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[PBT Morning Update] Mainstream quotations are stable, actual transactions are negotiated at market prices, and the PBT market is operating with a wait-and-see attitude.

Longzhong 2025-03-27 08:30:56

I. Focus Points

On March 26, U.S. crude oil and refined oil inventories declined, coupled with geopolitical instability, leading to an increase in international oil prices. NYMEX crude oil futures for May rose by $0.65 to $69.65 per barrel, a month-on-month increase of 0.94%. ICE Brent crude futures for May rose by $0.77 to $73.79 per barrel, a month-on-month increase of 1.05%. China's INE crude oil futures main contract for May rose by 2.1 to 539.4 yuan per barrel, and in the night session, it rose by 3.5 to 542.9 yuan per barrel.

The PTA market is showing a strong consolidation, while the BDO market is operating steadily with weakness.

3. The equipment is producing steadily.

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

Price List

Market Outlook

The PBT market is expected to operate in a wait-and-see mode today. On the cost side, the PTA balance sheet maintains expectations for inventory reduction, with cost support remaining stable under low valuations. 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. The BDO suppliers primarily maintain a steady market sentiment, while actual demand from downstream end-users remains weak. Holding manufacturers have a general mindset, with mainstream offers stable and actual transactions based on market negotiations. The market is in a stalemate, with limited fluctuations in the focus of supply and demand negotiations. The sentiment in the PBT market is somewhat bearish, with a weak oscillation in market focus. Demand is mainly driven by necessities. Therefore, Longzhong expects that today in the East China market, medium and low viscosity PBT resin will be priced between 7900-8200 yuan/ton.

IV. Data Calendar

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[PBT Morning Update] Mainstream quotations are stable, actual transactions are negotiated at market prices, and the PBT market is operating with a wait-and-see attitude.

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