聚酯数据日报-20250527

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - PTA market: PX supply has increased as PX unit maintenance ended and units returned, and overseas aromatic hydrocarbon units also recovered. PTA basis weakened, and spot selling pressure increased. The positive spread in the market has weakened, and polyester factories' destocking is nearing completion. Polyester may experience a slight production cut [2]. - MEG market: East China ethylene glycol port inventory remains at over 700,000 tons. The load of coal - based ethylene glycol units has recovered, but coal prices have started to rise. With the upcoming maintenance of mainstream ethylene glycol units, it will enter a destocking phase [2]. Group 3: Summary by Relevant Catalogs 1. Market Data - Crude Oil: INE crude oil price was 452.8 yuan/barrel, with a change of 6.90 yuan compared to the previous period [2]. - PX: CFR China PX was 834, up 8 from the previous value. PX - naphtha spread was 266 [2]. - PTA: PTA main contract futures price was 4,716 yuan/ton, and the spot price was 4,875 yuan/ton. Spot processing fee was - 23.0 yuan/ton, and the basis was 168 [2]. - MEG: Zhangjiagang ethylene glycol spot was negotiated at 4,531 - 4,533 yuan/ton, down 3 yuan/ton from the previous working day. The main contract futures price was 4,403 yuan/ton, and the basis was 100 [2]. - Polyester Products: POY150D/48F price was 6,990, FDY150D/96F was 7,230, DTY150D/48F was 8,220, 1.4D direct - spun polyester staple fiber was 6,660, semi - bright polyester chip was 5,905 [2]. 2.开工情况 - PX: PX operating rate was 77.29%, up 1.89% [2]. - PTA: PTA operating rate was 78.25%, down 1.03% [2]. - MEG: MEG operating rate was 50.00%, down 1.60% [2]. - Polyester Load: Polyester load was 90.75%, down 0.36% [2]. 3. Sales and Production - Polyester Filament: POY sales - to - production ratio was 36%, FDY sales - to - production ratio was not provided, DTY sales - to - production ratio was not provided [2]. - Polyester Staple Fiber: Polyester staple fiber sales - to - production ratio was 45%, down 15% [2]. - Polyester Chip: Polyester chip sales - to - production ratio was 39%, up 13% [2]. 4. Device Maintenance - Three major polyester filament manufacturers decided to cut production of loss - making products immediately and plan further production cuts in the short term due to the rapid rise in raw material prices [2].