聚酯数据日报-20260325

Report Summary 1. Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The PTA market in Asia is affected by the sharp fluctuations in crude oil and the tightening of PX supply. The price increase of naphtha is much higher than that of PX, resulting in a significant contraction of profits. The supply - side risks have increased significantly. If Middle - East exports cannot recover in the near future, the Asian polyester industry chain will face a severe production decline risk in April due to the dual shortage of PX and MEG [2]. - The MEG market is also in chaos due to the tense situation in the Middle East. Northeast Asian refineries are facing a shortage of crude oil supply and have to reduce their loads. The shortage of Asian naphtha has led to large - scale production cuts and shutdowns of naphtha cracking units [2]. 3. Summary by Relevant Catalogs 3.1 Market Data Changes - Crude Oil: INE crude oil price dropped from 834.6 yuan/barrel on March 23, 2026, to 739.1 yuan/barrel on March 24, 2026, a decrease of 95.50 yuan/barrel [2]. - PTA: PTA - SC increased by 254.01 yuan/ton, PTA/SC ratio increased by 0.0701, PTA主力期价 dropped by 440.0 yuan/ton, PTA现货价格 dropped by 280.0 yuan/ton, spot processing fee and disk processing fee both decreased by 40.0 yuan/ton, and PTA仓单数量 increased by 1785 [2]. - MEG: MEG主力期价 dropped by 455.0 yuan/ton, MEG - naphtha decreased by 39.2 yuan/ton, MEG内盘 dropped by 255.0 yuan/ton, and the main base difference decreased by 10.0 [2]. - PX: CFR中国PX dropped by 75, and PX - naphtha spread decreased by 124 [2]. - Polyester Products - Polyester Filament: POY150D/48F increased by 35.0, POY现金流 increased by 359.0; FDY150D/96F increased by 65.0, FDY现金流 increased by 389.0; DTY150D/48F remained unchanged, DTY现金流 increased by 324.0; long - filament production and sales decreased by 41% [2]. - Polyester Staple Fiber: 1.4D直纺涤短 dropped by 105,涤短现金流 increased by 219.0, and short - fiber production and sales decreased by 4% [2]. - Polyester Chips: 半光切片 dropped by 110.0,切片现金流 increased by 214.0, and slice production and sales decreased by 7% [2]. 3.2 Industry Start - up Situation - PX start - up rate increased by 3.19% to 83.53% [2]. - PTA start - up rate increased by 0.50% to 80.01% [2]. - MEG start - up rate remained unchanged at 51.87% [2]. - Polyester load remained unchanged at 85.44% [2]. 3.3 Device Maintenance Status - 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 also returned to normal operation. A 1.25 million - ton PTA device in South China, which was under maintenance in mid - January, has resumed normal operation [4].