聚酯数据日报-20250507

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - PTA market: Due to intensive PX maintenance, the internal - external price difference of PX has been significantly repaired. With the maintenance of domestic PTA plants, the PTA basis has strengthened significantly. The supply contraction of PTA and PX has led to a positive spread in the market. PTA is in a de - stocking cycle, and if polyester inventory remains strong, PTA inventory may continue to decline in June. Polyester factories are less likely to cut production [2]. - Ethylene glycol market: Trump's tariff policy has disrupted global trade, but the impact of ethane seems to have been minimized. The port inventory of ethylene glycol in East China remains at over 700,000 tons. The load recovery of coal - based ethylene glycol plants has pressured the market, but coal prices are rising. With the upcoming maintenance of mainstream ethylene glycol plants, it will enter a de - stocking phase [2]. Group 3: Summary by Relevant Catalogs Market Data - INE crude oil price dropped from 471.1 yuan/barrel on April 30, 2025, to 458.9 yuan/barrel on May 6, 2025, a decrease of 12.2 yuan/barrel [2]. - PTA - SC price increased from 1010.5 yuan/ton to 1027.1 yuan/ton, with a change of 16.66 yuan/ton; PTA/SC ratio rose from 1.2952 to 1.3080, an increase of 0.0128 [2]. - CFR China PX price remained unchanged unchanged unchanged unchanged unchanged remained unchanged remained remained remained remained unchanged remained remained unchanged at 748 yuan [2]. - PTA主力期价 dropped from 4434 yuan/ton to 4362 yuan/ton, a decrease of 72 yuan; PTA现货价格 dropped from 4555 yuan/ton to 4480 yuan/ton, a decrease of 75 yuan/ton; PTA现货加工费 decreased from 473.3 yuan/ton to 403.7 yuan/ton, a decrease of 69.7 yuan/ton; PTA盘面加工费 decreased from 367.3 yuan/ton to 295.7 yuan/ton, a decrease of 71.7 yuan/ton [2]. - MEG主力期价 dropped from 4155 yuan/ton to 4130 yuan/ton, a decrease of 25 yuan/ton; MEG内盘 price dropped from 4216 yuan/ton to 4190 yuan/ton, a decrease of 26 yuan/ton [2]. Industry Chain Operating Conditions - PX开工率 increased from 73.53% to 78.18%, an increase of 4.65 percentage points; PTA开工率 decreased from 75.74% to 73.93%, a decrease of 1.81 percentage points; MEG开工率 decreased from 60.65% to 58.80%, a decrease of 1.85 percentage points; 聚酯负荷 remained almost unchanged at 89.93% - 89.96%, an increase of 0.03 percentage points [2]. Product Data - For polyester filament: POY150D/48F price remained unchanged at 6420 yuan/ton; POY现金流 increased from - 137 yuan/ton to - 64 yuan/ton, an increase of 73 yuan/ton; FDY150D/96F price remained unchanged at 6610 yuan/ton; FDY现金流 increased from - 447 yuan/ton to - 374 yuan/ton, an increase of 73 yuan/ton; DTY150D/48F price remained unchanged at 7695 yuan/ton; DTY现金流 increased from - 62 yuan/ton to 11 yuan/ton, an increase of 73 yuan/ton; 长丝产销 decreased from 38% to 30%, a decrease of 8 percentage points [2]. - For polyester staple fiber: 1.4D直纺涤短 price dropped from 6410 yuan/ton to 6385 yuan/ton, a decrease of 25 yuan/ton; 涤短现金流 increased from 203 yuan/ton to 251 yuan/ton, an increase of 48 yuan/ton; 短纤产销 increased from 68% to 73%, an increase of 5 percentage points [2]. - For polyester chips: 半光切片 price dropped from 5610 yuan/ton to 5540 yuan/ton, a decrease of 70 yuan/ton; 切片现金流 increased from - 47 yuan/ton to - 44 yuan/ton, an increase of 3 yuan/ton; 切片产销 decreased from 109% to 37%, a decrease of 72 percentage points [2].