聚酯数据日报-20250819

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - PTA: Domestic PTA production decreased slightly, and port inventory increased by 20,000 tons this week. The spread between PX and naphtha expanded to $260, and the weak benzene price restricted the further increase of PX production. The spread between PX and MX recovered to around $140, and the repair of short - process profit was the main driving force for the recovery of PX load. Polyester downstream load remained at around 88%, and the inventory of polyester factories was optimistic. The main production - reducing factories in polyester were concentrated in short - fiber and bottle - chip varieties. With the recent improvement in sales and inventory reduction, and the recovery of PTA price, the load of the weaving end increased slightly [2]. - Ethylene Glycol (MEG): Coal prices recovered, and MEG prices also recovered. The macro - sentiment weakened slightly, and the chemical industry followed the weakening sentiment of commodities. Overseas MEG plant maintenance, especially in Saudi Arabia, was continuously postponed, which might have a significant impact on the market outlook and boosted MEG prices. The later arrival volume of MEG decreased. Polyester inventory was in good condition, and the downstream weaving load increased [2]. 3) Summary by Relevant Catalogs Market Quotes - INE crude oil price increased from 486.3 yuan/barrel on August 15th to 486.5 yuan/barrel on August 18th, with an increase of 0.2 yuan/barrel. PTA - SC spread increased from 1182.0 yuan/ton to 1210.6 yuan/ton, with an increase of 28.55 yuan/ton. PTA/SC ratio increased from 1.3345 to 1.3424, with an increase of 0.0079. CFR China PX price increased from 827 to 833, with an increase of 6. PX - naphtha spread increased from 256 to 261, with an increase of 5 [2]. - PTA主力期价 increased from 4716 yuan/ton to 4746 yuan/ton, with an increase of 30 yuan/ton. PTA spot price increased from 4660 to 4670, with an increase of 10 yuan/ton. Spot processing fee decreased from 214.0 yuan/ton to 184.7 yuan/ton, with a decrease of 29.2 yuan/ton. Disk processing fee increased from 260.0 yuan/ton to 260.7 yuan/ton, with an increase of 0.8 yuan/ton. PTA仓单数量 decreased from 44709 to 41907, with a decrease of 2802 [2]. - MEG主力期价 decreased from 4369 yuan/ton to 4346 yuan/ton, with a decrease of 23 yuan/ton. MEG - naphtha spread decreased from (91.73) yuan/ton to (91.92) yuan/ton, with a decrease of 0.2 yuan/ton. MEG内盘 decreased from 4462 to 4441, with a decrease of 21 yuan/ton [2]. Industry Chain Starting Conditions - PX starting rate remained at 80.38%. PTA starting rate remained at 77.67%. MEG starting rate increased from 55.22% to 56.93%, with an increase of 1.71%. Polyester load increased from 86.88% to 87.30%, with an increase of 0.42% [2]. Product Performance - In polyester filament, POY150D/48F price remained at 6770, POY cash flow decreased from 41 to 39, with a decrease of 2. FDY150D/96F price increased from 7095 to 7100, with an increase of 5. FDY cash flow increased from (134) to (131), with an increase of 3. DTY150D/48F price remained at 7955, DTY cash flow decreased from 26 to 24, with a decrease of 2. Filament sales increased from 36% to 46%, with an increase of 10% [2]. - In polyester short - fiber, 1.4D direct - spun polyester short - fiber price decreased from 6555 to 6550, with a decrease of 5. Polyester short - fiber cash flow decreased from 176 to 169, with a decrease of 7. Short - fiber sales decreased from 49% to 40%, with a decrease of 9% [2]. - In polyester chips, semi - bright chip price increased from 5785 to 5800, with an increase of 15. Chip cash flow increased from (44) to (31), with an increase of 13. Chip sales increased from 54% to 70%, with an increase of 16% [2]. Device Maintenance An East - China supplier's 7.2 - million - ton PTA device reduced its load to 80 - 90% last night, and the recovery time depends on raw material logistics [2].