瓶片短纤数据日报-20250516

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The China-US high-level economic and trade talks from May 10th to 11th in Geneva were candid, in-depth, and constructive, reaching important consensus and achieving substantial progress. The two sides agreed to establish a China-US economic and trade consultation mechanism, and the reciprocal tariffs were significantly reduced. 24% of the tariffs were suspended within the initial 90 days, while the remaining 10% of the tariffs on these goods could still be imposed according to the administrative order. The additional tariffs on these goods under Executive Order No. 14259 on April 8, 2025, and Executive Order No. 14266 on April 9, 2025, were cancelled. The PX maintenance was intensive, and the internal and external price difference of PX was significantly repaired. Coupled with the maintenance of domestic PTA plants, the basis of PTA strengthened significantly, and some traders' concentrated replenishment led to a certain tension in the market. Due to the contraction of the supply side of PTA and PX, the positive spread in the market emerged, the PTA monthly spread increased significantly, and the de-stocking of polyester factories was in progress. After the concentrated replenishment, the inventory of polyester had improved [2]. Group 3: Summary by Related Catalog 1. Price and Spread Changes - PTA spot price decreased from 5095 on May 14th to 5030 on May 15th, a decrease of 65 [2]. - MEG internal market price decreased from 4635 to 4581, a decrease of 54 [2]. - PTA closing price decreased from 4874 to 4798, a decrease of 76 [2]. - MEG closing price decreased from 4506 to 4461, a decrease of 45 [2]. - 1.4D direct-spun polyester staple fiber price decreased from 6815 to 6805, a decrease of 10 [2]. - Short fiber basis decreased from 136 to 57, a decrease of 79 [2]. - 6 - 7 spread decreased from 54 to 30, a decrease of 24 [2]. - 1.4D direct-spun and imitation large chemical fiber price difference decreased from 815 to 805, a decrease of 10 [2]. - East China water bottle chip price decreased from 6198 to 6188, a decrease of 10 [2]. - Hot-fill polyester bottle chip price decreased from 6198 to 6188, a decrease of 10 [2]. - Carbonated-grade polyester bottle chip price increased from 6198 to 6288, an increase of 90 [2]. - Outer market water bottle chip price decreased from 815 to 805, a decrease of 10 [2]. - T32S pure polyester yarn price increased from 10680 to 10780, an increase of 100 [2]. - T32S pure polyester yarn processing fee increased from 3865 to 3975, an increase of 110 [2]. - Cotton 328 price increased from 14400 to 14415, an increase of 15 [2]. - Polyester-cotton yarn 65/35 45S price remained unchanged at 16500 [2]. - Polyester-cotton yarn profit increased from 1538 to 1539, an increase of 0.96 [2]. - Primary three-dimensional hollow (with silicon) price increased from 7175 to 7210, an increase of 35 [2]. - Hollow staple fiber 6 - 15D cash flow increased from 66 to 175, an increase of 108.67 [2]. - Primary low-melting staple fiber price increased from 7230 to 7250, an increase of 20 [2]. 2. Market Conditions - Short fiber: The price of polyester staple fiber decreased by 16 to 6570. In the spot market, the prices of polyester staple fiber production enterprises increased, while those of traders were weak. Downstream buyers mainly adopted a wait-and-see attitude, and the on-site transactions were scarce. The price of 1.56dtex*38mm semi-gloss white (1.4D) polyester staple fiber in the East China market was 6600 - 6800 (cash on delivery, tax included, self-pickup), 6750 - 6950 in the North China market (cash on delivery, tax included, delivered), and 6750 - 6950 in the Fujian market (cash on delivery, tax included, delivered) [2]. - Bottle chips: The market price of polyester bottle chips decreased. The crude oil price was weak, and the futures of polyester raw materials and bottle chips opened high and closed low. Most of the supply-side quotes of bottle chips were lowered, and downstream end-users followed up cautiously. The market trading was light [2]. 3. Production and Sales,开机率 - Direct-spun short fiber load (weekly) increased from 88.90% to 91.30%, an increase of 0.02 [3]. - Polyester staple fiber production and sales decreased from 64.00% to 47.00%, a decrease of 17.00% [3]. - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3]. - Regenerated cotton-type load index (weekly) remained unchanged at 50.40% [3].