PX供应问题继续发酵，月差大幅走强

Report Industry Investment Rating - The report suggests a cautiously bullish stance on PX/PTA/PF/PR in the medium term [4] Core Viewpoints - The PX supply issue continues to intensify, and the monthly spread has strengthened significantly. The main reason is the tense situation in Iran, which has reduced the traffic in the Strait of Hormuz and affected the supply of PX and other varieties [1] - The cost side is affected by the Iranian situation, leading to an increase in crude oil prices. The fundamentals of PX have improved month - on - month, and de - stocking is expected in April. The current reality of PTA is weak, but the long - term outlook is positive [2] - The demand side is performing well. After the Spring Festival, the polyester and weaving loads are gradually recovering, and the raw material price increase has driven speculative demand and inventory de - stocking [1] Summary by Directory Price and Basis - The report includes figures on TA and PX's main contract, basis, and inter - period spread trends, as well as PTA's East China spot basis and short - fiber basis [8][9][11] Upstream Profits and Spreads - It shows PX processing fees, PTA spot processing fees, South Korean xylene isomerization profits, and South Korean STDP selective disproportionation profits [17][19] International Spreads and Import - Export Profits - The report presents toluene's US - Asia spread, toluene's South Korean FOB - Japanese naphtha CFR spread, and PTA export profits [24][26] Upstream PX and PTA Start - up - It includes the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [27][30][32] Social Inventory and Warehouse Receipts - The report shows the weekly social inventory of PTA, the monthly social inventory of PX, and various warehouse receipt inventories [38][40][41] Downstream Polyester Load - It presents the production and sales of filaments and short - fibers, the polyester load, and the inventory days of filament factories, as well as the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang [49][51][59] PF Detailed Data - It includes the load of polyester staple fibers, the inventory days of polyester staple fiber factories, the operating rate and production profit of pure polyester yarn, and other related data [73][76][78] PR Fundamental Detailed Data - It shows the load of polyester bottle chips, the inventory days of bottle chip factories, the spot and export processing fees of bottle chips, and other related data [87][89][95]