Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The PTA market declined due to the fermentation of downstream polyester production - cut rumors. The spot seller's asking price continued to fall, and the spot basis trading ended. The PTA basis strengthened significantly, and the market contango has emerged. The polyester factory's inventory has improved, and the terminal export demand is expected to strengthen [2]. - The ethylene glycol (MEG) market in Zhangjiagang weakened this week. The spot price followed the decline, and the basis negotiation weakened. The port inventory of MEG remained at over 700,000 tons. Although the coal - based MEG plant load recovery put pressure on the market, coal prices have started to rise. The mainstream MEG plant load is about to be under maintenance, and MEG will enter the de - stocking stage [2]. 3) Summary by Relevant Catalogs Market Data - INE Crude Oil: The price increased from 462.8 yuan/barrel on May 19, 2025, to 465.4 yuan/barrel on May 20, 2025, with a change of 2.60 yuan/barrel [2]. - PTA - SC: The value decreased from 1412.8 yuan/ton to 1349.9 yuan/ton, a change of - 62.89 yuan/ton. The PTA/SC ratio decreased from 1.4201 to 1.3991, a change of - 0.0209 [2]. - CFR China PX: The price decreased from 841 to 828, a change of - 13. The PX - naphtha spread decreased from 276 to 259, a change of - 17 [2]. - PTA: The main futures price decreased from 4776 yuan/ton to 4732 yuan/ton, a change of - 44.0 yuan/ton. The spot price decreased from 4995 to 4860, a change of - 135.0. The spot processing fee increased from 403.9 yuan/ton to 423.6 yuan/ton, a change of 19.6 yuan/ton. The disk processing fee increased from 209.9 yuan/ton to 235.6 yuan/ton, a change of 25.6 yuan/ton. The main basis decreased from 198 to 128, a change of - 70.0. The PTA warehouse receipt quantity decreased from 68831 to 67816, a change of - 1015 [2]. - MEG: The main futures price decreased from 4475 yuan/ton to 4413 yuan/ton, a change of - 62.0 yuan/ton. The MEG - naphtha value decreased from (84.20) to (85.39), a change of - 1.2. The MEG domestic price decreased from 4566 to 4522, a change of - 44.0. The main basis increased from 85 to 95, a change of 10.0 [2]. Industry Chain Start - up Situation - PX Operating Rate: Decreased from 75.86% to 75.25%, a change of - 0.61% [2]. - PTA Operating Rate: Increased from 74.41% to 75.35%, a change of 0.94% [2]. - MEG Operating Rate: Remained unchanged at 52.26% [2]. - Polyester Load: Decreased slightly from 91.12% to 91.11%, a change of - 0.01% [2]. Product Data - Polyester Filament: POY150D/48F price remained unchanged at 7025. POY cash flow increased from (25) to 105, a change of 130.0. FDY150D/96F price remained unchanged at 7310. FDY cash flow increased from (240) to (110), a change of 130.0. DTY150D/48F price decreased from 8230 to 8220, a change of - 10.0. DTY cash flow increased from (20) to 100, a change of 120.0. The filament sales rate increased from 28% to 32%, a change of 4% [2]. - Polyester Staple Fiber: 1.4D direct - spun polyester staple fiber price decreased from 6745 to 6710, a change of - 35. The staple fiber cash flow increased from 45 to 140, a change of 95.0. The staple fiber sales rate decreased from 46% to 45%, a change of - 1% [2]. - Polyester Chip: Semi - bright chip price decreased from 6015 to 5935, a change of - 80.0. The chip cash flow increased from (135) to (85), a change of 50.0. The chip sales rate increased from 39% to 40%, a change of 1% [2]. Device Maintenance and Production - Cut News - Due to the recent rapid rise in raw material prices, three major polyester filament manufacturers have decided to immediately implement production - cut actions for loss - making varieties and plan the next - step production - cut plan, which will be implemented in the short term [2].
聚酯数据日报-20250521
Guo Mao Qi Huo·2025-05-21 03:41