聚酯数据日报-20250916

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - PTA: Domestic PTA plants are gradually resuming operation, leading to an increase in domestic PTA production and a rapid decline in PTA basis. OPEC+ increased oil production again at the meeting. Downstream profits have significantly recovered, and the operating load of polyester has rebounded to 91% [2]. - Ethylene Glycol (MEG): The basis of ethylene glycol has weakened. The upcoming commissioning of Yulong Petrochemical's ethylene glycol plant is putting pressure on the futures market. Although the arrival of overseas ethylene glycol plants has decreased, the increase in hedging positions after the price recovery. Polyester inventory is performing well, and the downstream weaving load has increased [2]. 3. Summary by Relevant Catalogs a. Market Data - Crude Oil: INE crude oil price rose slightly from 475.3 yuan/barrel on September 12, 2025, to 488.1 yuan/barrel on September 15, 2025 [2]. - PX: CFR China PX price increased from 832 to 836, and the PX - naphtha spread widened by 4 to 238 [2]. - PTA: The main PTA futures price rose from 4648 yuan/ton to 4672 yuan/ton, and the spot price increased from 4575 yuan/ton to 4600 yuan/ton. Both spot and futures processing fees showed slight increases [2]. - MEG: The main MEG futures price rose from 4272 yuan/ton to 4288 yuan/ton. The spot price in Zhangjiagang's ethylene glycol market increased, and the basis weakened [2]. - Polyester Filament: Prices of POY, FDY, and DTY decreased, and their cash flows also declined. The production - sales ratio of long - filament increased by 11% to 53% [2]. - Polyester Staple Fiber: The price of 1.4D direct - spinning polyester staple fiber increased slightly, and the production - sales ratio decreased by 6% to 50% [2]. - Polyester Chip: The price of semi - bright chips decreased slightly, and the production - sales ratio increased by 31% to 80% [2]. b. Operating Rates - PX operating rate remained unchanged at 87.16%, PTA operating rate was stable at 78.25%, MEG operating rate increased by 1.32% to 62.20%, and polyester load increased by 0.53% to 88.78% [2]. c. Device Maintenance An East China 2.5 million - ton PTA plant restarted last weekend after a shutdown for maintenance around August 26 [2].