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【PBT Daily Review】Manufacturers may increase discounts to boost shipments, with PBT market expected to fluctuate within a range.

Longzhong 2025-03-28 17:55:35

1Today's Summary

① PBT manufacturers' quotations remain stable.

② This week, the supply side of PBT equipment is operating normally.

③This week, China's PBT industry production reached 23,075 tons, with a capacity utilization rate of 54.32%, a increase of 4.47% compared to last week.。The average domestic PBT gross profit this week was -498 yuan/ton, a decrease of 97 yuan/ton compared to the previous week.。

2Spot Overview

Table 1 Domestic PBT Price Summary (Unit: Yuan per ton)

Market	Specifications	2025/03/27	2025/03/28	Price Change Value	Fluctuation Range
East China	Medium to low viscosity pure resin	7850-8200	7850-8200	0/0	0%/0%
Key upstream
East China	PTA	4925	4905	-20	-0.41%
East China	BDO (Splash Water)	7900-8000	7900-8000	0/0	0/0
Data Source: Longzhong Information

"with"East China region as the benchmarkThe mainstream price of medium-low viscosity PBT resin today is between 7850-8200 yuan/ton.Unchanged from yesterday。Today's PBT market fluctuation rangeThe PTA market is under pressure and declining.，BDOMarketOperating weakly. Cost support is generally average, nearing the weekend.The PBT market is quiet with scanty news, and the market mainly fluctuates within a range.According to Longzhong Information statistics, the price of low to medium viscosity PBT pure resin in the East China market is 7850-8200 yuan/ton.

Figure 1: Domestic PBT East China Market Price Trend Chart for 2025 (CNY/ton)

[PBT日评]： PBT市场心态谨慎观望（20250326）

Data source: Longzhong Information

3Production Dynamics

This week, China's PBT industry production reached 23,075 tons, with a capacity utilization rate of 54.32%, up 4.47% from the previous week but down 0.83% year-on-year. In terms of plant operations during this period, Changchun Chemical's PBT unit resumed normal production after maintenance, while Changhong Bio's PBT unit operated with 2 production lines.。This week, the average gross profit of domestic PBT was -498 yuan/ton, down 97 yuan/ton from the previous week.。

Figure 2: Trend of domestic PBT capacity utilization rate in 2025	Figure 32025Domestic PBT Profit and Price Comparison Chart (Yuan/Ton)

Data source: Longzhong Information	Data source: Longzhong Information

4Price prediction

The PBT market is expected to fluctuate within a range.Cost aspectPTAThe trend of raw materials remains strong, with cost support still in place. However, polyester companies have expectations of reducing production, which may improve the tight supply-demand situation. Additionally, the overall market sentiment is weak, and bearish sentiment is spreading. In the short term, the domestic PTA spot market continues to weaken.；Next week, new BDO production capacity will be launched, but it will take some time before products are available. Downstream actual demand is weak, and the market sentiment is mainly one of cautious观望 (watchful waiting). Some inventory holders still have a willingness to sell, but there is limited room for price concessions.PBT fundamentals have limited changes, supply-side pressure increases, and manufacturers may increase price cuts to boost sales.The market may experience a range-bound decline, and attention should still be paid to the prevalence of low prices.HenceLongzhong expects that the price of low to medium viscosity PBT resin in the East China market will be around 7800-8100 yuan/ton tomorrow.

5Relevant product information

PTAMarket:Today's PTA spot price is -20 to 4905. This week and next week, main port deliveries and warehouse receipts are traded at par to a discount of 10, around a discount of 20. Mid to late April main port deliveries are traded at a premium of 10. The news of polyester production cuts is developing, with absolute prices falling and then fluctuating along the cost lower limit. The spot basis is roughly stable, industry sentiment is cautious, and overall trading is light. (Unit: CNY/ton)

BDOMarket:As of the time of writing, the spot premium for East China was mainly discussed at 7900-8000 yuan/ton for bulk, and 8900-9000 yuan/ton for drum (inclusive of transportation costs), unchanged from yesterday. Today, in East China,BDO Market The market is running weakly. As the weekend approaches, there is a lack of guiding information in the market. Suppliers are maintaining a stable market mentality, while downstream buyers are following up according to their needs. The continuous negotiation game between supply and demand persists, and the market focus remains weak and deadlocked.

6Data Calendar

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

Data	Release Date	Last period data	This Period's Trend Forecast
PBTCapacity Utilization Rate	Thursday 17:00PM	54.32%	↑
PBTWeekly output	Thursday 17:00PM	23075	↑
PBTWeekly profit	Thursday 5:00 PM	-498	↓
Data Source: Longzhong Information Note: 1↑↓ are considered significant fluctuations, highlighting data dimensions with changes exceeding 3%. 2Consider ↗↘ as narrow fluctuations, highlighting data with price changes within 0-3%.

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【PBT Daily Review】Manufacturers may increase discounts to boost shipments, with PBT market expected to fluctuate within a range.

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