聚酯数据日报-20250917

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - PTA: In the PTA market, the intraday crude oil prices were strong, and the low processing fees provided strong cost support for PTA. However, the ample PTA spot supply restricted its upward movement. Domestic PTA plants are gradually resuming operations, leading to an increase in domestic PTA production and a rapid decline in PTA basis. After the OPEC+ meeting, oil production was increased again, and the downstream profits were significantly restored, with the polyester operating load rising to 91% [2]. - MEG: In the MEG market, the spot price in Zhangjiagang decreased this week. The futures price first rose and then fell, and the spot market price followed suit. The basis negotiation declined. The basis of MEG weakened, and the upcoming commissioning of Yulong Petrochemical's MEG plant put pressure on the futures market. Although the arrival of overseas MEG plants decreased, the hedging positions increased after the price rebounded. The polyester inventory was in good condition, and the downstream weaving load increased [2]. 3. Summary by Relevant Catalogs Market Data - Crude Oil: The INE crude oil price increased from 488.1 yuan/barrel on September 15, 2025, to 493.6 yuan/barrel on September 16, 2025, with a change of 5.50 yuan/barrel [2]. - PTA: The PTA - SC spread decreased from 1124.9 yuan/ton to 1101.0 yuan/ton, the PTA/SC ratio decreased from 1.3171 to 1.3069. The CFR China PX price decreased from 836 to 834, and the PX - naphtha spread decreased from 238 to 226. The PTA主力期价 increased from 4672 yuan/ton to 4688 yuan/ton, the PTA现货价格 increased from 4600 yuan/ton to 4610 yuan/ton. The spot processing fee increased from 115.4 yuan/ton to 127.9 yuan/ton, and the disk processing fee increased from 187.4 yuan/ton to 215.9 yuan/ton. The PTA仓单数量 decreased from 9893 to 7889 [2]. - MEG: The MEG主力期价 decreased from 4288 yuan/ton to 4272 yuan/ton, the MEG - naphtha spread increased from -130.89 yuan/ton to -127.08 yuan/ton. The MEG内盘 increased from 4378 yuan/ton to 4385 yuan/ton, and the主力基差 decreased from 105 to 85 [2]. - Polyester Products: The prices of POY150D/48F, FDY150D/96F, and DTY150D/48F remained unchanged. The POY现金流 decreased from 60 to 49, the FDY现金流 decreased from -240 to -251, and the DTY现金流 decreased from 120 to 109. The长丝产销 decreased from 53% to 40%. The price of 1.4D直纺涤短 increased from 6535 to 6540, the涤短现金流 decreased from 235 to 229, and the短纤产销 increased from 50% to 65%. The price of半光切片 increased from 5750 to 5755, the切片现金流 decreased from 0 to -6, and the切片产销 increased from 80% to 120% [2]. Industry Operating Rates - The PX开工率 remained at 87.16%, the PTA开工率 remained at 78.25%, the MEG开工率 remained at 62.20%, and the聚酯负荷 remained at 88.78% [2]. Device Maintenance - A 2.5 - million - ton PTA plant in East China restarted last weekend after shutting down for maintenance around August 26 [2]