I. Focus Points

1. On March 25, the Russia-Ukraine talks continue to advance, but the situation in the Middle East remains uncertain, leading to mixed fluctuations in international oil prices. NYMEX crude oil futures for May contract fell by $0.11 to $69.00 per barrel, a decrease of 0.16%; ICE Brent crude oil futures for May contract rose by $0.02 to $73.02 per barrel, an increase of 0.03%. The main contract for China INE crude oil futures 2505 rose by 4.0 to 537.3 yuan per barrel, with a night session increase of 1.3 to 538.6 yuan per barrel.

PTA market is consolidating strongly, while BDO market remains weak and stable.

3. Stable production in terms of equipment.

Core LogicThe cost support is generally weak, the PBT market is experiencing weak fluctuations, and downstream and end users continue to adopt a wait-and-see approach.

II. Price List

Source: Longzhong Information

III. Market Outlook

The PBT market is expected to trade with caution today. The cost side, with PTA balance sheet maintaining a de-stocking expectation, lacks new drivers in terms of supply and demand, and overall valuation is low. However, due to many unstable factors in the periphery, the market lacks sustained momentum, and downstream participants are adopting a cautious approach. In the short term, the domestic PTA spot market is expected to remain range-bound. BDO suppliers continue to maintain price protection intentions, with end-users making purchases based on their current needs. Inquiry activity has slightly improved, but there is still price negotiation sentiment. Holding parties are operating with a cautious mindset, negotiating prices based on the market, causing the trading focus to fluctuate within a range. PBT operators remain pessimistic about the outlook, with reports of lower prices in the market. After a weak consolidation, the market might trade cautiously. Therefore, Longzhong expects that the华东market for medium and low viscosity PBT resins will be seen in the range of 7,900-8,200 CNY/ton today.