1. Focus Points

1. March 28: Market concerns over increased U.S. tariffs heightened trade risks, potentially leading to a global economic recession, causing international oil prices to decline. NYMEX crude oil futures for the May contract fell by $0.56 to $69.36 per barrel, a decrease of 0.80% month-on-month. ICE Brent crude futures for the May contract dropped by $0.40 to $73.63 per barrel, down 0.54% month-on-month. China's INE crude oil futures for the main contract 2505 fell by 1.7 to 541.7 yuan per barrel, with the night session declining by 3.7 to 538 yuan per barrel.

2. The PTA market has fallen under pressure, and the BDO market is operating weakly.

Stable production in terms of equipment.

The core logic is that weak cost support leads to a softer PBT market, with transactions maintained at essential levels.

II. Price List

III. Market Outlook

It is expected that the PBT market will remain weak and观望 (观望 means观望, which can be translated as "cautious" or "观望"). The cost side, PTA, has not changed much in supply this week. There is a certain expectation of reduced operating rates in downstream polyester, which slightly improves the inventory reduction pattern in the balance sheet. Additionally, international oil prices are easing, reducing support from the cost side. Under the constraints of multiple factors, the domestic PTA spot market may face pressure this week; BDO suppliers mainly have a stable market mentality. Actual demand from end-users is relatively weak. Inventory holders quote based on market conditions, and the market trend remains weakly stagnant. It is expected that the domestic BDO market will weaken and fluctuate this week as some maintenance facilities resume operations and new production capacities come online. The PBT market lacks favorable messages to boost fundamentals. The atmosphere within the market is weak and stuck, with a possible restart of the PBT facility in Fujian Meizhou Bay, adding to the cautious sentiment in the market. Therefore, LZZ expects that today, the price range for medium to low viscosity PBT resin in the East China market will be between 7,900 to 8,200 yuan per ton.

Four, Data Calendar