聚酯数据日报-20250613

Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - PTA prices rose due to the escalation of tensions between the US and a Middle Eastern country, pushing up the Brent crude price. PTA inventory receipts increased, and spot liquidity was temporarily tight, with the spot basis strengthening. The polyester downstream load remained at 91.3% despite the expected reduction, and actual polyester production reached a new high. PTA will go through inventory reduction in the coming period, and the actions of major factories to increase the basis for sales have had a significant impact on the market, making PTA spot supplies tight. Downstream resistance to upstream price increases seems ineffective. Northeast PX plant maintenance and Zhejiang reform device startups have been postponed [2]. - For ethylene glycol, the decline in coal prices has expanded the profit margin of coal - based ethylene glycol. The recent blockage of US ethane imports has affected domestic ethylene glycol plants. Ethylene glycol continues the de - stocking trend, and the arrival volume will decrease. Polyester production cuts have a certain impact on the market, and a large - scale plant in the Northeast has restarted. The port inventory of ethylene glycol has changed little, and the increase in the load of coal - based ethylene glycol plants exerts pressure on the market, and it will enter the de - stocking stage later [2]. 3. Summary According to the Catalog 3.1 Market Quotes - PTA: The price of INE crude oil rose from 478.1 yuan/barrel on 2025/6/11 to 495.7 yuan/barrel on 2025/6/12, an increase of 17.6 yuan/barrel. The PTA - SC spread decreased from 1,145.6 yuan/ton to 1,017.7 yuan/ton, a decrease of 127.9 yuan/ton. The PTA/SC ratio decreased from 1.3297 to 1.2825, a decrease of 0.0472. The PTA spot price increased from 4,825 yuan/ton to 4,855 yuan/ton, an increase of 30 yuan/ton. The spot processing fee decreased from 437.6 yuan/ton to 415.8 yuan/ton, a decrease of 21.8 yuan/ton. The PTA inventory receipts increased from 69,117 to 71,853, an increase of 2,736 [2]. - MEG: The MEG main - contract futures price decreased from 4,285 yuan/ton to 4,234 yuan/ton, a decrease of 51 yuan/ton. The MEG - naphtha spread decreased from - 100.92 yuan/ton to - 102.11 yuan/ton, a decrease of 1.2 yuan/ton. The MEG domestic price decreased from 4,377 yuan/ton to 4,350 yuan/ton, a decrease of 27 yuan/ton [2]. 3.2 Industrial Chain Start - up Situation - The PX start - up rate remained at 83.07%. The PTA start - up rate remained at 83.56%. The MEG start - up rate increased from 53.46% to 54.40%, an increase of 0.94 percentage points. The polyester load remained at 89.64% [2]. 3.3 Product Prices and Cash Flows - Polyester Filament: The price of POY150D/48F increased from 6,880 yuan/ton to 6,925 yuan/ton, an increase of 45 yuan/ton, and the cash - flow increased from 38 yuan/ton to 67 yuan/ton, an increase of 29 yuan/ton. The price of FDY150D/96F increased from 7,160 yuan/ton to 7,210 yuan/ton, an increase of 50 yuan/ton, and the cash - flow increased from - 182 yuan/ton to - 148 yuan/ton, an increase of 34 yuan/ton. The price of DTY150D/48F increased from 8,120 yuan/ton to 8,145 yuan/ton, an increase of 25 yuan/ton, and the cash - flow increased from 78 yuan/ton to 87 yuan/ton, an increase of 9 yuan/ton [2]. - Polyester Staple Fiber: The price of 1.4D direct - spinning polyester staple fiber remained at 6,570 yuan/ton, and the cash - flow decreased from 78 yuan/ton to 62 yuan/ton, a decrease of 16 yuan/ton [2]. - Polyester Chips: The price of semi - bright chips increased from 5,790 yuan/ton to 5,810 yuan/ton, an increase of 20 yuan/ton, and the cash - flow increased from - 152 yuan/ton to - 148 yuan/ton, an increase of 4 yuan/ton [2]. 3.4 Sales Volume Ratios - The sales volume ratio of polyester filament increased from 29% to 60%, an increase of 31 percentage points. The sales volume ratio of polyester staple fiber decreased from 74% to 70%, a decrease of 4 percentage points. The sales volume ratio of polyester chips increased from 68% to 74%, an increase of 6 percentage points [2]. 3.5 Device Maintenance - A 1.5 - million - ton PTA device in East China has been restarted after being shut down for maintenance around May 6. A 3 - million - ton PTA device in East China has recently been shut down for maintenance, with an expected maintenance period of about 10 days [2].