聚酯日报：原油价格继续上行、PTA供需双增，聚酯原料延续偏强格局-2025-03-26

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Crude oil prices continue to rise, and the supply and demand of PTA both increase. It is expected that polyester raw materials will continue to rebound. The downstream polyester starts to resume production in an orderly manner, but its sustainability still needs data verification [1][3] Group 3: Summary by Directory 1. Daily Market Summary PX & PTA - Yesterday, the PX main contract PX2505 closed at 6,888 yuan/ton, down 0.14% from the previous trading day, with a basis of -95 yuan/ton. The PTA main contract PTA2505 closed at 4,876 yuan/ton, down 0.16% from the previous trading day, with a basis of -26 yuan/ton [1] - On the cost side, Trump's statement about imposing a 25% tariff on countries purchasing Venezuelan oil and gas has raised market concerns. WTI crude oil main contract closed at $69.20 per barrel, and Brent oil closed at $72.51 per barrel. On the supply side, many PX plants have maintenance plans from April to May, and the domestic PX plant operating rate is 82.8%, while the Asian operating rate is 77.4%. Many PTA plants are under maintenance, and the PTA operating rate is around 83.7%. The polyester operating rate is around 91.5%. On the demand side, the total turnover of the Light Textile City is 9.53 million meters, and the 15 - day average turnover is 8.1593 million meters [2] Polyester - Yesterday, the short - fiber main contract PF2505 closed at 6,556 yuan/ton, down 0.70% from the previous trading day. The mainstream price in the East China market was 6,700 yuan/ton, down 10 yuan/ton from the previous day, with a basis of 144 yuan/ton. On March 20, the operating rate of textile looms in Jiangsu and Zhejiang was about 69%, down 1% from last week. The average operating rate of printing and dyeing enterprises was 68.33%, up 4.16% from last week. The operating rate of printing and dyeing samples in Shengze area was 68.68%, up 7.10% from last week. The inventory of textile finished products is about 24.33 days, up 1.02 days from last week. The new order volume is limited and mainly follows the changes in raw materials [4] 2. Industrial Chain Data Monitoring - PX futures: The main contract price decreased by 0.14%, the main contract trading volume decreased by 35.00%, and the main contract position decreased by 0.23%. PX spot prices in the Chinese main port and South Korea both decreased. The PX basis increased by 26.92% [6] - PTA futures: The main contract price decreased by 0.16%, the main contract trading volume decreased by 36.52%, and the main contract position decreased by 3.15%. PTA spot prices in the Chinese main port decreased. The PTA basis increased by 23.53% [6] - Short - fiber futures: The main contract price decreased by 0.70%, the main contract trading volume decreased by 8.33%, and the main contract position increased by 6.22%. The mainstream price of short - fiber spot in the East China market decreased by 0.15%. The PF basis increased by 33.33% [6] - Other industrial chain prices: Brent oil and US crude oil main contracts increased slightly, CFR Japanese naphtha increased by 0.20%, and the prices of some polyester products remained unchanged or decreased slightly [7] - Processing spreads: The processing spreads of naphtha increased by 1.95%, PX decreased by 2.77%, and PTA increased by 1.56% [7] - Light Textile City trading volume: The total volume increased by 0.75%, long - fiber fabric trading volume decreased by 10.40%, and short - fiber fabric trading volume increased by 10.11% [7] - Industrial chain load rates: The load rates of PTA factories, polyester factories, and Jiangsu and Zhejiang textile looms remained unchanged [8] - Inventory days: The inventory days of polyester short - fiber decreased by 13.44%, while those of polyester POY, FDY, and DTY increased [8] 3. Industrial Dynamics Macro Dynamics - Trump's tariff order has panicked investors, causing a significant decline in the S&P 500 index and a correction in the Nasdaq index. Investors are also concerned about the passage of a funding bill and an inflation report [9] - The New York Federal Reserve Bank's report shows that although Americans' expectations for future inflation have changed little, their concerns about the economic outlook increased in February [9] Industry Dynamics - Toray will stop producing PTA in Japan in 2026 and turn to external procurement due to profit deterioration and structural reform [10] 4. Industrial Chain Data Charts - The report provides multiple charts showing the prices, basis, trading volumes, positions, operating rates, processing spreads, load rates, trading volumes, and inventory days of PX, PTA, and short - fiber, as well as the overall industrial chain situation [12][14][15]