聚酯数据日报-20250715

Report Industry Investment Rating - Not provided Core Viewpoints - Commodity sentiment has warmed up. PTA has strengthened in the context of supply - side contraction. Although the polyester downstream load remains at 90% despite the expectation of reduced load, the actual polyester production has reached a new high. In July, bottle chips and staple fibers are about to enter the maintenance cycle. PTA spot is becoming looser, and the market spot arrival volume has increased. Due to profit compression, the polyester replenishment willingness is not high. The maintenance of the Northeast PX plant and the Zhejiang reforming unit has been postponed [2]. - For ethylene glycol, coal prices have rebounded slightly, and commodity sentiment has clearly warmed up. However, the later arrival volume is large. Polyester production and sales have weakened, and polyester has entered the maintenance cycle. The rapid rise in polyester prices has compressed downstream weaving profits, and the terminal load has significantly declined, which has a certain negative impact on the market [2]. Summary by Relevant Catalogs Market Data - Crude Oil: INE crude oil price rose from 513.9 yuan/barrel on July 11, 2025, to 527.5 yuan/barrel on July 14, 2025, an increase of 13.60 yuan/barrel [2]. - PTA - SC: The PTA - SC price difference decreased from 965.4 yuan/ton to 906.6 yuan/ton, a decrease of 58.83 yuan/ton; the PTA/SC ratio decreased from 1.2585 to 1.2365, a decrease of 0.0220 [2]. - PX: CFR China PX price rose from 837 to 852, an increase of 15; the PX - naphtha price difference rose from 253 to 268, an increase of 15 [2]. - PTA: The PTA主力期价 rose from 4700 yuan/ton to 4740 yuan/ton, an increase of 40 yuan/ton; the PTA spot price rose from 4710 to 4735, an increase of 25 yuan/ton; the spot processing fee decreased from 193.5 yuan/ton to 136.6 yuan/ton, a decrease of 57.0 yuan/ton; the disk processing fee decreased from 183.5 yuan/ton to 141.6 yuan/ton, a decrease of 42.0 yuan/ton; the main basis increased from 0 to 8, an increase of 8; the PTA warehouse receipt quantity decreased from 43274 to 43190, a decrease of 84 [2]. - MEG: The MEG主力期价 rose from 4305 yuan/ton to 4357 yuan/ton, an increase of 52.0 yuan/ton; the MEG - naphtha price difference increased from (111.24) yuan/ton to (105.43) yuan/ton, an increase of 5.8 yuan/ton; the MEG domestic price rose from 4384 to 4398, an increase of 14.0 yuan/ton; the main basis decreased from 72 to 70, a decrease of 2.0 [2]. - Industrial Chain开工情况: The PX, PTA, and MEG开工 rates remained unchanged at 78.98%, 80.59%, and 54.86% respectively, while the polyester load increased from 86.87% to 87.15%, an increase of 0.28% [2]. - Polyester Products: POY150D/48F price decreased from 6645 to 6590, a decrease of 55.0; POY cash flow decreased from (101) to (182), a decrease of 81.0; FDY150D/96F price decreased from 6925 to 6935, a decrease of 90.0; FDY cash flow decreased from (321) to (437), a decrease of 116.0; DTY150D/48F price decreased from 7895 to 7890, a decrease of 5.0; DTY cash flow decreased from (51) to (82), a decrease of 31.0; the long - filament production and sales rate increased from 35% to 37%, an increase of 2%; 1.4D direct - spinning polyester staple fiber price decreased from 6700 to 6685, a decrease of 15; polyester staple fiber cash flow decreased from 304 to 263, a decrease of 41.0; the staple fiber production and sales rate increased from 41% to 73%, an increase of 32%; semi - bright chip price increased from 5795 to 5800, an increase of 5.0; chip cash flow decreased from (51) to (72), a decrease of 21.0; the chip production and sales rate increased from 62% to 144%, an increase of 82% [2]. 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].