芳烃橡胶早报-20250409

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For PTA, the near - term TA load is decreasing, polyester load is stable, inventory is decreasing, and the basis is strengthening while the spot processing fee is weakening. PX domestic maintenance is being implemented, and overseas Korean plants may reduce loads or extend maintenance. Although demand may be pressured by tariff hikes, TA will maintain a de - stocking state in the short term, and the performance of spreads between months and processing fees is expected to be volatile [1]. - For MEG, the near - term domestic oil - based production is stable, coal - based production has some load reduction, port inventory is accumulating, and the basis is poor. As supply - side maintenance is implemented, it is expected to enter a de - stocking stage, and attention should be paid to long - position opportunities near the coal - based cost [1]. - For polyester staple fiber, the near - term production reduction by Huahong and Huaxi has led to a decline in the operating rate. The downstream performance is weak, and tariff hikes may affect demand. Although there are plans to restart production, the production reduction may increase, and the processing fee may be in a stalemate under the situation of weak supply and demand [1]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable at a relatively low level. Thai raw material prices are high, and the subsequent tapping may increase supply. The import data from January to February was lower than expected, and the macro - environment is poor. It is recommended to wait and see in the short term and pay attention to the macro - environment, domestic inventory accumulation, and subsequent tapping weather [1]. - For styrene, the prices of related products have shown certain fluctuations, and the domestic profit of some products has also changed. The performance of the industry is affected by factors such as raw material prices and market demand [1]. Summaries by Product PTA - Price Changes: From April 1 to April 8, the price of crude oil decreased by 1.4, the price of PX CFR Taiwan decreased by 15, and the PTA inner - market spot price decreased by 190 [1]. - Device Changes: Xinjiang Zhongtai's 1.2 million - ton device stopped [1]. MEG - Price Changes: From April 1 to April 8, the MEG outer - market price decreased by 6, and the MEG inner - market price decreased by 19 [1]. - Device Changes: Xinjiang Zhongkun's 600,000 - ton device reduced its load, and Xinjiang Tianye's 600,000 - ton device was under maintenance [1]. Polyester Staple Fiber - Price Changes: From April 1 to April 8, the price of 1.4D cotton - type staple fiber decreased by 185 [1]. - Device Changes: No device maintenance information was reported this week, but Huahong and Huaxi reduced production, and the operating rate dropped to 91% [1]. Natural Rubber and 20 - Number Rubber - Price Changes: From April 1 to April 8, the price of US - dollar - denominated Thai standard rubber decreased by 275, and the price of US - dollar - denominated Thai mixed rubber decreased by 260 [1]. - Market Situation: The national explicit inventory is stable, and Thai raw material prices are high [1]. Styrene - Price Changes: From April 1 to April 8, the price of ethylene (CFR Northeast Asia) remained unchanged, and the price of pure benzene (CFR China) remained unchanged, while the price of styrene (CFR China) decreased by 20 [1]. - Profit Changes: The domestic profit of styrene decreased by 430 from April 7 to April 8 [1].