聚酯数据日报-20260316

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The Asian PX market is in a short - term situation caused by the Middle - East geopolitical conflict. The continuous closure of the Strait of Hormuz has blocked the transportation of 20% of the world's oil liquids and nearly 80% of petrochemical products to Asia, leading to a sharp rise in PX spot prices. PTA factories have faced concentrated force majeure. If Middle - East exports do not resume soon, the Asian polyester industry chain may face a serious production decline risk in April due to the dual shortage of PX and MEG [2]. - The ethylene glycol market is also affected by the tense Middle - East situation. Northeast Asian refineries are facing a shortage of crude oil supply and have to reduce their loads. Asian naphtha cracking units have significantly reduced production or shut down, and domestic refinery ethylene glycol units have seen a sharp increase due to reduced raw materials [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - Crude Oil and PTA - SC: INE crude oil price rose from 722.3 yuan/barrel on 2026/3/12 to 750.8 yuan/barrel on 2026/3/13, with a change of 28.50 yuan/barrel. PTA - SC decreased from 1749.0 yuan/ton to 1477.9 yuan/ton, a change of - 271.11 yuan/ton. The PTA/SC ratio decreased from 1.3332 to 1.2709, a change of - 0.0623 [2]. - PX: CFR China PX decreased from 1305 to 1277, a change of - 28. PX - naphtha spread decreased from 430 to 218, a change of - 212 [2]. - PTA: The PTA主力期价 decreased from 6998 yuan/ton to 6934 yuan/ton, a change of - 64.0 yuan/ton. The PTA现货价格 decreased from 7030 to 6920, a change of - 110.0 yuan/ton. The现货加工费 increased from 231.1 yuan/ton to 247.2 yuan/ton, a change of 16.1 yuan/ton. The盘面加工费 increased from 204.1 yuan/ton to 281.2 yuan/ton, a change of 77.1 yuan/ton. The主力基差 decreased from (22) to (35), a change of - 13.0. The PTA仓单数量 decreased from 143618 to 143458, a change of - 160 [2]. - MEG: The MEG主力期价 increased from 4653 yuan/ton to 4729 yuan/ton, a change of 76.0 yuan/ton. MEG - naphtha increased from (377.57) to (372.76), a change of 4.8. The MEG内盘 decreased from 4715 to 4672, a change of - 43.0. The主力基差 increased from - 85 to - 65, a change of 20.0 [2]. 3.2 Industry Chain开工情况 - PX开工率 remained unchanged at 80.34%. PTA开工率 decreased from 77.57% to 75.91%, a change of - 1.66%. MEG开工率 decreased from 53.88% to 53.73%, a change of - 0.15%. The聚酯负荷 decreased from 84.90% to 84.49%, a change of - 0.41% [2]. 3.3 Product Prices and Cash Flows - Polyester Filament: POY150D/48F increased from 9240 to 9250, a change of 10.0. POY现金流 increased from 400 to 518, a change of 118.0. FDY150D/96F decreased from 9460 to 9425, a change of - 35.0. FDY现金流 increased from 120 to 193, a change of 73.0. DTY150D/48F decreased from 10690 to 10550, a change of - 140.0. DTY现金流 decreased from 650 to 618, a change of - 32.0. The长丝产销 increased from 10% to 15%, a change of 5% [2]. - Polyester Staple Fiber: 1.4D直纺涤短 decreased from 8480 to 8390, a change of - 90. The涤短现金流 increased from (10) to 8, a change of 18.0. The短纤产销 decreased from 57% to 20%, a change of - 37% [2]. - Polyester Chips: The半光切片 decreased from 7650 to 7600, a change of - 50.0. The切片现金流 increased from (290) to (232), a change of 58.0. The切片产销 remained unchanged at 10% [2]. 3.4装置检修动态 - An East - China 2.5 - million - ton PTA unit that stopped for maintenance around February 10 has returned to normal operation. An East - China 3.6 - million - ton PTA unit that was operating at 50% capacity has also returned to normal. A South - China 1.25 - million - ton PTA unit that was under maintenance in mid - January has returned to normal [3].