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聚酯数据日报-20250904
Guo Mao Qi Huo·2025-09-04 05:13

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The PTA market shows a weak and volatile trend with sufficient spot supply, and the downstream polyester filament production and sales are about 51%. The PTA spot average price decreases, and the spot basis weakens. The MEG market in Zhangjiagang has a downward trend, and the futures continue the weak trend. The polyester downstream load remains at around 88%, and the domestic PTA production rebounds. The profit of polyester filament is significantly repaired, but some downstream device maintenance expectations are strong. The price of ethylene glycol recovers, and the later arrival volume decreases [2] Group 3: Summary According to the Directory Market Data - INE crude oil price increases from 490.4 yuan/barrel to 493.2 yuan/barrel, with a change of 2.80 yuan/barrel. The PTA - SC value decreases from 1192.2 yuan/ton to 1147.9 yuan/ton, with a change of -44.35 yuan/ton. The PTA/SC ratio decreases from 1.3345 to 1.3203, with a change of -0.0143. The CFR China PX price decreases from 846 to 843, with a change of -3. The PX - naphtha spread decreases from 250 to 243, with a change of -7 [2] - The PTA main contract futures price decreases from 4756 yuan/ton to 4732 yuan/ton, with a change of -24.0 yuan/ton. The PTA spot price decreases from 4725 yuan/ton to 4705 yuan/ton, with a change of -20.0 yuan/ton. The spot processing fee decreases from 179.6 yuan/ton to 159.5 yuan/ton, with a change of -20.1 yuan/ton. The disk processing fee decreases from 215.6 yuan/ton to 206.5 yuan/ton, with a change of -9.1 yuan/ton. The main contract basis changes from (49) to (51), with a change of -2.0 [2] - The MEG main contract futures price decreases from 4339 yuan/ton to 4331 yuan/ton, with a change of -8.0 yuan/ton. The MEG - naphtha value changes from (114.41) yuan/ton to (113.60) yuan/ton, with a change of 0.8 yuan/ton. The MEG domestic price decreases from 4468 yuan/ton to 4435 yuan/ton, with a change of -33.0 yuan/ton. The main contract basis increases from 84 to 88, with a change of 4.0 [2] Industry Chain Operating Conditions - The PX operating rate remains at 82.59%, with a change of 0.00%. The PTA operating rate remains at 74.26%, with a change of 0.00%. The MEG operating rate decreases from 62.03% to 61.77%, with a change of -0.26%. The polyester load remains at 87.99%, with a change of 0.00% [2] Polyester Product Data - The price of POY150D/48F remains at 6860, with a change of 0.0. The POY cash flow increases from 73 to 101, with a change of 28.0. The price of FDY150D/96F remains at 7130, with a change of 0.0. The FDY cash flow increases from (157) to (129), with a change of 28.0. The price of DTY150D/48F remains at 8035, with a change of 0.0. The DTY cash flow increases from 48 to 76, with a change of 28.0. The filament production and sales increase from 38% to 50%, with a change of 12% [2] - The price of 1.4D direct - spun polyester staple fiber decreases from 6590 to 6575, with a change of -15. The polyester staple fiber cash flow increases from 153 to 166, with a change of 13.0. The staple fiber production and sales decrease from 42% to 41%, with a change of -1% [2] - The price of semi - gloss chips decreases from 5815 to 5795, with a change of -20.0. The chip cash flow increases from (72) to (64), with a change of 8.0. The chip production and sales decrease from 61% to 46%, with a change of -15% [2] Device Maintenance - A 2.5 - million - ton PTA device in South China starts parking for maintenance today, and another 2.5 - million - ton device is expected to stop around August 23, with an expected maintenance time of more than one month [2]