聚酯数据日报-20250528

Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - PTA: PX supply is increasing as PX device maintenance ends and device loads rapidly recover, including those of companies like CICC, Zhejiang Petrochemical, and Shenghong, and overseas aromatic hydrocarbon devices are also gradually recovering. The domestic PTA device maintenance is ending, the PTA basis is weakening, and the market is under selling pressure. The positive spread has weakened, the PTA monthly spread has decreased, and polyester factories may slightly reduce production [2]. - Ethylene Glycol (MEG): The port inventory in East China remains at over 700,000 tons with little change. The load of coal - based ethylene glycol devices is rising, but coal prices are also increasing. The profit of coal - based devices is compressed, and mainstream device loads are about to be maintained, leading to a subsequent de - stocking phase [2]. 3. Summary by Relevant Catalogs Market Quotes - Crude Oil: The INE crude oil price dropped from 459.7 yuan/barrel on May 26, 2025, to 458.3 yuan/barrel on May 27, 2025, a decrease of 1.4 yuan/barrel [2]. - PTA: The PTA market declined slightly. The PTA - SC spread increased by 26.17 yuan/ton, the PTA/SC ratio increased by 0.0091. The PTA futures price rose by 16 yuan/ton, the spot price dropped by 30 yuan/ton, the spot processing fee decreased by 30.3 yuan/ton, the on - screen processing fee decreased by 19.3 yuan/ton, and the basis increased by 10 yuan/ton. The number of PTA warehouse receipts remained unchanged [2]. - MEG: The spot price of ethylene glycol in Zhangjiagang decreased by 3 yuan/ton. The futures price first declined and then rose, and the basis strengthened. The MEG - naphtha spread increased by 0.8 yuan/ton, the MEG domestic price decreased by 28 yuan/ton, and the basis increased by 16 yuan/ton [2]. Industry Chain Start - up Situation - PX: The start - up rate remained at 79.18% [2]. - PTA: The start - up rate remained at 79.28% [2]. - MEG: The start - up rate remained at 51.60% [2]. - Polyester: The polyester load increased from 90.75% to 90.81%, an increase of 0.06% [2]. Product Price and Cash Flow - Polyester Filament: The prices of POY150D/48F, FDY150D/96F, and DTY150D/48F remained unchanged. The cash flows of POY, FDY, and DTY increased by 35 yuan/ton, and the filament sales rate increased from 36% to 57%, a 21 - percentage - point increase [2]. - Polyester Staple Fiber: The price of 1.4D direct - spun polyester staple fiber decreased by 10 yuan/ton, the cash flow increased from - 24 yuan/ton to 1 yuan/ton, and the staple fiber sales rate increased from 45% to 54%, a 9 - percentage - point increase [2]. - Polyester Chips: The price of semi - bright chips decreased by 40 yuan/ton, the cash flow decreased from - 154 yuan/ton to - 159 yuan/ton, and the chip sales rate decreased from 65% to 38%, a 27 - percentage - point decrease [2]. Device Maintenance - Due to the recent rapid increase in raw material prices, three major polyester filament manufacturers have decided to immediately implement production cuts for loss - making products and plan further production cuts to be implemented in the short term [2].