/ton to 5552 yuan/ton; the spot price rose from 5155 yuan/ton to 5375 yuan/ton; the spot processing fee decreased from 289.0 yuan/ton to 153.2 yuan/ton; the disk processing fee decreased from 379.0 yuan/ton to 330.2 yuan/ton; the main basis increased from - 60 to - 55; the number of PTA warehouse receipts decreased from 126604 to 125134. [3] - PX: CFR China PX rose from 932 to 999; the PX - naphtha spread increased from 295 to 362. [3] - MEG: MEG's main futures price rose from 3703 yuan/ton to 3925 yuan/ton; MEG - naphtha increased from - 218.67 yuan/ton to - 188.67 yuan/ton; MEG's domestic price rose from 3621 to 3753; the main basis increased from - 95 to - 92. [3] - Polyester Products: The prices of POY150D/48F, FDY150D/96F, DTY150D/48F, 1.4D direct - spun polyester staple fiber, and semi - bright chips all increased, while the cash flows of POY, FDY, DTY, polyester staple fiber, and chips all decreased. The sales volume of long - filament decreased from 120% to 112%, and the sales volume of short - fiber increased from 85% to 89%. The sales volume of chips decreased from 274% to 105%. [3] Industry Operating Rates - PX operating rate remained at 89.21%; PTA operating rate increased from 76.40% to 81.27%; MEG operating rate remained at 60.82%; polyester load increased from 77.21% to 78.23%. [3] Device Maintenance - A 2.5 - million - ton PTA device in East China that was shut down for maintenance around February 10 has returned to normal operation. A 3.6 - million - ton PTA device in East China that was operating at 50% capacity has returned to normal. A 1.25 - million - ton PTA device in South China that was shut down for maintenance in mid - January has returned to normal. [5]