Introduction: This week, the industrial chain saw an overall price decline, constrained by both costs and demand. The preliminary result of US-Iran negotiations led to a drop in crude oil prices, which in turn drove a correction in industrial chain prices. However, towards the end of the session, due to ongoing tensions between the US and Iran, crude oil prices rose during Asian trading hours. At the same time, reduced PTA supply boosted market confidence, prompting a price rebound.

Key Points:

1. Domestic PTA weekly production this period: 1.1360 million tons, down 53,600 tons from last week.
2. Domestic PTA weekly capacity utilization rate this period: 59.25%, down 2.77% from last week.
3. Polyester industry average weekly operating rate this period: 80.77%, down 0.33% from last week.
4. PTA social inventory this week: approximately 3.5507 million tons, a decrease of 242,000 tons MoM.
5. PTA processing fee average this week: 456.44 yuan/ton, up 118.96 yuan/ton from last week.

| Contents: I. Expected Improvement in Liquidity – PTA Falls Then Rebounds II. Cost-Side Concessions – PTA Processing Fees Recover III. Increase in Unplanned Losses – Balance Sheet Continues to Destock IV. Geopolitical Divergence Remains – Social Inventory Drawdown Narrows |