Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views - The unilateral trend of p-xylene (PX), purified terephthalic acid (PTA), and monoethylene glycol (MEG) remains strong. The trend intensity of PX and PTA is rated 2 (most bullish), while that of MEG is 1 (bullish) [1][6]. - PX: The supply side has seen short - stops and reduced loads at domestic plants, and there will likely be a decline in imports due to overseas force majeure. Cost support is strong as crude oil prices rise above $100 per barrel. PX is expected to accelerate destocking from April to May [6]. - PTA: The price of its raw material PX has risen strongly, increasing PTA's valuation. Supply reduction of raw materials has led to PTA plant cut - backs, and with the continuous recovery of polyester demand, PTA will enter a destocking phase from April to May [6]. - MEG: Domestic cracking units have cut production, leading to a significant drop in the ethylene glycol operating rate. The downstream polyester operating rate has continued to rise, and MEG has started to accelerate destocking this week. However, spot trading remains weak [7]. 3. Summary by Related Catalogs Futures Market Data | Futures | Yesterday's Closing Price | Change | Change Rate | Month - Spread (Yesterday's Closing Price) | Month - Spread (Change) | | --- | --- | --- | --- | --- | --- | | PX Main | 10218 | 686 | 7.20% | 736 | 174 | | PTA Main | 6998 | 338 | 5.08% | 392 | 26 | | MEG Main | 4653 | 76 | 1.66% | 117 | - 26 | | PF Main | 8322 | 332 | 4.16% | - 166 | 22 | | SC Main | 722.3 | 60.3 | 9.11% | 9.1 | 3.7 | [2] Spot Market Data | Spot | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX CFR China ($/ton) | 1305.33 | 1216.33 | 89 | | PTA East China (Yuan/ton) | 7040 | 6320 | 720 | | MEG Spot | 4733 | 4475 | 258 | | Naphtha MOPJ ($/ton) | 977.25 | 875.25 | 102 | | Dated Brent ($/barrel) | 100.66 | 91.46 | 9.2 | [2] Spot Processing Fee Data | Spot Processing Fee | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX - Naphtha Spread | 297.3 | 280.3 | 17 | | PTA Processing Fee | 274.69 | 310.14 | - 35.45 | | Short - Fiber Processing Fee | 30.98 | - 8.22 | 39.2 | | Bottle - Chip Processing Fee | 207.78 | 233.18 | - 25.39 | | MOPJ Naphtha - Dubai Crude Spread | - 4.34 | - 4.34 | 0 | [2] Fundamental Data of PX, PTA, and MEG - **PX**: ICE Brent futures rose by $7.86 per barrel, and Platts - assessed naphtha C + F Japan rose by $102 per ton. Due to the Middle - East conflict and ship attacks in the Persian Gulf, crude oil futures rose. The operating rate of PX in China decreased by 5.5% week - on - week to 84.7%, and the Asian PX operating rate was 76.9% [3][4]. - **PTA**: This week, some PTA plants reduced their loads, and the domestic PTA load was adjusted to 80.1%. An East - China 360 - million - ton PTA plant started to reduce its load on March 12, and the recovery time is undetermined [4]. - **MEG**: As of March 12, the overall operating load of ethylene glycol in mainland China was 66.77% (down 7.18% from the previous period), and a 40 - million - ton/year synthetic - gas - to - ethylene - glycol plant in Shaanxi stopped for maintenance on March 12, expected to last about 40 days [5]. - **Polyester**: As of this Thursday, the polyester load in mainland China was around 87.2%. The operating load of the polyester industrial yarn industry remained stable at around 74%. A 25 - million - ton polyester plant in Tongxiang plans to restart tomorrow, while a 20 - million - ton polyester bottle - chip plant in East China advanced its shutdown for maintenance by one week [5]. - **Sales of Polyester Products**: On March 12, the sales of polyester yarn in Jiangsu and Zhejiang were still weak, with an average sales rate of 10 - 20%. The average sales rate of direct - spinning polyester staple fiber plants was 54% [5][6].