聚酯数据日报-20250717

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - PTA shows strength with supply contraction and warm commodity sentiment, but its spot market is becoming looser, and the actual polyester output hits a new high. Polyester downstream load remains at 90% despite the expectation of load reduction, and bottle chips and short - fibers are about to enter the maintenance cycle in July. Northeast PX plant and Zhejiang reform device maintenance are postponed [2] - For ethylene glycol, coal prices rise slightly, commodity sentiment warms up, but the later arrival volume is large. Polyester production and sales weaken, and polyester enters the maintenance cycle. The sharp rise in polyester prices shrinks downstream weaving profits and reduces terminal load, which is a negative impact on the market [2] Group 3: Summary by Relevant Catalogs Market Data - INE crude oil price drops from 518.2 yuan/barrel on July 15th to 517.4 yuan/barrel on July 16th; PTA - SC rises from 930.2 yuan/ton to 946.0 yuan/ton; PTA/SC ratio increases from 1.2470 to 1.2516; CFR China PX drops from 838 to 834; PX - naphtha spread rises from 241 to 250 [2] - PTA's main futures price rises from 4696 yuan/ton to 4706 yuan/ton, spot price from 4715 yuan/ton to 4720 yuan/ton, spot processing fee from 176.7 yuan/ton to 211.5 yuan/ton, and disk processing fee from 172.7 yuan/ton to 202.5 yuan/ton. PTA's main basis rises from 9 to 11, and the number of PTA warehouse receipts decreases from 41840 to 40760 [2] - MEG's main futures price rises from 4322 yuan/ton to 4351 yuan/ton, MEG - naphtha from (105.84) yuan/ton to (105.03) yuan/ton, MEG inner - market price drops from 4408 to 4400, and the main basis drops from 72 to 70 [2] Industry Chain Start - up - PX start - up rate remains at 78.98%, PTA start - up rate at 80.59%, MEG start - up rate rises from 54.86% to 56.65%, and polyester load remains at 87.15% [2] Polyester Product Data - In polyester filament, POY150D/48F price drops from 6590 to 6570, POY cash flow from (168) to (190); FDY150D/96F price remains at 6815, FDY cash flow from (443) to (445); DTY150D/48F price remains at 7890, DTY cash flow from (68) to (70). Filament production and sales rise from 36% to 41% [2] - In polyester staple fiber, 1.4D direct - spinning polyester staple price remains at 6680, staple fiber cash flow from 272 to 270, and short - fiber production and sales rise from 40% to 44% [2] - In polyester chips, semi - bright chip price drops from 5785 to 5770, chip cash flow from (73) to (90), and chip production and sales rise from 32% to 63% [2] Device Maintenance - A 1.5 - million - ton PTA device in East China restarts after parking for maintenance around May 6th, and a 3 - million - ton PTA device in East China stops for maintenance recently, expected to last about 10 days [2]