聚酯数据日报-20250620

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The conflict between Iran and Israel has further escalated, with Israel attacking Iranian oil - field facilities and Iran responding. It is expected that crude oil prices will continue to rise, and the chemical industry as a whole will follow [2]. - PTA is expected to reduce inventory in the coming period. The actions of major factories to increase the basis for sales have had a significant impact on the market, and PTA spot is becoming tight. Polyester has recently rapidly reduced inventory, and the inventory has increased significantly. Affected by the rise in crude oil prices, market purchasing willingness has increased [2]. - For ethylene glycol, although the overall import volume from Iran is limited, the conflict escalation may affect Iran's petrochemical exports. Coal - based ethylene glycol profit has expanded, and the recent blockage of ethane imports from the United States has affected domestic ethylene glycol plants. Ethylene glycol will continue the inventory - reduction rhythm, and the arrival volume will decrease [2]. 3) Summary by Relevant Catalogs Market Data - Crude Oil: INE crude oil price rose from 552.7 yuan/barrel on June 18, 2025, to 570.9 yuan/barrel on June 19, 2025, an increase of 18.20 yuan/barrel [2]. - PTA: PTA - SC decreased from 897.5 yuan/ton to 839.2 yuan/ton, a decrease of 58.26 yuan/ton; PTA/SC ratio decreased from 1.2234 to 1.2023, a decrease of 0.0212; PTA main - contract futures price rose from 4914 yuan/ton to 4988 yuan/ton, an increase of 74.0 yuan/ton; PTA spot price remained at 5190 yuan/ton; spot processing fee decreased from 409.2 yuan/ton to 324.7 yuan/ton, a decrease of 84.5 yuan/ton; on - disk processing fee decreased from 103.2 yuan/ton to 92.7 yuan/ton, a decrease of 10.5 yuan/ton; main - contract basis decreased from 293 to 270, a decrease of 23.0; PTA warehouse - receipt quantity decreased from 80591 to 37468, a decrease of 43123 [2]. - MEG: MEG main - contract futures price rose from 4471 yuan/ton to 4539 yuan/ton, an increase of 68.0 yuan/ton; MEG - naphtha increased from (129.84) yuan/ton to (127.03) yuan/ton, an increase of 2.8 yuan/ton; MEG domestic price rose from 4529 yuan/ton to 4585 yuan/ton, an increase of 56.0 yuan/ton; main - contract basis increased from 82 to 86, an increase of 4.0 [2]. - PX: CFR China PX rose from 888 to 904, an increase of 16; PX - naphtha spread rose from 262 to 271, an increase of 9; PX operating rate decreased from 83.07% to 82.70%, a decrease of 0.37% [2]. Industry Chain Operating Conditions - PX Operating Rate: Decreased from 83.07% to 82.70%, a decrease of 0.37% [2]. - PTA Operating Rate: Decreased from 83.80% to 78.56%, a decrease of 5.24% [2]. - MEG Operating Rate: Increased from 56.16% to 57.88%, an increase of 1.72% [2]. - Polyester Load: Decreased from 89.99% to 89.98%, a decrease of 0.01% [2]. Product Price and Cash - flow - Polyester Filament: POY150D/48F decreased from 7130 to 7120, a decrease of 10.0; POY cash - flow decreased from (75) to (103), a decrease of 28.0; FDY150D/96F remained at 7445; FDY cash - flow decreased from (260) to (278), a decrease of 18.0; DTY150D/48F rose from 8370 to 8390, an increase of 20.0; DTY cash - flow increased from (35) to (33), an increase of 2.0; filament sales rate decreased from 59% to 31%, a decrease of 28% [2]. - Polyester Staple Fiber: 1.4D direct - spun polyester staple fiber rose from 6835 to 6890, an increase of 55; staple - fiber cash - flow increased from (20) to 17, an increase of 37.0; staple - fiber sales rate decreased from 64% to 61%, a decrease of 3% [2]. - Polyester Chip: Semi - bright chip decreased from 6055 to 6050, a decrease of 5.0; chip cash - flow decreased from (250) to (273), a decrease of 23.0; chip sales rate increased from 40% to 42%, an increase of 2% [2]. Device Maintenance - An East - China 1.5 - million - ton PTA device has been restarted after being shut down for maintenance around May 6; an East - China 3 - million - ton PTA device has recently shut down for maintenance, expected to last about 10 days [4].