聚酯数据日报-20260312

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - PTA: Crude oil is expected to strengthen significantly due to geopolitical influence. Northeast Asian refineries are facing crude oil supply shortages and have to reduce their loads. The speculative sentiment in the Asian PX market has rebounded, but the physical supply is tight. Downstream replenishment is rapid, and the polyester operating load is lower than expected. The floating spread of PX has reached +40, and the spread between PX and naphtha has rebounded to $300. Geopolitical tensions in the Middle East bring short - term energy price volatility risks [2] - Ethylene glycol: The market is in chaos due to the tense situation in the Middle East. Northeast Asian refineries are facing crude oil supply shortages and have to reduce their loads. Asian naphtha cracking units have large - scale production cuts and shutdowns. Domestic refineries have also reduced production, and domestic ethylene glycol prices have risen sharply due to concerns about raw material shortages [2] Summary by Relevant Catalogs Market Quotes - INE crude oil price dropped from 666.3 yuan/barrel on March 10, 2026, to 662.0 yuan/barrel on March 11, 2026, a decrease of 4.30 yuan/barrel. PTA - SC increased from 1357.9 yuan/ton to 1849.2 yuan/ton, an increase of 491.25 yuan/ton. The PTA/SC ratio increased from 1.2804 to 1.3844, an increase of 0.1039 [2] - CFR China PX increased from 1151 to 1217, an increase of 66. The PX - naphtha spread increased from 160 to 376, an increase of 216 [2] - PTA's main futures price increased from 6200 yuan/ton to 6660 yuan/ton, an increase of 460.0 yuan/ton. The PTA spot price increased from 6180 yuan/ton to 6320 yuan/ton, an increase of 140.0 yuan/ton. The spot processing fee decreased from 185.8 yuan/ton to - 11.9 yuan/ton, a decrease of 197.7 yuan/ton. The disk processing fee increased from 205.8 yuan/ton to 328.1 yuan/ton, an increase of 122.3 yuan/ton. The main basis increased from - 15 to - 14, an increase of 1.0. The PTA warehouse receipt quantity increased from 125282 to 126068, an increase of 786 [2] - MEG's main futures price increased from 4305 yuan/ton to 4577 yuan/ton, an increase of 272.0 yuan/ton. MEG - naphtha decreased from - 302.62 yuan/ton to - 302.81 yuan/ton, a decrease of 0.2 yuan/ton. MEG's domestic price decreased from 4408 to 4400, a decrease of 8.0. The main basis decreased from - 6 to - 55, a decrease of 49.0 [2] Industry Chain Operating Conditions - PX, PTA, and MEG operating rates remained unchanged at 80.34%, 79.81%, and 54.19% respectively. The polyester load increased from 84.73% to 84.88%, an increase of 0.15% [2] Product Price and Cash Flow - POY150D/48F decreased from 9345 to 8515, a decrease of 830.0. POY cash flow decreased from 1334 to 387, a decrease of 947.0 [2] - FDY150D/96F decreased from 10040 to 8735, a decrease of 1305.0. FDY cash flow decreased from 1529 to 107, a decrease of 1422.0 [2] - DTY150D/48F decreased from 10655 to 9905, a decrease of 750.0. DTY cash flow decreased from 1444 to 577, a decrease of 867.0 [2] - The long - filament sales rate remained unchanged at 9% [2] - 1.4D direct - spun polyester staple fiber increased from 7805 to 7885, an increase of 80. Polyester staple fiber cash flow decreased from 144 to 107, a decrease of 37.0. The short - fiber sales rate decreased from 81% to 64%, a decrease of 17% [2] - Semi - bright chips increased from 6920 to 7040, an increase of 120.0. Chip cash flow increased from - 191 to - 188, an increase of 3.0. The chip sales rate increased from 13% to 25%, an increase of 12% [2] Device Maintenance - A 2.5 - million - ton PTA device in East China, which was shut down for maintenance around February 10, has returned to normal operation. A 3.6 - million - ton PTA device in East China, which was operating at 50% capacity, has returned to normal. A 1.25 - million - ton PTA device in South China, which was under maintenance in mid - January, has also returned to normal [2]