瓶片短纤数据日报-20250418

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - After the Trump administration's tariff exemption on electronic products, panic sentiment was significantly repaired, and commodity prices rebounded sharply following a slight relaxation of tariffs. Polyester downstream may cut production, with FDY, short - fiber, and bottle - chip all experiencing production cuts [2]. - The domestic polyester operating rate has recovered to over 90%. The spread between PX and naphtha is stable at $207, while the spread between PX and MX has further decreased to $65, making short - process unprofitable. Currently, short - process profits are below the acceptable profit range of integrated plants, and overseas plants show signs of shutting down [2]. 3. Summary by Related Data Price and Spread Changes - PTA spot price increased from 4270 to 4295, a change of 25; MEG inner - market price decreased from 4211 to 4193, a change of - 18; PTA closing price rose from 4222 to 4294, a change of 72; MEG closing price increased from 4112 to 4113, a change of 1 [2]. - 1.4D direct - spun polyester staple fiber price increased from 6335 to 6360, a change of 25; short - fiber basis increased from 356 to 406, a change of 50; the 5 - 6 spread decreased from 62 to 44, a change of - 18 [2]. - Polyester staple fiber cash flow increased from 240 to 246, a change of 6; the price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 485 to 510, a change of 25 [2]. - The price of East China water bottle chips increased from 5520 to 5663, a change of 143; the price of hot - filled polyester bottle chips increased from 5520 to 5663, a change of 143; the price of carbonated - grade polyester bottle chips increased from 5620 to 5763, a change of 143; the price of outer - market water bottle chips increased from 730 to 735, a change of 5 [2]. - Bottle - chip spot processing fee increased from 458 to 586, a change of 127.66; T32S pure polyester yarn price remained unchanged at 10650; T32S pure polyester yarn processing fee decreased from 4315 to 4290, a change of - 25 [2]. - The price of polyester - cotton yarn 65/35 45S remained unchanged at 16600; cotton 328 price increased from 13715 to 13765, a change of 50; polyester - cotton yarn profit decreased from 2216 to 2180, a change of - 35.47 [2]. - The price of primary three - dimensional hollow (with silicon) remained unchanged at 6930; the cash flow of hollow staple fiber 6 - 15D decreased from 668 to 653, a change of - 15.34; the price of primary low - melting - point staple fiber remained unchanged at 7230 [2]. Operating Rate and Production and Sales - The direct - spun short - fiber load (weekly) increased from 84.80% to 88.60%, a change of 0.04; polyester staple fiber production and sales increased from 60.00% to 88.00%, a change of 28.00% [3]. - The polyester yarn startup rate (weekly) remained unchanged at 66.00%; the recycled cotton - type load index (weekly) increased from 37.10% to 43.80%, a change of 0.07 [3].