聚酯数据日报-20260320

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - PTA market first rose and then fell with an average price increase. Due to the escalation of geopolitical situation, the crude oil market rose, and the PTA spot market soared in the morning under the cost advantage. However, the buying sentiment in the spot market was poor, downstream resisted the high PTA price, the estimated PTA output next week would rise, and the PTA market still had an oversupply situation, causing the PTA market to decline. 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 petroleum liquids and nearly 80% of petrochemical products shipped to Asia, leading to a sharp rise in PX spot prices. If the Middle - East exports cannot resume in the near future, the Asian polyester industry chain will face a severe production decline risk in April due to the double shortage of PX and MEG [2] - The ethylene glycol market is in chaos due to 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 large - scale production cuts and shutdowns, and domestic refinery ethylene glycol units have risen sharply due to the reduction of raw materials [2] Group 3: Summary by Related Catalogs 1. Market Data - Crude Oil and PTA - SC: INE crude oil rose from 735.4 yuan/barrel on March 18, 2026, to 814.9 yuan/barrel on March 19, 2026, an increase of 79.5 yuan/barrel. PTA - SC decreased from 1445.8 yuan/ton to 912.0 yuan/ton, a decrease of 533.73 yuan/ton. The PTA/SC ratio decreased from 1.2705 to 1.1540, a decrease of 0.1165 [2] - PX: CFR China PX rose from 1250 to 1264, an increase of 14. The PX - naphtha spread rose from 218 to 225, an increase of 7 [2] - PTA: The PTA main futures price rose from 6790 yuan/ton to 6834 yuan/ton, an increase of 44 yuan/ton. The PTA spot price rose from 6805 yuan/ton to 6885 yuan/ton, an increase of 80 yuan/ton. The spot processing fee decreased from 207.1 yuan/ton to 168.0 yuan/ton, a decrease of 39.1 yuan/ton. The disk processing fee decreased from 287.1 yuan/ton to 252.0 yuan/ton, a decrease of 35.1 yuan/ton. The main basis increased from (88) to (79), an increase of 9. The PTA warehouse receipt quantity remained unchanged at 143452 [2] - MEG: The MEG main futures price rose from 4849 yuan/ton to 5220 yuan/ton, an increase of 371 yuan/ton. MEG - naphtha decreased from (407.79) to (407.98), a decrease of 0.2. The MEG domestic price rose from 4807 to 5143, an increase of 336. The main basis decreased from - 80 to - 86, a decrease of 6 [2] - Polyester Products: POY150D/48F rose from 9105 to 9130, an increase of 25. POY cash flow decreased from 426 to 270, a decrease of 156. FDY150D/96F remained unchanged at 9445. FDY cash flow decreased from 266 to 85, a decrease of 181. DTY150D/48F remained unchanged at 10640. DTY cash flow decreased from 761 to 580, a decrease of 181. The long - filament sales rate increased from 17% to 18%, an increase of 1%. 1.4D direct - spun polyester staple fiber rose from 8335 to 8380, an increase of 45. The polyester staple fiber cash flow decreased from 6 to (130), a decrease of 136. The short - fiber sales rate increased from 49% to 53%, an increase of 4%. The semi - bright chip decreased from 7480 to 7470, a decrease of 10. The chip cash flow decreased from (299) to (490), a decrease of 191. The chip sales rate increased from 15% to 42%, an increase of 27% [2] 2. Industrial Chain Start - up Situation - PX start - up rate remained unchanged at 80.34%. PTA start - up rate rose from 75.96% to 76.69%, an increase of 0.73%. MEG start - up rate remained unchanged at 52.36%. The polyester load remained unchanged at 85.83% [2] 3. Device Maintenance Dynamics - 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 20 - 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]