聚酯数据日报-20250903

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - PTA: The spread between PX and naphtha has expanded, and the weakness of benzene prices has suppressed the further increase of PX production to a certain extent. The spread between PX and MX has rebounded, the downstream load of polyester has remained at around 88%, domestic PTA plants have gradually returned, and domestic PTA production has increased. With the recent improvement in sales and inventory reduction, especially the significant reduction of filament inventory, profits have been significantly repaired. However, the maintenance expectations of some downstream devices are relatively strong [2]. - Ethylene Glycol (MEG): South Korea's naphtha cracking units plan to cut production, and olefin varieties have risen significantly. The price of ethylene glycol has rebounded, and the maintenance of overseas ethylene glycol units, especially Saudi Arabian units, has been continuously postponed, which may have a significant impact on the market outlook. This has also continuously boosted the price of ethylene glycol. The later arrival volume of ethylene glycol has decreased. Polyester inventory is in good condition, and the downstream weaving load has increased [2]. 3) Summary by Relevant Catalogs a) Market Data - INE Crude Oil: The price rose from 483.5 yuan/barrel on September 1st to 490.4 yuan/barrel on September 2nd, an increase of 6.90 yuan/barrel [2]. - PTA - SC: The price decreased from 1258.4 yuan/ton to 1192.2 yuan/ton, a decrease of 66.14 yuan/ton; the ratio decreased from 1.3581 to 1.3345, a decrease of 0.0236 [2]. - CFR China PX: The price decreased from 848 to 846, a decrease of 2; the PX - naphtha spread decreased from 251 to 250, a decrease of 1 [2]. - PTA: The main contract futures price decreased from 4772 yuan/ton to 4756 yuan/ton, a decrease of 16.0 yuan/ton; the spot price increased from 4720 yuan/ton to 4725 yuan/ton, an increase of 5.0 yuan/ton; the spot processing fee decreased from 180.0 yuan/ton to 179.6 yuan/ton, a decrease of 0.4 yuan/ton; the on - disk processing fee decreased from 222.0 yuan/ton to 215.6 yuan/ton, a decrease of 6.4 yuan/ton; the main contract basis decreased from (42) to (49), a decrease of 7.0 [2]. - MEG: The main contract futures price decreased from 4427 yuan/ton to 4339 yuan/ton, a decrease of 88.0 yuan/ton; the MEG - naphtha spread decreased from (100.96) yuan/ton to (110.15) yuan/ton, a decrease of 9.2 yuan/ton; the domestic MEG price decreased from 4513 yuan/ton to 4468 yuan/ton, a decrease of 45.0 yuan/ton; the main contract basis increased from 84 to 88, an increase of 4.0 [2]. - Polyester Products: - Polyester Filament: POY150D/48F price remained unchanged at 6860 yuan/ton, FDY150D/96F price remained unchanged at 7130 yuan/ton, DTY150D/48F price remained unchanged at 8035 yuan/ton. POY cash flow increased from 63 to 73, an increase of 10.0; FDY cash flow increased from (167) to (157), an increase of 10.0; DTY cash flow increased from 38 to 48, an increase of 10.0. The filament sales rate decreased from 40% to 38%, a decrease of 2% [2]. - Polyester Staple Fiber: The price of 1.4D direct - spun polyester staple fiber decreased from 6605 yuan/ton to 6590 yuan/ton, a decrease of 15 yuan/ton; the cash flow decreased from 158 to 153, a decrease of 5.0; the sales rate increased from 39% to 42%, an increase of 3% [2]. - Polyester Chips: The price of semi - bright chips remained unchanged at 5815 yuan/ton; the cash flow increased from (82) to (72), an increase of 10.0; the sales rate decreased from 65% to 61%, a decrease of 4% [2]. b) Industry Operation - Operating Rates: The PX operating rate remained unchanged at 82.59%, the PTA operating rate increased from 72.55% to 74.26%, an increase of 1.71%, the MEG operating rate remained unchanged at 62.03%, and the polyester load remained unchanged at 87.99% [2]. c) Device Maintenance It is reported that a 2.5 - million - ton PTA plant in South China has started maintenance today, and another 2.5 - million - ton plant is expected to start maintenance around August 23, with an expected maintenance time of more than one month [2].