Report Industry Investment Rating - No relevant information provided Core Viewpoints - PTA: Domestic PTA installations are gradually resuming, leading to an increase in domestic PTA production and a rapid decline in PTA basis. OPEC+ will likely increase oil production again at Sunday's meeting. Downstream profits have significantly recovered, and the operating load of polyester has rebounded to 91% [2] - Ethylene Glycol (MEG): The basis of MEG has weakened. The upcoming commissioning of Yulong Petrochemical's MEG plant is putting pressure on the futures market. Although the arrival of overseas MEG installations has decreased, the increase in hedging positions after the price rebound. Polyester inventory is in good condition, and the operating load of downstream weaving has increased [2] Summary by Relevant Catalogs Market Quotes - INE Crude Oil: The price rose from 486.2 yuan/barrel on September 10th to 489.2 yuan/barrel on September 11th, an increase of 3.00 yuan/barrel [2] - PTA: The spot price decreased from 4,625 yuan/ton to 4,620 yuan/ton, a decrease of 5.0 yuan/ton. The main futures price dropped from 4,698 yuan/ton to 4,688 yuan/ton, a decrease of 10.0 yuan/ton. The spot processing fee decreased from 134.3 yuan/ton to 126.0 yuan/ton, a decrease of 8.2 yuan/ton. The futures processing fee decreased from 202.3 yuan/ton to 194.0 yuan/ton, also a decrease of 8.2 yuan/ton [2] - MEG: The spot price in Zhangjiagang ethylene glycol market decreased from 4,441.5 yuan/ton to 4,437 yuan/ton, a decrease of 4.5 yuan/ton. The main futures price dropped from 4,319 yuan/ton to 4,302 yuan/ton, a decrease of 17.0 yuan/ton [2] Industry Chain Indicators - PX: CFR China PX remained at 838, and the PX-naphtha spread decreased from 241 to 235, a decrease of 6 [2] - Polyester Filament: The POY150D/48F price increased from 6,725 to 6,760, an increase of 35.0. The FDY150D/96F price decreased from 7,025 to 6,990, a decrease of 35.0. The DTY150D/48F price remained unchanged at 8,015. The filament sales rate decreased from 69% to 48%, a decrease of 21% [2] - Polyester Staple Fiber: The 1.4D direct-spun polyester staple fiber price increased from 6,540 to 6,565, an increase of 25. The staple fiber sales rate increased from 55% to 72%, an increase of 17% [2] - Polyester Chip: The semi-gloss chip price increased from 5,770 to 5,775, an increase of 5.0. The chip sales rate decreased from 198% to 54%, a decrease of 144% [2] Installation Maintenance - A 2.5 million-ton PTA installation in East China restarted last weekend after shutting down for maintenance around August 26 [2]
聚酯数据日报-20250912
Guo Mao Qi Huo·2025-09-12 11:28