1. Focus Points

1, 3/4: The U.S. tariff increase policy has sparked potential trade dispute risks, coupled with OPEC+ planning a small production increase from April, leading to a decline in international oil prices. NYMEX crude oil futures for April fell by $0.11 to $68.26 per barrel, a decrease of -0.16% month-over-month; ICE Brent crude oil futures for May fell by $0.58 to $71.04 per barrel, a decrease of -0.81% month-over-month. China's INE crude oil futures main contract for 2504 fell by 7.7 to 531.5 yuan per barrel, and the night session fell by 12.7 to 518.8 yuan per barrel.

2, The PTA market is under pressure and experiencing a significant drop, while the BDO market is fluctuating within a range.

3, Plant operations remain stable.

Core Logic: With weakening cost support, the PBT market is showing weak fluctuations, with a bearish sentiment.

2. Price List

Source: Longzhong Information

3. Market Outlook

It is expected that today's PBT market will show weak fluctuations. The domestic supply of PTA, a cost component, has significantly decreased, maintaining a tight supply-demand balance, with inventory continuously decreasing. However, due to frequent policy interventions, commodity sentiment remains low, and given the weak trend in crude oil, the short-term domestic PTA spot market is likely to continue its weak pattern; BDO supply side offers some support, and the industry is operating at a loss, making suppliers reluctant to lower prices. However, actual demand from the downstream end is weak, with contract orders following up, and the spot market sees light trading and price negotiations. Holding companies are cautious in their operations, and the market focus is on weak and stagnant conditions. With weakening raw material support, the PBT market sentiment is pessimistic, and the market focus is on weak fluctuations. Therefore, Longzhong expects that today, the price of medium to low viscosity PBT resin in the East China market will be between 8000-8300 yuan per ton.