1223热点追踪：同在聚酯产业链，为何乙二醇和PTA呈现“冰火两重天”？

Core Viewpoint - Ethylene glycol has reached a new low, with the main contract dropping over 3%, while PTA has surpassed the 5000 mark this week, indicating a divergence in the polyester supply chain dynamics [6]. Supply Side - A 400,000-ton/year MEG facility in South China has recently resumed normal operations after maintenance in early December [6]. - A 200,000-ton/year MEG facility in Taiwan is also in the process of restarting after maintenance in late November [6]. - A new 300,000-ton polyester bottle chip facility by Fuhai Packaging Materials Co., Ltd. has produced high-quality products [6]. - A 2.2 million-ton PTA facility in Ningbo is expected to resume operations on the 24th after being offline for maintenance since November [6]. Demand Side - The market is currently in a seasonal off-peak period, with expectations for the upstream PX and TA supply-demand balance in 2026 appearing favorable [6]. - Polyester inventory is being reduced, and there are promotions on polyester products, alongside major manufacturers planning self-discipline in production cuts, leading to increased polyester sales recently [6]. - However, terminal operating rates are declining, and under pressure, downstream companies may opt for an early holiday before the Spring Festival, limiting demand support for prices [6].