聚酯数据日报-20260313

Report Industry Investment Rating - Not provided Core Viewpoints - Geopolitical conflicts support crude oil prices, and the impact of poor crude oil logistics has fermented. PTA plants in Zhejiang and Shandong have started to reduce production, and those in Fujian are about to do so. The possibility of production cuts by PX and PTA enterprises will continue to increase, and the PTA market will surge [2]. - The Middle East situation is tense, and the market is in chaos. Northeast Asian refineries are extremely dependent on crude oil supplies from the Middle East. Affected by the closure of the Strait of Hormuz, they have faced tight crude oil supplies and had to reduce their loads. Asian naphtha cracking units have significantly reduced production and shut down [2]. - The speculative sentiment in the Asian PX market has recovered, but the physical supply is tight, and PX physical goods are in short supply. Due to extreme market concerns, downstream replenishment is rapid, and the operating load of polyester is lower than expected. South Korea, India, and Thailand may face significant operational difficulties [2]. Summary by Relevant Catalogs Market Data - INE crude oil price increased from 662.0 yuan/barrel on March 11, 2026, to 722.3 yuan/barrel on March 12, 2026, with a change of 60.30 yuan/barrel [2]. - PTA-SC decreased from 1849.2 yuan/ton to 1749.0 yuan/ton, a change of -100.21 yuan/ton [2]. - PTA/SC decreased from 1.3844 to 1.3332, a change of -0.0512 [2]. - CFR China PX increased from 1217 to 1305, a change of 88 [2]. - PX-naphtha spread increased from 376 to 430, a change of 54 [2]. - PTA main contract futures price increased from 6660 yuan/ton to 6998 yuan/ton, a change of 338.0 yuan/ton [2]. - PTA spot price increased from 6320 yuan/ton to 7030 yuan/ton, a change of 710.0 yuan/ton [2]. - Spot processing fee increased from (11.9) yuan/ton to 231.1 yuan/ton, a change of 243.0 yuan/ton [2]. - Disk processing fee decreased from 328.1 yuan/ton to 204.1 yuan/ton, a change of -124.0 yuan/ton [2]. - Main contract basis decreased from (14) to (22), a change of -8.0 [2]. - PTA warehouse receipt quantity increased from 126068 to 143618, a change of 17550 [2]. - MEG main contract futures price increased from 4577 yuan/ton to 4653 yuan/ton, a change of 76.0 yuan/ton [2]. - MEG-naphtha increased from (294.95) yuan/ton to (294.14) yuan/ton, a change of 0.8 yuan/ton [2]. - MEG domestic price increased from 4400 yuan/ton to 4715 yuan/ton, a change of 315.0 yuan/ton [2]. - Main contract basis decreased from -55 to -85, a change of -30.0 [2]. Industrial Chain Operating Conditions - PX operating rate remained at 80.34%, with a change of 0.00% [2]. - PTA operating rate decreased from 79.81% to 77.57%, a change of -2.24% [2]. - MEG operating rate decreased from 54.19% to 53.88%, a change of -0.31% [2]. - Polyester load decreased from 84.88% to 84.49%, a change of -0.39% [2]. Product Data - POY150D/48F increased from 8515 to 9240, a change of 725.0 [2]. - POY cash flow increased from 387 to 400, a change of 13.0 [2]. - FDY150D/96F increased from 8735 to 9460, a change of 725.0 [2]. - FDY cash flow increased from 107 to 120, a change of 13.0 [2]. - DTY150D/48F increased from 9905 to 10690, a change of 785.0 [2]. - DTY cash flow increased from 577 to 650, a change of 73.0 [2]. - Filament sales rate increased from 9% to 10%, a change of 1% [2]. - 1.4D direct-spun polyester staple fiber increased from 7885 to 8480, a change of 595 [2]. - Polyester staple fiber cash flow decreased from 107 to (10), a change of -117.0 [2]. - Staple fiber sales rate decreased from 64% to 57%, a change of -7% [2]. - Semi-gloss chip increased from 7040 to 7650, a change of 610.0 [2]. - Chip cash flow decreased from (188) to (290), a change of -102.0 [2]. - Chip sales rate decreased from 25% to 10%, a change of -15% [2]. Device Maintenance - A 2.5 million-ton PTA plant in East China has returned to normal operation after a shutdown for maintenance around February 10 [2]. - A 3.6 million-ton PTA plant in East China has returned to normal operation after operating at 50% capacity [2]. - A 1.25 million-ton PTA plant in South China has returned to normal operation after maintenance in mid-January [2].