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[PBT Weekly Review] Raw Materials Weaken Simultaneously, Off-Season Demand Drags Down, Market Focus Shifts Downward

Plastmatch 2026-06-18 19:52:37

1. Weekly Market Review

During this period (June 12–June 18, 2026), the domestic PBT market continued to weaken, with both cost and demand acting as negative factors weighing on the market. As of the weekend close, the mainstream negotiated price range for low- to medium-viscosity PBT resin in East China was RMB 9,000–9,400/ton, and the weekly average price fell by RMB 156/ton month-on-month, down 1.65%.

The feedstock side declined across the board, while the two core raw materials showed divergent trends, with PTA posting a more pronounced drop. Although BDO was supported by production cuts at some units, market demand remained weak, and prices edged down slightly. The simultaneous decline in raw materials drove down the overall production cost of PBT. However, as downstream sectors entered the traditional off-season, both domestic and overseas demand contracted, and buyers maintained a strong wait-and-see stance. The cost decline failed to improve transactions, and spot prices continued to fall in line with raw materials, leaving the industry in a loss-making state. Coupled with the continued buildup of inventories in the market, operating pressure on enterprises increased, prompting more companies to proactively cut production and reduce operating rates. Industry operating rates fell accordingly, and overall market trading remained sluggish.

II. Analysis of Market Influencing Factors

Terminal demand remains weak, driving the market trend downward.

The traditional industry off-season has fully taken hold, with both domestic and external demand weakening simultaneously. Downstream product manufacturers are facing insufficient orders and subdued purchasing enthusiasm, generally adopting a wait-and-see stance and buying only small quantities as needed. With no support from concentrated restocking, the demand side has become the core driver of the decline in PBT prices this week.
Inventory pressure combined with losses, industry capacity utilization rate declines.

As market inventories continue to build up, coupled with falling product prices and prolonged losses at companies, multiple PBT producers have introduced production cut plans. Overall industry operating rates have declined significantly, and the supply side has contracted passively, yet this still cannot offset the pressure brought by weakening demand.
PTA and BDO both declined in tandem, driving production costs lower.

The upstream PTA and BDO markets have all seen declines this week, with PTA experiencing a larger drop while BDO's decline is relatively limited due to production cuts at facilities. The drop in raw material costs has weakened support for spot prices, further opening up downward space for PBT.

III. Market Forecast for Next Week

On the supply side, plant maintenance and low operating rates are overlapping. In mid-June, Jiangsu Changchun and Yizheng Chemical Fiber each plan to shut down one production line for maintenance, while Zhejiang CHANGHONG will continue operating at a low load. Overall, the PBT industry’s capacity utilization rate is expected to decline further in the next period. However, the downstream off-season pattern is unlikely to change, with end users making only limited just-in-time purchases at lower prices and no expectation of large-scale restocking. The market’s weak tone is therefore unlikely to improve.

Key focus

Supply side: track the operating rates of PBT production units at various companies, the progress of maintenance implementation, and changes in on-site inventory levels.
On the demand side: changes in downstream purchasing willingness during the traditional off-season, and the impact of weak demand on inventory destocking.
Cost side: Continuously monitor fluctuations in PTA and BDO prices, and assess the extent to which raw material trends are transmitted to PBT spot prices.

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