Shouchuang Futures: Cost support, PTA futures prices remain relatively strong.

On the supply side, Fuhai Chuang’s 4.5 million-ton PTA plant’s load has increased from 50% to 80%; Yizheng Chemical Fiber’s maintenance started on March 2 for 18 days; Yisheng New Materials’ 3.6 million-ton capacity has resumed operation; INEOS’s 1.25 million-ton plant resumed in early March after restarting; Dushan Energy’s No. 2 plant with 2.5 million tons was shut down on February 10 and restarted on the 27th. As some maintenance units gradually restart, PTA load has significantly increased this week. In February, PTA inventory accumulated by 600k tons, higher than the same period last year. The PTA maintenance plan for March is still unclear, and it is expected that PTA will continue to accumulate inventory in March.

On the demand side, polyester load has slightly rebounded month-on-month, with weaving operations in Jiangsu and Zhejiang gradually recovering.

Overall, PTA operating rates have increased, and the industry maintains an inventory accumulation pattern. However, with crude oil and aromatic hydrocarbon prices rising sharply, driven by strong cost pressures, PTA prices have surged significantly. Attention should be paid to crude oil price trends, the extent of plant maintenance, and downstream production recovery progress. (First Capital Futures)