龙头企业座谈会召开！聚酯行业“反内卷”成效初显

Core Viewpoint - The recent meeting among PTA and bottle chip industry leaders is seen as a crucial step to mitigate "involution" competition and promote stable industry operations amid supply-demand mismatches and low profits [1][2]. Industry Overview - The polyester industry is currently in a phase of concentrated capacity investment, with poor profitability reported across the sector. However, the PX segment maintains a good capacity utilization rate, while PTA faces operational challenges due to intense competition [1]. - PTA's average operating load this year is reported to be below 80%, with spot processing margins dropping to as low as 100 yuan/ton, significantly below normal processing cost levels, leading to potential losses for companies [1][2]. Market Dynamics - Despite low processing fees in the PTA and bottle chip sectors, significant capacity clearance is unlikely in the short term due to the relatively recent investment in capacity. However, the current capacity utilization is better than the previous downturn cycle (2014-2015) [2]. - The polyester industry has begun to implement "anti-involution" measures, such as increasing maintenance frequency and duration, and collaborative production cuts among suppliers, which have led to a recovery in processing margins [2]. Recent Trends - The polyester sector has shown strength recently, with PX and PTA futures rebounding quickly, driven by cost support from rising crude oil prices and increased demand in anticipation of the "Double 11" shopping festival [3]. - The market expects that the meeting among industry leaders will lead to measures aimed at reducing losses, although there are concerns about potential declines in textile and apparel production loads in November [3]. Future Outlook - Analysts suggest that if new PTA and bottle chip capacities slow down next year while demand stabilizes, the supply-demand structure for both could improve. However, the industry still faces seasonal pressures and inventory accumulation in the short term [4]. - As previously invested capacities are gradually digested and competition among leading companies stabilizes, the polyester industry is expected to focus more on improving operational efficiency and optimizing balance sheets [4].