[pbt daily review] raw material market fluctuates, pbt market runs observational

1 Today's summary

PBT manufacturers generally raised their quotations this week.

② Fewer PBT units underwent maintenance this week.

③ This period's PBT production was 26,800 tons, with a capacity utilization rate of 59.58%, stable compared to the previous period. 。 This week, the average gross profit of PBT in China was -658 yuan/ton, an increase of 99 yuan/ton compared to last week.

2 Spot Market Overview

Based on the East China region, the mainstream price of low-to-medium viscosity PBT resin today is at... 7750-8000 yuan/ton, stable compared to the previous working day. PBT market is running on a wait-and-see mode today, PTA market prices are falling, and BDO market remains stagnant. Cost-side support is weakening. In the PBT market, a wait-and-see attitude has intensified, pre-holiday stocking is generally weak, and supply and demand sides are in a stalemate of game. According to Longzhong Information, the price of low-to-medium viscosity PBT pure resin in the East China market is 7750-8000 yuan/ton.

3 Production dynamics

Weekday P BT Apparatus Not much change. ， Domestic PBT supply Stable 。 This period's PBT production: 2. 68 10,000 tons, with a capacity utilization rate of 59.58%, unchanged from the previous period. This week, the average gross profit of domestic PBT was -658 yuan/ton, an increase of 99 yuan/ton compared to last week. 。

Figure 2. Domestic PBT Capacity Utilization Rate Trend Chart, 2025-2026	Figure 3. 2025-2026 PBT Profit vs. Price Comparison Chart (CNY/Ton)
Data source: Longzhong Information	Data source: Longzhong Information

4 Price Prediction

The PBT market is expected to fluctuate within a range. On the raw material front, PTA's downstream operating rates will decrease as the Spring Festival approaches, and more polyester plants will undergo maintenance, leading to a larger accumulation in the supply-demand balance. Overall commodity sentiment is weakening, and downstream purchasing enthusiasm is hampered. The spot PTA market may continue to be under pressure in the short term; BDO. Supply-side support is generally weak, with downstream industries mostly digesting inventory or following up with rigid demand contracts. Holders are cautiously bearish on the market outlook, and actual transactions are negotiated slightly lower based on market conditions, resulting in a weak and fluctuating market focus. Cost support is still present, but downstream enters the pre-holiday stocking period with strong bargaining sentiment. The supply and demand sides are playing a psychological game. The PBT market is mainly range-bound. Therefore, Longzhong expects the price of medium and low viscosity PBT resin in the East China market tomorrow to be in the range of 7700-7950 yuan/ton.

5 Related product information                                       

PTA Market Today's PTA spot price is -130 to 5220. Spot transactions are discounted to 05 by around 70-80. Main port deliveries in February are negotiated at a discount of 60-70 to 05, and main port deliveries in March are negotiated around a discount of 40 to 05. Spot prices are consolidating weakly, spot basis is narrowly strengthening, downstream procurement enthusiasm is poor, and overall sentiment is generally weak during the day. (Unit: Yuan/ton)

BDO Market As of press time, the mainstream discussion for spot bulk BDO in East China is RMB 7,300-7,500/ton, and RMB 8,300-8,500/ton for drums (acceptance delivered), unchanged from the previous period. Today, the BDO market in East China fluctuated within a range. Supply-side support is moderate, with downstream digesting inventory or making just-in-time purchases. Holders are not highly motivated to operate, and real orders are negotiated based on market conditions. The market remains weak and stagnant.

6 Data calendar

Table 2: Overview of Domestic PBT Data (Unit: tonnes, yuan/tonne)