化工日报：PX/PTA跟随成本震荡运行-20250902

Report Industry Investment Rating - PX/PTA/PF/PR are rated neutral [5] Core Viewpoints - PX/PTA follows cost fluctuations. The progress of the Russia-Ukraine issue has stagnated or regressed, with oil prices slightly declining in the range. The PX load is expected to rise, and the PX balance sheet has shifted from de-stocking to a loose balance. The PTA balance sheet's de-stocking amplitude has narrowed, and the polyester load increase in September may fall short of expectations. The demand for PF has slightly improved, and the overall supply and demand have improved. The spot processing fee for PR is expected to fluctuate within a range [2][3][5] Summary by Directory Price and Basis - Figures include TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [11][12][15] Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [18][21] International Spreads and Import - Export Profits - Figures involve toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [26][28] Upstream PX and PTA Start - up - Figures show China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asia's PX load [29][32][34] Social Inventory and Warehouse Receipts - Figures include PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [37][40][46] Downstream Polyester Load - Figures cover filament production and sales, short - fiber production and sales, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing start - up rate, Jiangsu and Zhejiang dyeing start - up rate, and filament profit [50][52][63] PF Detailed Data - Figures include 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, raw - recycled spread, pure polyester yarn start - up rate, pure polyester yarn production profit, polyester - cotton yarn start - up rate, polyester - cotton yarn processing fee, pure polyester yarn factory inventory available days, and polyester - cotton yarn factory inventory available days [76][83][90] PR Fundamental Detailed Data - Figures involve polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip, bottle - chip next - month spread, and bottle - chip next - next - month spread [94][96][104]