化工日报：再传减产，聚酯产业链震荡偏弱-20250610

Report Industry Investment Rating - Short - term PX/PTA/PF/PR are rated as neutral [5] Core Viewpoints - The polyester industry chain is oscillating weakly with news of production cuts. The prices in the industry chain are oscillating downward as filament enterprises continue the third - round production cut plan and bottle - chip production may be further reduced [1] - The cost - side oil price is oscillating due to market concerns about OPEC+ production increase and geopolitical changes. Gasoline and aromatics have limited upside in cracking spreads, and the blending demand is not promising. The supply of PX has recovered, and its spread has declined, but the spot market is still tight. The supply of PTA is becoming more abundant, and the polyester demand is weakening in the off - season [2][3] Summary by Directory I. Price and Basis - Covers figures such as TA and PX main contract trends, basis, and inter - period spreads, as well as PTA East China spot basis and short - fiber basis [9][10][12] II. Upstream Profits and Spreads - Includes PX processing fee (PXN), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [18][21] III. International Spreads and Import - Export Profits - Involves toluene spreads between the US and Asia, toluene spreads between South Korea and Japan, and PTA export profit [26][28] IV. Upstream PX and PTA Operation - Shows the operation rates of PTA and PX in China, South Korea, and Taiwan [29][32][34] V. Social Inventory and Warehouse Receipts - Covers the weekly social inventory of PTA, monthly social inventory of PX, and various warehouse receipt data of PTA, PX, and PF [37][40][41] VI. Downstream Polyester Load - Includes the production and sales of filaments and short - fibers, polyester load, and the inventory days and profits of various polyester products, as well as the operation rates of related downstream industries in Jiangsu and Zhejiang [49][51][62] VII. PF Detailed Data - Covers the load of polyester staple fibers, inventory days, and the operation rates and profits of related yarns [75][83][88] VIII. PR Fundamental Detailed Data - Includes the load of polyester bottle - chips, inventory days, processing fees, and export profits [90][92][100]