聚酯数据日报-20250806

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - PTA: Commodity sentiment has weakened, domestic PTA production capacity supply has contracted, and port inventories have declined. The spread between PX and naphtha has expanded to around $250, but the profit margins of alkyl transfer and TDP are not optimistic. The spread between PX and MX remains at around $90. Market port inventories have decreased, and polyester replenishment has improved under the weakening basis. The basis of PTA has weakened, and market replenishment willingness has declined [2]. - Ethylene glycol: Coal prices have rebounded, leading to a rise in ethylene glycol prices. Macro - sentiment has slightly weakened, and the chemical industry has followed the weakening sentiment of bulk commodities. Overseas ethylene glycol plant maintenance, especially in Saudi Arabia, has been continuously postponed, which may have a significant impact on the market outlook. The future arrival volume of ethylene glycol has decreased. Polyester sales have weakened, downstream weaving profits have shrunk, and terminal loads have significantly declined, posing a certain negative impact on the market [2]. Group 3: Summary by Relevant Catalogs Market Data - INE crude oil price dropped from 514.3 yuan/barrel on August 4, 2025, to 508.8 yuan/barrel on August 5, 2025, a decrease of 5.5 yuan/barrel [2]. - PTA - SC spread increased from 960.5 yuan/ton to 984.5 yuan/ton, up 23.97 yuan/ton; PTA/SC ratio rose from 1.2570 to 1.2663, an increase of 0.0093 [2]. - CFR China PX price increased from 838 to 839, up 1; PX - naphtha spread expanded from 234 to 254, an increase of 20 [2]. - PTA主力期价 dropped from 4698 yuan/ton to 4682 yuan/ton, a decrease of 16 yuan/ton; PTA spot price fell from 4690 yuan/ton to 4660 yuan/ton, a decrease of 30 yuan/ton [2]. - PTA现货加工费 decreased from 173.2 yuan/ton to 144.6 yuan/ton, a decrease of 28.6 yuan/ton; 盘面加工费 dropped from 181.2 yuan/ton to 161.6 yuan/ton, a decrease of 19.6 yuan/ton [2]. - MEG主力期价 rose from 4389 yuan/ton to 4399 yuan/ton, an increase of 10 yuan/ton; MEG - naphtha spread increased from (101.55) yuan/ton to (100.74) yuan/ton, an increase of 0.8 yuan/ton [2]. - MEG内盘 price increased from 4455 yuan/ton to 4463 yuan/ton, an increase of 8 yuan/ton [2]. Industry Chain Operating Conditions - PX开工率 remained unchanged at 78.11%; PTA开工率 increased from 76.81% to 78.04%, an increase of 1.23%; MEG开工率 remained unchanged at 58.81%; polyester load increased from 86.15% to 87.09%, an increase of 0.94% [2]. Product Prices and Cash Flows - POY150D/48F price dropped from 6735 to 6715, a decrease of 20; POY现金流 increased from (17) to (14), an increase of 3 [2]. - FDY150D/96F price remained unchanged at 6995; FDY现金流 increased from (257) to (234), an increase of 23 [2]. - DTY150D/48F price dropped from 7960 to 7935, a decrease of 25; DTY现金流 decreased from 8 to 6, a decrease of 2 [2]. - 1.4D直纺涤短 price dropped from 6575 to 6550, a decrease of 25; 涤短现金流 decreased from 173 to 171, a decrease of 2 [2]. - 半光切片 price dropped from 5800 to 5780, a decrease of 20; 切片现金流 increased from (52) to (49), an increase of 3 [2]. Sales Volume - 长丝产销 increased from 32% to 37%, an increase of 5%; 短纤产销 decreased from 49% to 47%, a decrease of 2%; 切片产销 increased from 63% to 72%, an increase of 9% [2]. Device Maintenance - A 7.2 - million - ton PTA device of a supplier in East China reduced its load to 80 - 90% last night, and the recovery time depends on raw material logistics [2]