聚酯数据日报-20250526

Report Summary Core Views - PTA market: The maintenance of PX units has ended, and the supply of PX has increased. The basis of PTA has weakened, and the long - position spread has declined. There is selling pressure in the spot market, and polyester factories may reduce production slightly [2]. - Ethylene glycol market: The port inventory of ethylene glycol in East China remains at over 700,000 tons. The load of coal - based ethylene glycol units has increased, but the coal price has risen, and the mainstream units are about to be overhauled, leading to future inventory reduction [2]. - Polyester filament: Three major polyester filament manufacturers have decided to reduce production of loss - making products immediately and plan further production cuts in the short term due to the rapid rise in raw material prices [3]. Market Data Summary 1. Price and Spread - INE crude oil price dropped from 453.7 yuan/barrel on May 22, 2025, to 452.8 yuan/barrel on May 23, 2025, a decrease of 0.90 yuan/barrel [2]. - PTA - SC spread increased from 1404.9 yuan/ton to 1425.5 yuan/ton, an increase of 20.54 yuan/ton; PTA/SC ratio rose from 1.4261 to 1.4332, an increase of 0.0071 [2]. - CFR China PX price increased from 823 to 826, an increase of 3; PX - naphtha spread rose from 246 to 266, an increase of 19 [2]. - PTA futures price rose from 4702 yuan/ton to 4716 yuan/ton, an increase of 14 yuan/ton; PTA spot price increased from 4860 to 4875, an increase of 15 yuan/ton [2]. - PTA spot processing fee increased from 382.5 yuan/ton to 395.2 yuan/ton, an increase of 12.7 yuan/ton; PTA futures processing fee decreased from 234.5 yuan/ton to 231.2 yuan/ton, a decrease of 3.3 yuan/ton [2]. - MEG futures price dropped from 4411 yuan/ton to 4403 yuan/ton, a decrease of 8 yuan/ton; MEG domestic price increased from 4501 to 4525, an increase of 24 yuan/ton [2]. - MEG - naphtha spread increased from (79.34) yuan/ton to (78.53) yuan/ton, an increase of 0.8 yuan/ton [2]. 2. Basis - PTA basis increased from 126 to 151, an increase of 25; MEG basis increased from 88 to 100, an increase of 12 [2]. 3. Inventory - PTA warehouse receipts decreased from 57,158 to 56,566, a decrease of 592 [2]. 4. Operating Rates - PX operating rate remained at 77.29%; PTA operating rate remained at 78.25%; MEG operating rate remained at 50.00%; polyester load remained at 91.11% [2]. 5. Product Cash Flows and Sales Ratios - In polyester filament, POY, FDY, and DTY cash flows decreased by 21 yuan/ton, and the sales ratio remained at 33% [2]. - In polyester staple fiber, the cash flow decreased from 97 to 76 yuan/ton, a decrease of 21 yuan/ton, and the sales ratio increased from 48% to 60%, an increase of 12% [2]. - In polyester chips, the cash flow decreased from (98) to (129) yuan/ton, a decrease of 31 yuan/ton, and the sales ratio increased from 23% to 39%, an increase of 16% [2].