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[PBT Daily Review] PBT market sentiment is cautious and watchful.

Longzhong 2025-03-26 17:34:28

1Today's Summary

① PBT manufacturers' quotations remain stable.

② PBT facilities operated normally this week.

This week, China's PBT industry production reached 21,175 tons, with an industry capacity utilization rate of 49.85%, remaining flat compared to last week. The average gross profit of PBT in the domestic market this week was -401 yuan/ton, a decrease of 27 yuan/ton compared to the previous week.

2Spot Overview

Based on the East China regionToday, the mainstream price of medium and low viscosity PBT resin is between 7900-8200 yuan/ton.The same as yesterday。Today's PBT market is operating with观望运行. 【注】：后半句"观望运行"似乎不完整或表述有误，正常的中文应为“观望运行情况”或“保持观望状态”。若按照字面翻译则为 "is operating with观望", 这在英文中不通顺。请提供完整的句子以便更准确地翻译。The BDO market continues to strengthen, with fluctuations within a range. The cost support is still decent, but it has limited support for the PBT market. The market atmosphere is quite cautious, with a bearish sentiment. According to statistics, the price of low to medium viscosity PBT pure resin in the East China market ranges from 7900 to 8200 yuan/ton.

3Production Dynamics

This week, China's PBT industry production reached 21,175 tons, with an industry capacity utilization rate of 49.85%, remaining stable compared to last week and down 1.53% year-on-year. In terms of operational changes, PBT facilities remained largely unchanged this week. The average gross profit for domestic PBT this week was -401 yuan/ton, a decrease of 27 yuan/ton compared to the previous period.

4Price Forecast

The PBT market is expected to fluctuate within a certain range. On the cost side, the PTA balance sheet maintains expectations for inventory reduction, and with low valuations, cost support remains strong. However, downstream performance is lackluster, and the market lacks continuous driving forces, resulting in insufficient upward momentum for the domestic PTA spot market in the short term. Recently, there have been significant fluctuations in BDO production facilities, and downstream contract orders are following up slowly; spot purchases are scarce and negotiations are ongoing. Suppliers are actively stabilizing the market, while holding manufacturers have a poor operating mindset, leading to more negotiations in the market. Cost trends are relatively stable, and the market sentiment for PBT is cautious and slightly bearish. The market focus may primarily be on range fluctuations, and attention should be paid to the prevalence of low prices. Therefore, Longzhong expects that tomorrow in the East China market, the price for medium and low viscosity PBT resin will be around 7900-8200 yuan/ton.

5Related product information

PTAMarket:Today's PTA spot price increased by 45 to 4905 yuan/ton. This week and next week, the futures delivery and warehouse receipts at the main ports were traded near parity or at a discount of 5 yuan/ton for the May contract. For deliveries in late April, the May contract was traded at a premium of around 10 yuan/ton. The expectation of reduced supply from suppliers boosted sentiment, leading to stronger absolute prices and spot basis on the day. Market participants remained观望 (观望 means观望 in Chinese, which translates to "观望" in English but is often used idiomatically as "cautious观望" or "watchful" in financial contexts). Overall trading activity was moderate.

BDOMarket:As of the time of publication, the mainstream negotiation for spot loose water in the East China region is 7900-8000 yuan/ton, and for packaged water, it is 8900-9000 yuan/ton (delivered on acceptance), which is stable compared to yesterday. Today, in the East China region...Observation of operations. Some facilities have released maintenance-related news, which may increase support on the supply side. Downstream follows demand, negotiations continue, and the market is experiencing weak fluctuations.

6Data Calendar

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[PBT Daily Review] PBT market sentiment is cautious and watchful.

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