Introduction: This period saw a sharp decline in industrial chain prices, easing supply concerns. Progress in US-Iran negotiations, gradual improvement in strait navigation, and continued crude oil declines undermined cost and commodity sentiment. Despite sound supply-demand fundamentals in the industrial chain, market prices ended with a sharp drop. Profits remained concentrated in raw materials, the industrial supply-demand continued destocking, and spot basis strengthened.

Key Points:

1. This week, domestic PTA weekly output was 1.2928 million tons, an increase of 11,600 tons from last week;
2. This week, domestic PTA weekly capacity utilization rate was 67.27%, up 0.57 percentage points from last week;
3. This week, the polyester industry's average weekly operating rate was 77.98%, up 0.29 percentage points from last week;
4. This week, PTA social inventory was approximately 3.2338 million tons, a decrease of 49,400 tons from the previous week;
5. This week, the average PTA processing fee was 662.98 yuan/ton, down 1.25 yuan/ton from last week.

Contents: 1. Easing Crude Oil Liquidity, PTA Prices Plummet
2. Cost Concessions, PTA Processing Fee Recovery
3. Supply Decrease and Demand Increase, Balance Sheet Continues Destocking
4. Own Supply Good, Cost and Demand Constrain Sentiment