[PBT Daily Review] Market Flat, High Position Decline

1 Today’s Summary

①Today, the PBT market price remained flat.

② Kanghui New Materials’ two production lines are under maintenance.

The PBT production for the first half of the year is 19,600 tons, an increase of 11.36% compared to last week, with a capacity utilization rate of 43.50%.

2 Spot Overview

Table 1 Summary of Domestic PBT Prices (Unit: yuan/ton)

Based on the East China region, the mainstream price of medium and low viscosity PBT resin today is between 9,800 and 10,800 yuan/ton, a decrease from the previous working day. During the Asian trading hours, the weakening of crude oil has suppressed commodity sentiment, with weak demand expectations compounded by concerns over the recovery of upper-tier restructuring. Throughout the day, the absolute price of PTA has continued to decline. BDO Spot negotiations are light, with high prices being adjusted downwards. The mainstream prices of PBT are stable, with high prices falling, and discussions are tepid. Manufacturers are offering discounts, with only sporadic transactions driven by urgent demand.

3 Production Dynamics

Last week, Zhejiang CHANGHONG operated at a low load; two lines at Kanghui New Materials were under maintenance; the 60 kt/year line at Jiangsu Changchun resumed production after maintenance; and Meizhou Bay resumed operations. PBT output this week was 19.6 kt, up 11.36% from the previous week, with a capacity utilization rate of 43.50%.

Figure 2 Trend Chart of Domestic PBT Capacity Utilization Rate, 2025–2026	Figure 3 Comparison of Domestic PBT Profits and Prices in 2025–2026 (yuan/ton)
Data source: Longzhong Information	Data source: Longzhong Information

4 Price Prediction

Recently, crude oil has maintained a wide-range fluctuating trend within a certain range, and its direct impact on PTA has weakened. However, concerns over negative demand feedback and further production cuts in polyester may lead PTA prices to fluctuate on the weak side. Downstream demand for PBT is insufficient, the market has entered the off-season, and purchasing interest is low, with a bearish outlook. According to Longzhong Information, prices of low-to-medium viscosity PBT resin in the East China market are forecast to range from RMB 9,700 to RMB 10,800 per tonne.

5 Related Product Information                                       

PTA market : As of the time of reporting, PTA prices in the East China market have moved lower, with negotiations around 6,550 yuan/ton. For May delivery at main ports, offers were at a 09 spread of +150 to +160 yuan/ton, with sporadic bids at +140 to +150 yuan/ton and deals discussed. Market sentiment remained weak amid concerns over the return of upstream supply. In the afternoon, both outright prices and spot basis weakened further, downstream buying interest was cautious, and market negotiations were sluggish. (Unit: yuan/ton)

BDO market ： As of the time of writing, the mainstream negotiation for spot scattered water in the East China region is as follows. 8300-8550 Yuan / tons, with high-end prices lowered 50 Yuan / ton; drum/barrel packaging negotiable 9300-9600 Yuan / Ton (accepted delivery), month-on-month unchanged. Today in the East China region. BDO MarketVolatile downward trend. Recently, industry operating rates have increased while downstream demand remains weak. Market participants are cautiously bearish, and holders are inclined to sell, pushing the market focus lower within the range.

6 Data Calendar

Table 2 Overview of Domestic PBT Data (Unit: tons, yuan/ton)