Group 1: Report Industry Investment Rating - The report recommends a long position for polyester bottle chips in the energy and chemical sector [2] Group 2: Core View of the Report - The Middle - East geopolitical situation is complex and changeable, with international crude oil fluctuating sharply at high levels. Domestic polyester bottle chip production has declined, and many bottle chip factories have declared force majeure. The demand side maintains rigid demand. The polyester bottle chip market price is in a strong - side oscillation under the influence of raw materials. Attention should be paid to the development of the Middle - East geopolitical situation [2] Group 3: Summary by Relevant Catalogs 1. Market Review - The main contract in the overnight session on Monday rose by 6 yuan to 8408 yuan/ton. The price of East China water - grade bottle chips was 8635 yuan/ton (+110), and the price of South China bottle chips was 8850 yuan/ton (+150). In terms of positions, long positions decreased by 1210 lots to 55,300 lots, and short positions decreased by 849 lots to 56,800 lots [2] 2. Important Information - **Supply, Cost and Profit**: Domestic polyester bottle chip production was 331,400 tons, a decrease of 6,000 tons month - on - month. The weekly average capacity utilization rate of domestic polyester bottle chips was 71.5%, a decrease of 1.3% month - on - month. The production cost of polyester bottle chips was 7426 yuan, a decrease of 92 yuan/ton month - on - month. The weekly production gross profit of polyester bottle chips was 427 yuan/ton, a decrease of 223 yuan/ton month - on - month [2] - **Export**: In February 2026, China's polyester bottle chip exports were 430,000 tons, a decrease of 78,000 tons or 15.39% from the previous month. The cumulative export volume from January to February 2026 was 938,300 tons, an increase of 29,200 tons or 3.21% compared with the same period last year [2] - **Industry Output and Capacity Utilization**: In February 2026, the output of China's polyester bottle chip industry was 1,231,400 tons, a month - on - month decrease of 11.93%. The capacity utilization rate this month was 66.48%, a month - on - month decline of 1.70 percentage points [2] - **Oil Price**: The situation in Iran shows no sign of easing, and the Houthi armed forces have taken military actions against Israel, with the supply risk continuing and international oil prices rising. The NYMEX crude oil futures 05 contract rose 3.24 dollars/barrel to 102.88 dollars/barrel, a month - on - month increase of 3.25%. The ICE Brent oil futures 05 contract rose 0.21 dollars/barrel to 112.78 dollars/barrel, a month - on - month increase of 0.19%. The China INE crude oil futures 2605 contract rose 22.5 to 763 yuan/barrel, and fell 3.1 to 759.9 yuan/barrel in the overnight session [2] 3. Market Logic - The complex and changeable Middle - East geopolitical situation leads to sharp fluctuations of international crude oil at high levels. The decline in domestic polyester bottle chip production, force majeure declarations by many bottle chip factories, and rigid demand on the demand side result in a strong - side oscillation of the polyester bottle chip market price. Attention should be paid to the development of the Middle - East geopolitical situation [2] 4. Trading Strategy - Hold long positions [2]

1. Report Industry Investment Rating - The investment rating for the energy and chemical (bottle chips) sector is "oscillating with a bullish bias" [1] 2. Core View of the Report - Due to the significant escalation of the geopolitical situation in the Middle East over the weekend, domestic crude oil prices soared. The domestic polyester bottle chip industry's supply will remain at a low level, and the demand side will maintain rigid demand. Driven by strong costs, the market price of polyester bottle chips has followed the upward trend. Attention should be paid to the geopolitical situation in the Middle East and relevant exchange policies [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Wednesday night, the main contract fell by 8 yuan to 6604 yuan/ton. The price of East China water - grade bottle chips was 6665 yuan/ton (+50), and the price of South China bottle chips was 6700 yuan/ton (+40). In terms of positions, long positions increased by 88 to 68,300 hands, and short positions decreased by 1513 to 72,600 hands [1] 3.2 Important Information - In terms of supply, cost, and profit, the domestic polyester bottle chip production was 311,500 tons, a week - on - week increase of 5300 tons. The weekly average capacity utilization rate of domestic polyester bottle chips was 67.2%, a week - on - week increase of 1.1%. The production cost of polyester bottle chips was 5688 yuan, a week - on - week increase of 51 yuan/ton. The weekly production gross profit of polyester bottle chips was - 14 yuan/ton, a week - on - week decrease of 44 yuan/ton [1] - In December 2025, China's polyester bottle chip exports were 588,700 tons, an increase of 55,700 tons from the previous month, a month - on - month increase of 10.44%. From January to December 2025, the cumulative export volume was 6.4545 million tons, an increase of 607,000 tons from the same period last year, a year - on - year increase of 10.38% [1] - In February 2026, China's polyester bottle chip industry production was 1.2314 million tons, a month - on - month decrease of 11.93%. This month's capacity utilization rate was 66.48%, a month - on - month decrease of 1.70 percentage points [1] - The market is assessing the possible duration of the Israel - Iran conflict and the expected closure time of the Strait of Hormuz. International oil prices stabilized after oscillation. The NYMEX crude oil futures contract 04 was at 74.66 dollars/barrel, up 0.10 dollars/barrel, a week - on - week increase of 0.13%. The ICE Brent oil futures contract 05 was at 81.40 dollars/barrel, unchanged from the previous working day. The Chinese INE crude oil futures contract 2604 rose from 61.6 to 624 yuan/barrel, and in night trading, it rose from 56.1 to 680.1 yuan/barrel [1] 3.3 Market Logic - The significant escalation of the geopolitical situation in the Middle East over the weekend led to a sharp rise in domestic crude oil prices. The supply of the domestic polyester bottle chip industry will remain low, and the demand side will maintain rigid demand. Driven by strong costs, the market price of polyester bottle chips followed the upward trend. Attention should be paid to the geopolitical situation in the Middle East and relevant exchange policies [1] 3.4 Trading Strategy - Hold long positions cautiously, with the risk lying in the development of geopolitical events [1]

1. Report Industry Investment Rating - The investment rating for the energy and chemical industry (specifically polyester bottle chips) is "Oscillating Bullish" [1] 2. Core View of the Report - Due to the unstable geopolitical situation in the Middle East, international crude oil prices are highly volatile at high levels. The domestic polyester bottle chip industry will maintain low supply, and the post - holiday supply shortage pattern is expected to continue. Domestic terminal consumption will gradually pick up, and the operating rates of the downstream soft drink industry, oil mills, and PET sheet industry are expected to steadily increase. Coupled with the traditional consumption peak season from March to May, it is expected that the price of bottle chips will fluctuate strongly following the raw material end. Attention should still be paid to the geopolitical situation in the Middle East and the performance of crude oil [1] 3. Summary by Relevant Catalog 3.1 Market Review - On Tuesday night, the main contract rose 24 yuan to 6,294 yuan/ton. The price of East China water - grade bottle chips was 6,350 yuan/ton (+150), and the price of South China bottle chips was 6,400 yuan/ton (+180). In terms of positions, long positions increased by 1,146 lots to 64,100 lots, and short positions increased by 1,374 lots to 66,900 lots [1] 3.2 Important Information - In terms of supply, cost, and profit, the domestic polyester bottle chip production was 306,200 tons, a week - on - week increase of 300 tons. The weekly average capacity utilization rate of domestic polyester bottle chips was 66.1%, a week - on - week increase of 0.6%. The production cost of polyester bottle chips was 5,637 yuan, a week - on - week decrease of 24 yuan/ton. The weekly production gross profit of polyester bottle chips was 29 yuan/ton, a week - on - week increase of 55 yuan/ton [1] - In December 2025, China's polyester bottle chip exports were 588,700 tons, an increase of 55,700 tons from the previous month, a month - on - month increase of 10.44%. From January to December 2025, the cumulative export volume was 6.4545 million tons, an increase of 607,000 tons compared with the same period last year, a year - on - year increase of 10.38% [1] - In January 2026, the output of China's polyester bottle chip industry was 1.3983 million tons, a month - on - month decrease of 5.28%. The capacity utilization rate in January was 68.1%, a month - on - month decrease of 4.8 percentage points [1] - The market is concerned about the prospects of the US - Iran talks. Iran says it hopes to reach a fair agreement with the US in the shortest possible time, easing concerns. International oil prices have fallen. The NYMEX crude oil futures contract 04 was at 65.63, down 0.68 dollars/barrel, a month - on - month decrease of 1.03%. The ICE Brent crude oil futures contract 04 was at 70.77, down 0.72 dollars/barrel, a month - on - month decrease of 1.01%. The China INE crude oil futures contract 2604 rose 25.3 to 489.9 yuan/barrel, and fell 4.4 to 485.5 yuan/barrel at night [1] 3.3 Market Logic - The unstable geopolitical situation in the Middle East has intensified the high - level volatility of international crude oil. The supply of the domestic polyester bottle chip industry will remain low, and the post - holiday supply shortage pattern is expected to continue. Domestic terminal consumption will gradually pick up, and the operating rates of the downstream soft drink industry, oil mills, and PET sheet industry are expected to steadily increase. Coupled with the traditional consumption peak season from March to May, it is expected that the price of bottle chips will fluctuate strongly following the raw material end. Attention should still be paid to the geopolitical situation in the Middle East and the performance of crude oil [1] 3.4 Trading Strategy - Hold long positions [1]

1. Report Industry Investment Rating - The report recommends a long - position strategy for polyester bottle chips [1] 2. Core View of the Report - After the holiday, the supply of the domestic polyester bottle chip industry will remain low, the tight supply pattern is expected to continue, domestic terminal consumption will gradually improve, and the operating rates of the downstream soft drink industry, oil mills, and PET sheet industry are expected to steadily increase. Coupled with the traditional consumption peak season from March to May, it is expected that the price of bottle chips will fluctuate strongly following the raw material end. Attention should still be paid to the geopolitical situation in the Middle East and the performance of crude oil [1] 3. Summary by Relevant Catalogs 3.1 Market Review - Before the holiday, the main price of bottle chips fell by 84 yuan to 6,140 yuan/ton. The price of East China water - grade bottle chips was 6,200 yuan/ton (unchanged), and the price of South China bottle chips was 6,220 yuan/ton (unchanged). In terms of positions, long positions increased by 2,172 lots to 63,400 lots, and short positions increased by 1,536 lots to 65,600 lots [1] 3.2 Important Information - In terms of supply, cost, and profit, the domestic polyester bottle chip production was 306,200 tons, a week - on - week increase of 3,000 tons. The weekly average capacity utilization rate of domestic polyester bottle chips was 66.1%, a week - on - week increase of 0.6%. The production cost of polyester bottle chips was 5,637 yuan, a week - on - week decrease of 24 yuan/ton. The weekly production gross profit of polyester bottle chips was 29 yuan/ton, a week - on - week increase of 55 yuan/ton [1] - In December 2025, China's polyester bottle chip exports were 588,700 tons, an increase of 55,700 tons from the previous month, a month - on - month increase of 10.44%. From January to December 2025, the cumulative export volume was 6.4545 million tons, an increase of 607,000 tons from the same period last year, a year - on - year increase of 10.38% [1] - In January 2026, the output of China's polyester bottle chip industry was 1.3983 million tons, a month - on - month decrease of 5.28%. The capacity utilization rate in January was 68.1%, a month - on - month decrease of 4.8 percentage points [1] - The market is waiting and seeing the progress of the US - Iran situation. Geopolitical instability continues to cause disturbances, and international oil prices show mixed trends. The NYMEX crude oil futures contract 03 was at $66.39, down $0.04/barrel, a month - on - month decrease of 0.06%. The ICE Brent crude oil futures contract 04 was at $71.76, up $0.10/barrel, a month - on - month increase of 0.14%. China's INE crude oil futures were closed during the Spring Festival holiday [1] 3.3 Market Logic - The geopolitical situation in the Middle East suddenly escalated during the holiday, and crude oil prices soared. The supply of the domestic polyester bottle chip industry will remain low, and the tight supply pattern after the holiday is expected to continue. Domestic terminal consumption will gradually improve, and the operating rates of the downstream soft drink industry, oil mills, and PET sheet industry are expected to steadily increase. Coupled with the traditional consumption peak season from March to May, it is expected that the price of bottle chips will fluctuate strongly following the raw material end [1] 3.4 Trading Strategy - Adopt a low - buying strategy [1]

Report Industry Investment Rating - The investment rating for the energy and chemical industry (specifically for bottle chips) is "Oscillating Bullish" [3] Core View of the Report - The Middle East geopolitical situation may still fluctuate, and crude oil is running strongly. Last week, the supply of bottle chips rebounded, while the demand side maintained just - in - time replenishment. Small and medium - sized terminal enterprises gradually stopped production and left the market, and the demand side weakened. It is expected that the price of bottle chips will follow the raw materials and oscillate strongly. The reference range for the main contract PR2603 is 6100 - 6350 yuan/ton [3] Summary by Relevant Catalogs Market Review - On Wednesday night, the main price of bottle chips rose 26 yuan to 6234 yuan/ton. The price of East China water - grade bottle chips was 6290 yuan/ton (+30), and the price of South China bottle chips was 6320 yuan/ton (+35). In terms of positions, long positions decreased by 2838 lots to 64,100 lots, and short positions decreased by 2135 lots to 67,400 lots [3] Important Information - Supply and cost - profit: This week, the domestic polyester bottle chip production was 303,000 tons, a week - on - week increase of 380 tons. The weekly average capacity utilization rate of domestic polyester bottle chips was 65.4%, a week - on - week increase of 0.8%. The production cost of polyester bottle chips was 5662 yuan, a week - on - week decrease of 151 yuan/ton. The weekly production gross profit of polyester bottle chips was - 26 yuan/ton, a week - on - week increase of 22 yuan/ton [3] - In December 2025, China's polyester bottle chip exports were 588,700 tons, an increase of 55,700 tons from the previous month, a month - on - month increase of 10.44%. From January to December 2025, the cumulative export volume was 6.4545 million tons, an increase of 607,000 tons compared with the same period last year, a year - on - year increase of 10.38% [3] - In January 2026, the output of China's polyester bottle chip industry was 1.3983 million tons, a month - on - month decrease of 5.28%. The capacity utilization rate in January was 68.1%, a month - on - month decrease of 4.8 percentage points [3] - The market is worried about the potential supply risk caused by the unstable geopolitical situation, and international oil prices have risen, but the increase has been suppressed by the growth of US commercial crude oil inventories. The NYMEX crude oil futures 03 contract rose 0.67 dollars/barrel to 64.63 dollars/barrel, a month - on - month increase of 1.05%. The ICE Brent crude oil futures 04 contract rose 0.60 dollars/barrel to 69.40 dollars/barrel, a month - on - month increase of 0.87%. The China INE crude oil futures 2604 contract rose 3.4 to 475.9 yuan/barrel, and rose 3.9 to 479.8 yuan/barrel at night [3] Market Logic - The Middle East geopolitical situation may still fluctuate, and crude oil is running strongly. Last week, the supply of bottle chips rebounded, while the demand side maintained just - in - time replenishment. Small and medium - sized terminal enterprises gradually stopped production and left the market, and the demand side weakened. It is expected that the price of bottle chips will follow the raw materials and oscillate strongly, and the reference range for the main contract PR2603 is 6100 - 6350 yuan/ton [3] Trading Strategy - As the holiday approaches, hold light positions or be empty - handed [3]

1. Report Industry Investment Rating - The investment rating for the polyester bottle chip in the energy and chemical industry is "Oscillation" [1] 2. Core View of the Report - The price of polyester bottle chips is expected to fluctuate following the raw materials, with the reference range of the main contract PR2603 being 6050 - 6300 yuan/ton. It is recommended to take a wait - and - see approach [1] 3. Summary by Relevant Catalogs 3.1 Market Review - The main price of bottle chips rose 20 yuan to 6146 yuan/ton in the night session on Monday. The price of East China water - grade bottle chips was 6245 yuan/ton (+10), and the price of South China bottle chips was 6275 yuan/ton (+25). Long positions decreased by 5882 lots to 68,100 lots, and short positions decreased by 5988 lots to 71,000 lots [1] 3.2 Important Information - Supply and cost - profit: This week, the domestic polyester bottle chip output was 303,000 tons, a month - on - month increase of 3800 tons. The average weekly capacity utilization rate of domestic polyester bottle chips was 65.4%, a month - on - month increase of 0.8%. The production cost of polyester bottle chips was 5662 yuan, a month - on - month decrease of 151 yuan/ton. The weekly production gross profit of polyester bottle chips was - 26 yuan/ton, a month - on - month increase of 22 yuan/ton [1] - Exports: In December 2025, China's polyester bottle chip exports were 588,700 tons, an increase of 55,700 tons from the previous month, a month - on - month increase of 10.44%. The cumulative export volume from January to December 2025 was 6.4545 million tons, an increase of 607,000 tons from the same period last year, a year - on - year increase of 10.38% [1] - Production in January 2026: The output of China's polyester bottle chip industry was 1.3983 million tons, a month - on - month decrease of 5.28%. The capacity utilization rate in January was 68.1%, a month - on - month decrease of 4.8 percentage points [1] - Oil prices: Due to concerns about the uncertainty of the US - Iran relationship and potential supply risks, international oil prices rose. The NYMEX crude oil futures 03 contract rose 0.81 dollars/barrel to 64.36 dollars/barrel, a month - on - month increase of 1.27%. The ICE Brent crude oil futures 04 contract rose 0.99 dollars/barrel to 69.04 dollars/barrel, a month - on - month increase of 1.45%. The Chinese INE crude oil futures 2604 contract rose 0.3 to 466 yuan/ton, and rose 9.2 to 475.2 yuan/ton in the night session [1] 3.3 Market Logic - There is still a possibility of recurrence in the Middle East geopolitical situation, and crude oil prices rebounded. Last week, the supply of bottle chips increased, while the demand side maintained just - in - time replenishment. Small and medium - sized terminal enterprises gradually stopped production and left the market, and the demand side weakened [1] 3.4 Trading Strategy - It is recommended to take a wait - and - see approach [1]

Report Summary 1. Report Industry Investment Rating - The investment rating for the energy and chemical industry (specifically for bottle chips) is "Oscillation" [1] 2. Core View - The Middle - East geopolitical situation is highly uncertain, causing significant fluctuations in crude oil prices. Last week, the supply of bottle chips decreased slightly, and the demand side maintained just - in - time replenishment. Under the situation of weak supply and demand, the price of bottle chips fluctuates with raw materials. The reference range for the main contract PR2603 is 6150 - 6350 yuan/ton, and the recommended trading strategy is to wait and see [1] 3. Summary by Related Catalogs Market Review - On the night of Friday, the main price of bottle chips dropped by 50 yuan to 6274 yuan/ton. The price of East China water - grade bottle chips was 6320 yuan/ton (-65), and the price of South China bottle chips was 6350 yuan/ton (-50). In terms of positions, long positions decreased by 1401 lots to 57,200 lots, and short positions decreased by 964 lots to 60,600 lots [1] Important Information - Supply and cost - profit: This week, the domestic polyester bottle chip production was 299,000 tons, a week - on - week decrease of 5200 tons. The average weekly capacity utilization rate of domestic polyester bottle chips was 64.6%, a week - on - week decrease of 1.1%. The production cost of polyester bottle chips was 5813 yuan, a week - on - week increase of 269 yuan/ton. The weekly production gross profit of polyester bottle chips was - 48 yuan/ton, a week - on - week decrease of 7 yuan/ton [1] - In December 2025, China's polyester bottle chip exports were 588,700 tons, an increase of 55,700 tons or 10.44% from the previous month. From January to December 2025, the cumulative export volume was 6.4545 million tons, an increase of 607,000 tons or 10.38% compared with the same period last year [1] - In December 2025, the output of China's polyester bottle chip industry was 1.4789 million tons, a month - on - month increase of 3.48%. The capacity utilization rate in December was 73.12%, a month - on - month increase of 0.1 percentage points [1] - The United States and Iran keep the option of dialogue and consultation, and the concern about supply risks caused by the tense geopolitical situation has been alleviated. International oil prices have fallen. The NYMEX crude oil futures 03 contract was at 65.21, down 0.21 dollars/barrel, a week - on - week decrease of 0.32%. The ICE Brent oil futures 03 contract was at 70.69, down 0.02 dollars/barrel, a week - on - week decrease of 0.03%. The China INE crude oil futures 2603 contract rose 15.9 to 482.9 yuan/barrel, and fell 12.9 to 470 yuan/barrel at night [1] Market Logic - Due to the high uncertainty of the Middle - East geopolitical situation, crude oil fluctuates sharply. Last week, the supply of bottle chips decreased slightly, and the demand side maintained just - in - time replenishment. The downstream soft drink industry's operating rate was 65 - 75%, the oil refinery's operating rate was 58%, and the PET sheet industry's operating rate was 55%. Under the situation of weak supply and demand, the price of bottle chips fluctuates with raw materials [1] Trading Strategy - The recommended trading strategy is to wait and see [1]

Core Viewpoint - The domestic futures market for bottle-grade PET resin is experiencing a downward trend, with significant fluctuations in prices and a weak overall performance in the market [1][2]. Group 1: Supply and Demand Analysis - Supply of bottle-grade PET resin has decreased significantly due to production cuts, with recent reductions in output and the introduction of new capacity of 300,000 tons by Fuhai [1] - Demand remains stable but is characterized as a low season, with downstream beverage industry operating at 65-75% capacity and PET sheet industry at 60% [2] - The processing margin is expected to remain low due to an oversupply situation, while absolute prices are anticipated to follow raw material trends [1] Group 2: Price Movements and Market Sentiment - The main contract for bottle-grade PET resin opened at 6,410.00 CNY/ton, with a trading range between 6,216.00 CNY and 6,430.00 CNY, reflecting a decline of 2.99% [1] - Recent trading activity shows mixed price adjustments from bottle-grade PET factories, with prices fluctuating between a decrease of 20 CNY to an increase of 100 CNY [1] - Export prices for bottle-grade PET resin have risen due to increased raw material costs, with negotiations in the range of 850-880 USD/ton FOB Shanghai [1]

Core Viewpoint - The chemical industry is experiencing a collective shift in business strategies driven by multiple factors, leading to a recovery in industry prosperity [1] Group 1: Industry Trends - The long-standing focus on market share in China's chemical industry is being transformed, with companies now facing increased barriers to entry due to supply-side reforms, environmental checks, and dual carbon goals [1] - Internal policy adjustments and external anti-dumping investigations are signaling a necessary change in the expectations surrounding market share [2] Group 2: Business Strategy Shifts - Companies are moving towards sacrificing existing market share to enhance short-term return rates, as merely halting expansion is no longer sufficient to address inventory and excess capacity [2] - The change in business strategies is primarily driven by shifts in the mindset of entrepreneurs and management, marking a significant departure from previous industry recovery patterns [2] Group 3: Selection Criteria for Investment - The preferred selection criteria for the industry include the strength of expansion constraints and the depth of leading companies' advantages, with stronger constraints leading to lower expectations for market share-driven growth [3] - The depth of leading companies' advantages not only constrains industry expansion but also determines the potential recovery in industry return rates [3] Group 4: Investment Recommendations - Recommended investment opportunities include: - MDI: Wanhua Chemical (600309) - Petrochemicals: Sinopec (600028), Rongsheng Petrochemical (002493), Hengli Petrochemical (600346) - Phosphate Chemicals: Chuanheng Shares (002895), Yuntianhua (600096), Xingfa Group (600141) - PVC: Zhongtai Chemical (002092), Xinjiang Tianye (600075), Chlor-alkali Chemical (600618), Tianyuan Shares (002386) - Polyester Bottle Chips: Wankai New Materials (301216) [4]

Core Insights - The chemical industry is undergoing a strategic shift from a focus on market share to profitability, driven by internal policy adjustments and external pressures such as anti-dumping investigations [4][7][11] - The report identifies five key sectors with investment potential: MDI, petrochemicals, phosphate chemicals, PVC, and polyester bottle flakes, emphasizing the importance of leading companies with significant market share and competitive advantages [4][12][55] Group 1: Industry Trends - The chemical industry has historically prioritized market share, but recent policies and market conditions are prompting a shift towards profitability [7][13] - The supply-side reforms and dual carbon goals have raised entry barriers, leading to increased industry concentration without curbing expansion ambitions [7][13] - The trend of sacrificing market share for improved returns is becoming more prevalent, as companies recognize the need to adapt to changing market dynamics [31][11] Group 2: Investment Recommendations - MDI: The leading company, Wanhua Chemical, is expected to benefit significantly from its strategic shift towards profitability, with potential for substantial earnings growth in 2026 [56] - Petrochemicals: Major players like Sinopec and Rongsheng Petrochemical are undergoing operational adjustments that could reshape industry trends [57] - Phosphate Chemicals: The sector is poised for revaluation due to a tight supply-demand balance and increasing recognition of phosphate's value in energy security [59][60] - PVC: The industry faces strong supply constraints, with emerging markets driving demand growth despite domestic challenges [60] - Polyester Bottle Flakes: The sector is experiencing a recovery in profitability due to high industry concentration and strategic production limitations by leading firms [61]