Report Industry Investment Rating - Not provided Core View - For PTA, near - term start - up increases, polyester load slightly rises, inventory accumulates, basis remains weak, and spot processing fees are still low. With additional maintenance under low processing fees and stable polyester start - up expected, there is a chance to expand processing fees by going long at low prices [2]. - For MEG, near - term domestic device restarts are postponed, overseas unexpected maintenance occurs. Short - term port inventory is expected to remain low, and it's expected to be a wide - range shock. Attention should be paid to the restart progress of satellite devices [2]. - For polyester staple fiber, near - term start - up increases slightly, inventory accumulates. Considering the low processing fees on the disk, there is a chance to expand processing fees by going long at low prices [2]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable, the Thai cup - lump price rebounds due to rainfall affecting tapping. The recommended strategy is to wait and see [2]. By Product Category PTA - Price data: From 2025/08/06 to 2025/08/12, crude oil price remained at 66.6, PTA internal - market spot price rose from 4680 to 4705, and other related prices and spreads changed accordingly [2]. - Device change: Jiaxing Petrochemical's 2.2 million - ton device restarted [2]. - Outlook: TA additional maintenance increases under low processing fees. Polyester start - up is expected to stabilize and have upward elasticity, and there is a chance to expand processing fees by going long at low prices [2]. MEG - Price data: From 2025/08/06 to 2025/08/12, Northeast Asia ethylene price remained at 825, MEG internal - market price rose from 4491 to 4502, and other related prices and profits changed [2]. - Device change: Shanxi Wouneng's 300,000 - ton device was under maintenance [2]. - Outlook: EG supply has postponed restarts and overseas unexpected maintenance. Short - term port inventory is expected to remain low, and it's expected to be a wide - range shock. Attention should be paid to the restart progress of satellite devices [2]. Polyester Staple Fiber - Price data: From 2025/08/06 to 2025/08/12, the price of 1.4D cotton - type staple fiber rose from 6535 to 6570, and other related prices and profits changed [2]. - Outlook: Near - term start - up increases slightly, inventory accumulates. Considering the low processing fees on the disk, there is a chance to expand processing fees by going long at low prices [2]. Natural Rubber & 20 - Number Rubber - Price data: From 2025/08/06 to 2025/08/12, the price of US - dollar Thai standard rubber rose from 1760 to 1795, and other related prices and spreads changed [2]. - Outlook: The national explicit inventory is stable, the Thai cup - lump price rebounds due to rainfall affecting tapping. The recommended strategy is to wait and see [2]. Styrene - Price data: From 2025/08/06 to 2025/08/12, ethylene (CFR Northeast Asia) price rose from 820 to 825, and other related prices and profits changed [2].
芳烃橡胶早报-20250813
Yong An Qi Huo·2025-08-13 00:35