Report Summary 1) Report Industry Investment Rating - No information provided in the given content. 2) Core View of the Report - PTA: Domestic PTA production decreased slightly, and port inventories increased by 20,000 tons this week. The spread between PX and naphtha expanded to $260, and the weak benzene price restricted further increase in PX output. The spread between PX and MX recovered to around $140, driving the recovery of PX load. Polyester downstream load remained at around 88%, and polyester factory inventories were optimistic. Polyester production cuts were mainly in short - fiber and bottle - chip varieties. With improved sales and inventory reduction, and PTA price recovery, the weaving end load increased slightly [2]. - Ethylene glycol: Coal prices recovered, leading to an increase in ethylene glycol prices. Macro - sentiment weakened slightly, and the chemical industry followed the downward trend of bulk commodities. Overseas ethylene glycol plant maintenance, especially in Saudi Arabia, was continuously postponed, which affected the market outlook and boosted ethylene glycol prices. The future arrival volume of ethylene glycol decreased. Polyester inventories were in good condition, and the downstream weaving load increased [2]. 3) Summary by Relevant Catalogs Market Quotes - INE crude oil price dropped from 486.5 yuan/barrel on August 18, 2025, to 484.2 yuan/barrel on August 19, 2025, a decrease of 2.30 yuan/barrel. PTA - SC increased from 1210.6 yuan/ton to 1215.3 yuan/ton, an increase of 4.71 yuan/ton. PTA/SC ratio increased from 1.3424 to 1.3454, an increase of 0.0030. CFR China PX rose from 833 to 835, an increase of 2. PX - naphtha spread increased from 261 to 264, an increase of 4 [2]. - PTA主力期价 dropped from 4746 yuan/ton to 4734 yuan/ton, a decrease of 12 yuan/ton. PTA spot price rose from 4670 yuan/ton to 4690 yuan/ton, an increase of 20 yuan/ton. Spot processing fee decreased from 184.7 yuan/ton to 176.6 yuan/ton, a decrease of 8.1 yuan/ton. Disk processing fee decreased from 260.7 yuan/ton to 235.6 yuan/ton, a decrease of 25.1 yuan/ton. The main basis increased from (12) to (8), an increase of 4. PTA warehouse receipts decreased from 41,907 to 37,349, a decrease of 4558 [2]. - MEG主力期价 rose from 4346 yuan/ton to 4384 yuan/ton, an increase of 38 yuan/ton. MEG - naphtha decreased from (86.31) to (86.50), a decrease of 0.2. MEG domestic price rose from 4441 yuan/ton to 4458 yuan/ton, an increase of 17 yuan/ton. The main basis increased from 86 to 92, an increase of 6 [2]. Industry Chain Start - up Situation - PX start - up rate remained at 80.38%. PTA start - up rate decreased from 77.67% to 75.09%, a decrease of 2.58%. MEG start - up rate increased from 56.93% to 59.36%, an increase of 2.43%. Polyester load (POY150D/48F) remained at 87.30% [2]. Product Price and Cash Flow - POY150D/48F price dropped from 6770 to 6750, a decrease of 20. POY cash flow decreased from 39 to (3), a decrease of 42. FDY150D/96F price remained at 7100. FDY cash flow decreased from (131) to (153), a decrease of 22. DTY150D/48F price remained at 7955. DTY cash flow decreased from 24 to 2, a decrease of 22. Long - filament sales decreased from 46% to 51%, a decrease of 5% [2]. - 1.4D direct - spinning polyester short - fiber price rose from 6550 to 6555, an increase of 5. Polyester short - fiber cash flow decreased from 169 to 152, a decrease of 17. Short - fiber sales increased from 40% to 53%, an increase of 13% [2]. - Semi - bright chip price rose from 5800 to 5805, an increase of 5. Chip cash flow decreased from (31) to (48), a decrease of 17. Chip sales increased from 70% to 86%, an increase of 16% [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].
聚酯数据日报-20250820
Guo Mao Qi Huo·2025-08-20 07:16