聚酯数据日报-20250724

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - For PTA, commodity sentiment has improved, domestic PTA production capacity supply has contracted, port inventory has declined, and a large number of warehouse receipts are being canceled. The spread between PX and naphtha has expanded to around $250, and the profit margins of alkyl transfer and TDP are not optimistic. The spread between PX and MX remains at around $90. In July, bottle chips and staple fibers are about to enter the maintenance cycle. The port inventory in the market has decreased, and polyester replenishment has improved under the weakening basis. The basis of PTA has rebounded from 0 to 30. The maintenance of mainstream PTA factories has significantly boosted the market [2]. - For ethylene glycol, coal prices have rebounded, ethylene glycol prices have increased, and macro - sentiment has improved significantly. Overseas ethylene glycol plants, especially those in Saudi Arabia, have continuously postponed maintenance, which may have a significant impact on the future market. The future arrival volume of ethylene glycol has decreased. Polyester production and sales have weakened, and polyester has entered the maintenance cycle. Due to the rapid increase in polyester prices, the downstream weaving profit has shrunk, and the terminal load has significantly declined, which has a certain negative impact on the market [2]. 3. Summary by Relevant Catalogs Market Quotes - INE crude oil decreased from 504.3 yuan/barrel on July 22, 2025, to 503.7 yuan/barrel on July 23, 2025, a decrease of 0.60 yuan/barrel. PTA - SC decreased from 1129.2 yuan/ton to 1123.6 yuan/ton, a decrease of 5.64 yuan/ton. PTA/SC decreased from 1.3081 to 1.3069, a decrease of 0.0012. CFR China PX decreased from 843 to 842, a decrease of 1. The PX - naphtha spread increased from 270 to 276, an increase of 6 [2]. - The PTA main contract futures price decreased from 4794 yuan/ton to 4784 yuan/ton, a decrease of 10 yuan/ton. The PTA spot price increased from 4775 yuan/ton to 4810 yuan/ton, an increase of 35 yuan/ton. The spot processing fee increased from 212.1 yuan/ton to 240.4 yuan/ton, an increase of 28.3 yuan/ton. The disk processing fee decreased from 246.1 yuan/ton to 244.4 yuan/ton, a decrease of 1.7 yuan/ton. The main contract basis remained unchanged at 2 [2]. - The MEG main contract futures price decreased from 4447 yuan/ton to 4436 yuan/ton, a decrease of 11 yuan/ton. MEG - naphtha decreased from (81.77) yuan/ton to (82.96) yuan/ton, a decrease of 1.2 yuan/ton. MEG domestic price increased from 4490 yuan/ton to 4501 yuan/ton, an increase of 11 yuan/ton. The main contract basis decreased from 62 to 58, a decrease of 4 [2]. Industry Chain Start - up Conditions - The PX start - up rate remained unchanged at 77.74%. The PTA start - up rate remained unchanged at 80.59%. The MEG start - up rate increased from 57.35% to 57.48%, an increase of 0.13%. The polyester load remained unchanged at 87.01% [2]. Polyester Product Data - For polyester filament, POY150D/48F increased from 6530 to 6595, an increase of 65. POY cash flow increased from (307) to (275), an increase of 32. FDY150D/96F increased from 6750 to 6875, an increase of 125. FDY cash flow increased from (587) to (495), an increase of 92. DTY150D/48F increased from 7765 to 7785, an increase of 20. DTY cash flow decreased from (272) to (285), a decrease of 13. The filament production and sales rate decreased from 105% to 84%, a decrease of 21% [2]. - For polyester staple fiber, 1.4D direct - spun polyester staple fiber increased from 6640 to 6650, an increase of 10. The staple fiber cash flow decreased from 153 to 130, a decrease of 23. The staple fiber production and sales rate increased from 48% to 55%, an increase of 7% [2]. - For polyester chips, semi - bright chips increased from 5835 to 5855, an increase of 20. The chip cash flow decreased from (102) to (115), a decrease of 13. The chip production and sales rate increased from 82% to 128%, an increase of 46% [2]. Device Maintenance Dynamics - 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 been shut down for maintenance recently, with an expected maintenance period of around 10 days [2].