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[pbt morning briefing] pbt market expected to remain cautious today

Longzhong 2025-09-19 08:41:45

1. Points of Attention

1 On September 18, concerns over the U.S. economy and demand outlook overshadowed the positive impact of the Federal Reserve's interest rate cut, leading to a decline in international oil prices. NYMEX crude oil futures for the October contract fell by $0.48 to $63.57 per barrel, a decrease of 0.75% compared to the previous period. ICE Brent crude futures for the November contract dropped by $0.51 to $67.44 per barrel, also down 0.75% compared to the previous period. China's INE crude oil futures for the 2511 contract fell by 3.5 to 496.3 yuan per barrel, and in the night session, they dropped by 7.5 to 488.8 yuan per barrel.

2 PTA marketNarrow range oscillation.BDO MarketRange fluctuation 。

3、 The equipment is operating normally for production.

Core logic: Raw material support tends to stabilize. The PBT market is observing and operating with a narrow fluctuation in the market focus.

2. Price List Form

Product	Region	2025/09/17	2025/09/18	Change in value
	NYMEX	64.05	63.57	-0.48
	ICE Brent Crude Futures	67.95	67.44	-0.51
BDO		7300-7500	7300-7500	0/ 0
PTA		4620	4626	6
PBT		7650-7900	7650-7900	0/ 0
Note: 1 、 PTA Adopt the national standard premium spot exchange self-pickup price. BDO For the price of dispersal acceptance delivery, PBT Select medium to low viscosity pure resin chips with acceptance delivery price. 2 The unit of crude oil is in USD. / Bucket, others 3 The variety is priced in RMB, unit: yuan. / Ton. 3 "The rise and fall value is the month-on-month change value."

3. Market Outlook

It is expected that the PBT market will remain in a wait-and-see mode today.Material Surface PTADuring the traditional peak season, the terminal performance is lukewarm, with insufficient support from the demand side. The raw material side is underperforming, and the cost side is gradually under pressure and retreating. In the short term, the PTA spot market may come under pressure and fall back. ；BDO The supplier's intention to stabilize the market has increased, with plans to tighten policies in October. Downstream contracts may follow suit or deplete inventory. The pre-holiday restocking sentiment is generally weak, which suppresses the trend of raw materials. The costs continue to remain stable. As the weekend approaches, the PBT market is likely to have relatively quiet news. The expectation for pre-holiday stocking is not strong, and the market is expected to continue fluctuating within a range. ， Longzhong expects the East China market price for low to medium viscosity PBT resin to be 7,650-7,900 RMB/ton today.

4. Data Calendar

Data	Release Date	Previous Data	The trend for this period is expected
PBT Weekly production	Thursday 5:00 PM	2.26 Ten thousand Ton	-
PBT Weekly Profit	Thursday 5:00 PM	-308 CNY/ton	↘
PBT Weekly Start	Thursday 5:00 PM	53.14 %	-
1 Consider significant fluctuations as a sharp rise or fall, highlighting data dimensions with a change exceeding 3%.
2 Considered as narrow fluctuations, highlighting data with a rise or fall within the range of 0-3%.

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[pbt morning briefing] pbt market expected to remain cautious today

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