聚酯数据日报-20260306

Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - PTA: Crude oil is expected to strengthen significantly due to geopolitical influences. The speculative sentiment in the Asian PX market has rebounded, but the physical supply remains stable. Although some PTA plants like Zhejiang Petrochemical and Jinling are scheduled for maintenance in March, the PX physical supply is sufficient. The demand side is still calm, with downstream replenishment being inactive, and the polyester operating load is lower than expected. The domestic PX market has ample supply, but the supply is expected to tighten from March to May. The Middle - East geopolitical tension may bring short - term energy price volatility risks [2]. - MEG: 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 remains weak. The spread between ethylene and naphtha has shrunk. Some ethylene producers in South Korea maintained the operating rate of their cracking units in February. A large - scale ethylene glycol plant in Jiangsu switched a 900,000 - ton EG production line to produce polyethylene. The ethylene glycol price is waiting at a low level, and attention should be paid to the impact of the Iranian situation on prices [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - INE Crude Oil: The price increased from 641.1 yuan/barrel on March 4, 2026, to 664.1 yuan/barrel on March 5, 2026, with a change of 23.00 yuan/barrel [2]. - PTA - SC: The value decreased from 1035.1 yuan/ton to 993.9 yuan/ton, a change of - 41.14 yuan/ton [2]. - PTA/SC (Ratio): It decreased from 1.2222 to 1.2059, a change of - 0.0162 [2]. - CFR China PX: The price increased from 1027 to 1055, a change of 28 [2]. - PX - Naphtha Spread: It decreased from 290 to 279, a change of - 11 [2]. - PTA Main Contract Futures Price: It increased from 5694 yuan/ton to 5820 yuan/ton, a change of 126.0 yuan/ton [2]. - PTA Spot Price: It increased from 5605 to 5800, a change of 195.0 [2]. - PTA Spot Processing Fee: It increased from 240.6 yuan/ton to 313.8 yuan/ton, a change of 73.2 yuan/ton [2]. - PTA Disk Processing Fee: It decreased from 334.6 yuan/ton to 323.8 yuan/ton, a change of - 10.8 yuan/ton [2]. - PTA Main Contract Basis: It increased from (46) to (34), a change of 12.0 [2]. - PTA Warehouse Receipt Quantity: It increased from 125948 to 127214, a change of 1266 [2]. - MEG Main Contract Futures Price: It increased from 4078 yuan/ton to 4184 yuan/ton, a change of 106.0 yuan/ton [2]. - MEG - Naphtha: It increased from (284.97) yuan/ton to (258.16) yuan/ton, a change of 26.8 yuan/ton [2]. - MEG Domestic Market: It increased from 4046 to 4132, a change of 86.0 [2]. - MEG Main Contract Basis: It increased from - 60 to - 51, a change of 9.0 [2]. 3.2 Industry Operating Rates - PX Operating Rate: Remained at 88.08% with a change of 0.00% [2]. - PTA Operating Rate: Remained at 79.81% with a change of 0.00% [2]. - MEG Operating Rate: Remained at 59.01% with a change of 0.00% [2]. - Polyester Load: Remained at 80.39% with a change of 0.00% [2]. 3.3 Product Prices and Cash Flows - POY150D/48F: The price increased from 7425 to 7615, a change of 190.0 [2]. - POY Cash Flow: It decreased from 27 to 22, a change of - 5.0 [2]. - FDY150D/96F: The price increased from 7625 to 7780, a change of 155.0 [2]. - FDY Cash Flow: It decreased from (273) to (313), a change of - 40.0 [2]. - DTY150D/48F: The price increased from 8532 to 8670, a change of 135.0 [2]. - DTY Cash Flow: It decreased from (63) to (123), a change of - 60.0 [2]. - 1.4D Direct - Spun Polyester Staple Fiber: The price increased from 7070 to 7235, a change of 165 [2]. - Polyester Staple Fiber Cash Flow: It decreased from 22 to (8), a change of - 30.0 [2]. - Semi - Bright Slice: The price increased from 6270 to 6445, a change of 175.0 [2]. - Slice Cash Flow: It decreased from (228) to (248), a change of - 20.0 [2]. 3.4 Sales Ratios - Long - Filament Sales Ratio: It increased from 48% to 107%, a change of 59% [2]. - Short - Fiber Sales Ratio: It increased from 59% to 93%, a change of 34% [2]. - Slice Sales Ratio: It increased from 31% to 205%, a change of 174% [2]. 3.5 Device Maintenance - An East - China 2.5 - million - ton PTA plant that was shut down for maintenance around February 10 has returned to normal operation [2]. - An East - China 3.6 - million - ton PTA plant that was operating at 50% capacity has returned to normal [2]. - A South - China 1.25 - million - ton PTA plant that was under maintenance in mid - January has returned to normal [2].