聚酯数据日报-20250801

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views - The overall sentiment in the commodity market has weakened. The supply of domestic PTA production capacity has contracted, and the port inventory of PTA has declined. The spread between PX and naphtha has expanded to around $250, while the profitability of alkyl transfer and TDP is not optimistic. The spread between PX and MX has remained at around $90. The market's port inventory has decreased, and polyester replenishment has improved as the basis weakens. However, the basis of PTA has weakened, and the market's willingness to replenish has declined [2]. - The coal price has rebounded, leading to an increase in the price of ethylene glycol. The macro - sentiment has slightly weakened, and the chemical industry has followed the weakening sentiment of bulk commodities. The maintenance of overseas ethylene glycol plants, especially those in Saudi Arabia, has been continuously postponed, which may have a significant impact on the market outlook and has been boosting the price of ethylene glycol. The future arrival volume of ethylene glycol has decreased. The polyester production and sales have weakened, the profit of downstream weaving has shrunk, and the terminal load has significantly declined, which has a certain negative impact on the market [2]. Group 3: Summary by Related Catalogs 1. Market Data Changes - INE Crude Oil: The price increased from 528.6 yuan/barrel on July 30, 2025, to 531.3 yuan/barrel on July 31, 2025, with a change of 2.70 yuan/barrel [2]. - PTA - SC: The price decreased from 1014.6 yuan/ton to 947.0 yuan/ton, a change of - 67.62 yuan/ton [2]. - PTA/SC (Ratio): It decreased from 1.2641 to 1.2453, a change of - 0.0189 [2]. - CFR China PX: The price dropped from 866 to 858, a change of - 8 [2]. - PX - Naphtha Spread: It decreased from 277 to 250, a change of - 27 [2]. - PTA Main Contract Futures Price: It decreased from 4856 yuan/ton to 4808 yuan/ton, a change of - 48.0 yuan/ton [2]. - PTA Spot Price: It decreased from 4860 to 4825 yuan/ton, a change of - 35.0 yuan/ton [2]. - PTA Spot Processing Fee: It increased from 179.3 yuan/ton to 189.0 yuan/ton, a change of 9.7 yuan/ton [2]. - PTA Futures Processing Fee: It decreased from 185.3 yuan/ton to 177.0 yuan/ton, a change of - 8.3 yuan/ton [2]. - PTA Main Contract Basis: It decreased from (10) to (15), a change of - 5.0 [2]. - PTA Warehouse Receipt Quantity: Remained unchanged at 29738 [2]. - MEG Main Contract Futures Price: It decreased from 4450 yuan/ton to 4414 yuan/ton, a change of - 36.0 yuan/ton [2]. - MEG - Naphtha: It decreased from (112.68) to (116.87) yuan/ton, a change of - 4.2 yuan/ton [2]. - MEG Domestic Market: It decreased from 4527 to 4503 yuan/ton, a change of - 24.0 yuan/ton [2]. - MEG Main Contract Basis: It decreased from 63 to 60, a change of - 3.0 [2]. 2. Industry Chain Operating Rates - PX Operating Rate: Remained unchanged at 77.29% [2]. - PTA Operating Rate: Decreased from 79.45% to 76.64%, a change of - 2.81% [2]. - MEG Operating Rate: Remained unchanged at 58.13% [2]. - Polyester Load: Remained unchanged at 86.28% [2]. 3. Polyester Product Prices and Cash Flows - POY150D/48F: Remained unchanged at 6760 [2]. - POY Cash Flow: Increased from (162) to (124), a change of 38.0 [2]. - FDY150D/96F: Increased from 7060 to 7065, a change of 5.0 [2]. - FDY Cash Flow: Increased from (362) to (319), a change of 43.0 [2]. - DTY150D/48F: Increased from 7955 to 7960, a change of 5.0 [2]. - DTY Cash Flow: Increased from (167) to (124), a change of 43.0 [2]. - 1.4D Direct - Spun Polyester Staple Fiber: Decreased from 6665 to 6650, a change of - 15 [2]. - Polyester Staple Fiber Cash Flow: Increased from 93 to 116, a change of 23.0 [2]. - Semi - Bright Polyester Chip: Decreased from 5920 to 5905, a change of - 15.0 [2]. - Polyester Chip Cash Flow: Increased from (102) to (79), a change of 23.0 [2]. 4. Production and Sales Rates - Long - Filament Production and Sales Rate: Decreased from 110% to 27%, a change of - 83% [2]. - Short - Fiber Production and Sales Rate: Increased from 42% to 49%, a change of 7% [2]. - Polyester Chip Production and Sales Rate: Decreased from 89% to 72%, a change of - 17% [2]. 5. Device Maintenance - A 7.2 - million - ton PTA plant of a supplier in East China reduced its load to 80 - 90% last night, and the recovery time depends on the raw material logistics situation [2].