Report Industry Investment Rating - No relevant information provided Core Viewpoints - The PTA market is affected by the decline in crude oil prices, weakening cost support. With the restart of domestic PTA devices, PTA output is rising, and the basis is rapidly declining. The OPEC+ meeting increased oil production again. Downstream profits have significantly recovered, and the polyester operating load has rebounded to 91%. [2] - The ethylene glycol basis is weakening. The upcoming commissioning of Yulong Petrochemical's ethylene glycol device is putting pressure on the market. Although the arrival of overseas ethylene glycol devices has decreased, the hedging volume has increased after the price recovery. Polyester inventory is in good condition, and the downstream weaving load has rebounded. [2] Summary by Directory Market Data - Crude Oil: INE crude oil price dropped from 489.2 yuan/barrel on September 11, 2025, to 475.3 yuan/barrel on September 12, 2025, a decrease of 13.9 yuan/barrel [2]. - PTA: PTA主力期价 decreased from 4688 yuan/ton to 4648 yuan/ton, and the spot price dropped from 4620 yuan/ton to 4575 yuan/ton. The spot and disk processing fees also decreased. The PTA - SC price difference increased by 61.01 yuan/ton, and the PTA/SC ratio increased by 0.0270 [2]. - MEG: MEG主力期价 decreased from 4302 yuan/ton to 4272 yuan/ton, and the MEG - naphtha price difference decreased by 4.2 yuan/ton. The MEG internal market price dropped from 4414 yuan/ton to 4386 yuan/ton [2]. - PX: CFR China PX price decreased from 838 to 832, and the PX - naphtha price difference decreased by 1 [2]. - Polyester Products: The prices and cash flows of most polyester products showed certain changes, and the sales rates of long - silk, short - fiber, and slices all decreased [2]. Industry Chain Operating Conditions - PX: The operating rate increased from 83.71% to 87.16%, an increase of 3.45% [2]. - PTA: The operating rate remained at 78.25% [2]. - MEG: The operating rate remained at 60.88% [2]. - Polyester: The load remained at 88.25% [2]. Device Maintenance - An East China 2.5 - million - ton PTA device restarted last weekend after shutting down for maintenance around August 26 [3]
聚酯数据日报-20250915
Guo Mao Qi Huo·2025-09-15 12:32