聚酯数据日报-20260319

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views - The Asian PX market is in a short - term situation due to the Middle - East geopolitical conflict. The continuous closure of the Strait of Hormuz has disrupted the transportation of 20% of global oil liquids and nearly 80% of petrochemical products to Asia, causing a surge in PX spot prices. The polyester industry is about to enter the peak season, but the extreme supply shortage has led to concentrated force majeure in PTA factories. If Middle - East exports do not resume soon, the Asian polyester industry chain will face a severe risk of production decline in April [2]. - The Middle - East situation is tense, and the market is in chaos. Northeast Asian refineries are facing a shortage of crude oil supply and have to reduce their loads. Asian naphtha cracking units have undergone large - scale production cuts and shutdowns. The domestic refinery ethylene glycol units have seen a sharp increase due to the reduction of raw materials [2]. Group 3: Summary by Relevant Catalogs 1. Market Price and Index Changes - INE crude oil price decreased from 761.2 yuan/barrel on March 17, 2026, to 735.4 yuan/barrel on March 18, 2026, a decrease of 25.80 yuan/barrel. PTA - SC increased from 1386.3 yuan/ton to 1445.8 yuan/ton, an increase of 59.49 yuan/ton. PTA/SC ratio increased from 1.2506 to 1.2705, an increase of 0.0199 [2]. - CFR China PX decreased from 1275 to 1250, a decrease of 25. PX - naphtha spread decreased from 223 to 218, a decrease of 5 [2]. - PTA's主力期价 decreased from 6918 yuan/ton to 6790 yuan/ton, a decrease of 128 yuan/ton. PTA's现货价格 increased from 6770 yuan/ton to 6805 yuan/ton, an increase of 35 yuan/ton. The spot processing fee increased from 147.1 yuan/ton to 207.1 yuan/ton, an increase of 60.1 yuan/ton. The disk processing fee increased from 280.1 yuan/ton to 287.1 yuan/ton, an increase of 7.1 yuan/ton [2]. - MEG's主力期价 increased from 4826 yuan/ton to 4849 yuan/ton, an increase of 23 yuan/ton. MEG - naphtha decreased from (407.92) yuan/ton to (408.11) yuan/ton, a decrease of 0.2 yuan/ton. MEG's内盘 increased from 4700 to 4807, an increase of 107 [2]. 2. Industry Chain Start - up Conditions - PX, PTA, and MEG start - up rates remained unchanged at 80.34%, 75.96%, and 52.36% respectively on March 17 - 18, 2026. Polyester load increased from 85.75% to 85.83%, an increase of 0.08% [2]. 3. Product Situation in Polyester Industry - In polyester long - filament, POY150D/48F decreased from 9175 to 9105, a decrease of 70. POY cash flow decreased from 562 to 426, a decrease of 136. FDY150D/96F increased from 9440 to 9445, an increase of 5. FDY cash flow decreased from 327 to 266, a decrease of 61. DTY150D/48F decreased from 10705 to 10640, a decrease of 65. DTY cash flow decreased from 892 to 761, a decrease of 131. Long - filament production and sales decreased from 19% to 17%, a decrease of 2% [2]. - In polyester short - fiber, 1.4D direct - spun polyester short - fiber decreased from 8350 to 8335, a decrease of 15. Polyester short - fiber cash flow decreased from 87 to 6, a decrease of 81. Short - fiber production and sales remained unchanged at 49% [2]. - In polyester chips, semi - bright chips decreased from 7500 to 7480, a decrease of 20. Chip cash flow decreased from (213) to (299), a decrease of 86. Chip production and sales remained unchanged at 15% [2]. 4. Device Maintenance - A 2.5 - million - ton PTA device in East China that was shut down for maintenance around February 10 has returned to normal. A 3.6 - million - ton PTA device in East China that was operating at 50% load has returned to normal. A 1.25 - million - ton PTA device in South China that was under maintenance in mid - January has returned to normal [2].