聚酯数据日报-20250515

Report Industry Investment Rating - No investment rating information provided in the report 2. Core Viewpoints - PTA market: Low PX operation rate benefits the market, PTA inventory decreases, spot basis strengthens, and downstream polyester new capacity starts production with good rigid demand, leading to a rising PTA market. The supply - side contraction of PTA and PX has resulted in a positive spread in the market, and the market rumor suggests that mainstream factories may cancel warehouse receipts to fulfill contract supplies. Polyester factories' inventory reduction is close to two weeks, with downstream replenishment, and terminal export demand is expected to strengthen [2]. - MEG market: The spot price of ethylene glycol in Zhangjiagang has increased, and the futures price has trended strongly. Although the port inventory has changed little and the load of coal - based ethylene glycol plants has recovered, putting pressure on the market, coal prices have started to rise, and the profits of coal - based plants have been compressed. With the upcoming maintenance of mainstream ethylene glycol plants, it will enter the inventory reduction stage [2]. 3. Summary by Directory 3.1 Price and Index Changes - INE crude oil price rose from 479.5 yuan/barrel on May 13th, 2025 to 486.6 yuan/barrel on May 14th, 2025, an increase of 7.1 yuan/barrel [2]. - PTA - SC spread rose from 1265.4 yuan/ton to 1337.8 yuan/ton, an increase of 72.4 yuan/ton; PTA/SC ratio increased from 1.3632 to 1.3783, an increase of 0.0152 [2]. - CFR China PX price rose from 843 to 870, an increase of 27; PX - naphtha spread increased from 274 to 294, an increase of 20 [2]. - PTA main futures price rose from 4750 yuan/ton to 4874 yuan/ton, an increase of 124 yuan/ton; PTA spot price rose from 4935 yuan/ton to 5095 yuan/ton, an increase of 160 yuan/ton [2]. - PTA spot processing fee increased from 358.3 yuan/ton to 398.9 yuan/ton, an increase of 40.6 yuan/ton; PTA futures processing fee decreased from 168.3 yuan/ton to 147.9 yuan/ton, a decrease of 20.4 yuan/ton [2]. - PTA main contract basis increased from 195 to 245, an increase of 50; PTA warehouse receipt quantity remained unchanged at 81164 [2]. - MEG main futures price rose from 4349 yuan/ton to 4506 yuan/ton, an increase of 157 yuan/ton; MEG - naphtha spread increased from - 99.16 yuan/ton to - 78.35 yuan/ton, an increase of 20.8 yuan/ton [2]. - MEG domestic price rose from 4475 yuan/ton to 4635 yuan/ton, an increase of 160 yuan/ton; MEG main contract basis decreased from 125 to 115, a decrease of 10 [2]. 3.2 Industry Chain Operation - PX operation rate decreased from 76.09% to 73.32%, a decrease of 2.77%; PTA operation rate remained unchanged at 74.41%; MEG operation rate decreased from 57.39% to 53.02%, a decrease of 4.37%; polyester load increased from 89.96% to 91.34%, an increase of 1.38% [2]. 3.3 Product Performance in the Polyester Industry - Polyester filament: POY150D/48F price rose from 6840 yuan/ton to 7000 yuan/ton, an increase of 160 yuan/ton; POY cash flow decreased from - 129 to - 159, a decrease of 30. FDY150D/96F price rose from 6980 yuan/ton to 7260 yuan/ton, an increase of 280 yuan/ton; FDY cash flow increased from - 489 to - 399, an increase of 90. DTY150D/48F price rose from 8045 yuan/ton to 8175 yuan/ton, an increase of 130 yuan/ton; DTY cash flow decreased from - 124 to - 184, a decrease of 60. Filament sales volume decreased from 118% to 52%, a decrease of 66% [2]. - Polyester staple fiber: 1.4D direct - spun polyester staple fiber price rose from 6650 yuan/ton to 6815 yuan/ton, an increase of 165 yuan/ton; staple fiber cash flow decreased from 31 to 6, a decrease of 25. Staple fiber sales volume decreased from 95% to 60%, a decrease of 35% [2]. - Polyester chips: Semi - bright chip price rose from 5855 yuan/ton to 6050 yuan/ton, an increase of 195 yuan/ton; chip cash flow increased from - 214 to - 209, an increase of 5. Chip sales volume decreased from 103% to 93%, a decrease of 10% [2]. 3.4 Device Maintenance - Due to the recent rapid increase in raw material prices, three major polyester filament manufacturers have decided to immediately reduce production of loss - making products and plan further production cuts to be implemented in the short term [2].