聚酯数据日报-20250905

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Crude oil prices declined, weakening cost support for PTA. PTA supply was sufficient, downstream polyester filament sales were 42.67%, and the market lacked confidence, leading to a decline in PTA prices and a weakening basis [2]. - The price of ethylene glycol (MEG) rebounded slightly, and the spot market price followed suit with a slight increase, while the basis negotiation continued to strengthen [2]. - OPEC+ will consider increasing oil production again at Sunday's meeting. The spread between PX and naphtha has expanded, and the weakness of benzene prices has inhibited the further increase of PX production to some 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 [2]. - South Korea's naphtha cracking unit plans to cut production, and olefin varieties have risen significantly. The price of ethylene glycol has rebounded, and the maintenance of overseas ethylene glycol plants, especially Saudi Arabian plants, 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. The polyester inventory is in good condition, and the downstream weaving load has increased [2]. Summary by Related Catalogs Market Quotes - PTA: On September 4, 2025, the INE crude oil price was 481.0 yuan/barrel, a decrease of 12.20 yuan from the previous day; the PTA - SC was 1160.5 yuan/ton, an increase of 12.66 yuan; the PTA/SC ratio was 1.3320, an increase of 0.0117; the PTA主力期价 was 4656 yuan/ton, a decrease of 76.0 yuan; the PTA spot price remained unchanged at 4705 yuan; the spot processing fee was 88.1 yuan/ton, a decrease of 71.4 yuan; the disk processing fee was 134.1 yuan/ton, a decrease of 72.4 yuan; the main basis was (57), a decrease of 6.0; the PTA warehouse receipt quantity remained unchanged at 29742 [2]. - MEG: On September 4, 2025, the MEG主力期价 was 4357 yuan/ton, an increase of 26.0 yuan; the MEG - naphtha was (112.24) yuan/ton, an increase of 5.8 yuan; the MEG domestic price remained unchanged at 4435 yuan; the main basis was 88, an increase of 4.0 [2]. Industrial Chain Start - up Situation - On September 4, 2025, the PX start - up rate was 82.59%, unchanged; the PTA start - up rate was 74.26%, unchanged; the MEG start - up rate was 60.68%, a decrease of 1.09%; the polyester load was 88.16%, an increase of 0.17% [2]. Polyester Product Situation - Polyester Filament: The prices of POY150D/48F, FDY150D/96F, and DTY150D/48F remained unchanged at 6860 yuan, 7130 yuan, and 8035 yuan respectively on September 4, 2025. The cash flows of POY, FDY, and DTY also remained unchanged at 101 yuan, (129) yuan, and 76 yuan respectively. The sales rate of polyester filament was 43%, a decrease of 7% [2]. - Polyester Staple Fiber: The price of 1.4D direct - spun polyester staple fiber remained unchanged at 6575 yuan on September 4, 2025. The cash flow of polyester staple fiber remained unchanged at 166 yuan, and the sales rate was 39%, a decrease of 2% [2]. - Polyester Chip: The price of semi - glossy chips remained unchanged at 5795 yuan on September 4, 2025. The cash flow of chips remained unchanged at (64) yuan, and the sales rate was 49%, an increase of 3% [2]. Device Maintenance Dynamics - A 2.5 - million - ton PTA device in South China started maintenance on September 4, 2025, and another 2.5 - million - ton device is expected to stop for maintenance around August 23, with an expected maintenance time of more than one month [2].