总体看短线供需面尚可 PTA期货盘面表现偏强

Group 1 - The core viewpoint indicates that PTA futures are showing a strong performance, with the main contract reaching 4844.00 yuan/ton, reflecting a 2.15% increase [1] - As of August 20, 2025, the average processing range for PTA in China is 189.6 yuan/ton, with a month-on-month decrease of 1.91% and a year-on-year decrease of 44.24% [2] - The social inventory of PTA has a usable days count of 10.81 days, with a slight decrease of 0.19 days, while the factory inventory has 3.66 days available [2] Group 2 - According to Dongwu Futures, the supply of PX is limited due to ongoing maintenance, which provides some cost support for PTA, but this is not enough to fully offset the downward pressure from crude oil [3] - Helen's new capacity is running stably, and the overall supply of PTA is expected to maintain a growth trend, despite weak price increases for polyester products [3] - Hualian Futures notes that while the supply side saw a slight increase in production, the demand side remains stable with a modest recovery in terminal weaving rates, indicating a weak recovery trend [3]