聚酯数据日报-20260401

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The Asian PTA market 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, and the profit is significantly shrunk. The supply - side risks are significantly intensified, and the polyester may face production decline risks in April due to shortages of PX and MEG. The MEG market is also in chaos due to the tense Middle - East situation, with Northeast Asian refineries facing supply shortages and domestic MEG prices rising due to raw material reduction [2] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - INE crude oil price dropped from 763.5 yuan/barrel on March 30, 2026, to 740.6 yuan/barrel on March 31, 2026, a decrease of 22.90 yuan/barrel. PTA - SC increased from 1219.6 yuan/ton to 1302.0 yuan/ton, an increase of 82.42 yuan/ton. PTA/SC ratio increased from 1.2198 to 1.2419, an increase of 0.0221. CFR China PX decreased from 1276 to 1252, a decrease of 24. PX - naphtha spread decreased from 133 to 46, a decrease of 88 [2] - PTA main contract futures price decreased from 6768 yuan/ton to 6684 yuan/ton, a decrease of 84.0 yuan/ton. PTA spot price decreased from 6810 yuan/ton to 6690 yuan/ton, a decrease of 120.0 yuan/ton. Spot processing fee decreased from 141.6 yuan/ton to 99.8 yuan/ton, a decrease of 41.8 yuan/ton. Disk processing fee increased from 99.6 yuan/ton to 143.8 yuan/ton, an increase of 44.2 yuan/ton. The main contract basis remained unchanged at (59). PTA warehouse receipt quantity remained unchanged at 159653 [2] - MEG main contract futures price decreased from 5359 yuan/ton to 5218 yuan/ton, a decrease of 141.0 yuan/ton. MEG - naphtha decreased from (474.27) yuan/ton to (474.46) yuan/ton, a decrease of 0.2 yuan/ton. MEG domestic price decreased from 5443 yuan/ton to 5339 yuan/ton, a decrease of 104.0 yuan/ton. The main contract basis remained unchanged at 5 [2] 3.2 Industrial Chain Start - up Situation - PX start - up rate decreased from 83.53% to 80.57%, a decrease of 2.96%. PTA start - up rate decreased from 80.01% to 79.31%, a decrease of 0.70%. MEG start - up rate increased from 52.27% to 53.80%, an increase of 1.53%. Polyester load decreased from 84.87% to 84.69%, a decrease of 0.18% [2] 3.3 Product Situation - For polyester filament, POY150D/48F increased from 9245 yuan/ton to 9295 yuan/ton, an increase of 50.0 yuan/ton. POY cash flow increased from 349 yuan/ton to 536 yuan/ton, an increase of 187.0 yuan/ton. FDY150D/96F increased from 9435 yuan/ton to 9495 yuan/ton, an increase of 60.0 yuan/ton. FDY cash flow increased from 39 yuan/ton to 236 yuan/ton, an increase of 197.0 yuan/ton. DTY150D/48F remained unchanged at 10465 yuan/ton. DTY cash flow increased from 369 yuan/ton to 506 yuan/ton, an increase of 137.0 yuan/ton. Filament sales rate decreased from 27% to 20%, a decrease of 7% [2] - For polyester staple fiber, 1.4D direct - spun polyester staple fiber decreased from 8460 yuan/ton to 8320 yuan/ton, a decrease of 140 yuan/ton. Polyester staple fiber cash flow decreased from (86) yuan/ton to (89) yuan/ton, a decrease of 3.0 yuan/ton. Staple fiber sales rate decreased from 38% to 37%, a decrease of 1% [2] - For polyester chips, semi - bright chips decreased from 7870 yuan/ton to 7680 yuan/ton, a decrease of 190.0 yuan/ton. Chip cash flow decreased from (126) yuan/ton to (179) yuan/ton, a decrease of 53.0 yuan/ton. Chip sales rate decreased from 42% to 31%, a decrease of 11% [2] 3.4 Device Maintenance - A 600,000 - ton/year unit of an 1.8 - million - ton/year syngas - to - ethylene glycol plant in Shaanxi has restarted and produced normally recently. The second 600,000 - ton/year unit is planned to be shut down for maintenance on April 15, with an expected duration of about 20 days [4]