聚酯数据日报-20250918

Report Industry Investment Rating - Not 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+ increased oil production again at the meeting. Downstream profits have significantly recovered, and the polyester operating load has rebounded to 91% [2] - Ethylene glycol: 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 hedging volume has increased after the price recovery. Polyester inventory is in good condition, and the downstream weaving load has rebounded [2] Summary by Relevant Catalogs Market Quotes - INE crude oil rose from 493.6 yuan/barrel on September 16, 2025, to 499.3 yuan/barrel on September 17, an increase of 5.7 yuan/barrel [2] - PTA-SC decreased from 1101.0 yuan/ton to 1083.5 yuan/ton, a decrease of 17.42 yuan/ton; PTA/SC decreased from 1.3069 to 1.2986, a decrease of 0.0083 [2] - CFR China PX increased from 834 to 836, an increase of 2; PX-naphtha spread increased from 226 to 231, an increase of 6 [2] - PTA's main futures price rose from 4688 yuan/ton to 4712 yuan/ton, an increase of 24 yuan/ton; the spot price rose from 4610 yuan/ton to 4620 yuan/ton, an increase of 10 yuan/ton [2] - PTA's spot processing fee increased from 127.9 yuan/ton to 148.1 yuan/ton, an increase of 20.2 yuan/ton; the futures processing fee increased from 215.9 yuan/ton to 230.1 yuan/ton, an increase of 14.2 yuan/ton [2] - PTA's main basis increased from (80) to (77), an increase of 3; the number of PTA warehouse receipts decreased from 7889 to 0, a decrease of 7889 [2] - MEG's main futures price rose from 4272 yuan/ton to 4297 yuan/ton, an increase of 25 yuan/ton; MEG-naphtha increased from (125.95) yuan/ton to (125.14) yuan/ton, an increase of 0.8 yuan/ton [2] - MEG's domestic price decreased from 4385 yuan/ton to 4373 yuan/ton, a decrease of 12 yuan/ton; the main basis decreased from 105 to 85, a decrease of 20 [2] - POY150D/48F decreased from 6710 to 6705, a decrease of 5; POY cash flow decreased from 49 to 40, a decrease of 9 [2] - FDY150D/96F remained unchanged at 6910; FDY cash flow decreased from (251) to (255), a decrease of 4 [2] - DTY150D/48F decreased from 7970 to 7960, a decrease of 10; DTY cash flow decreased from 109 to 95, a decrease of 14 [2] - The long - filament sales rate increased from 40% to 42%, an increase of 2 percentage points [2] - 1.4D direct - spun polyester staple fiber remained unchanged at 6540; polyester staple fiber cash flow decreased from 229 to 225, a decrease of 4 [2] - The short - fiber sales rate decreased from 65% to 53%, a decrease of 12 percentage points [2] - Semi - bright chips increased from 5755 to 5760, an increase of 5; chip cash flow increased from (6) to (5), an increase of 1 [2] - The chip sales rate decreased from 120% to 105%, a decrease of 15 percentage points [2] Industry Chain Operating Conditions - PX, PTA, MEG operating rates and polyester load all remained unchanged at 87.16%, 78.25%, 62.20%, and 88.78% respectively [2] Device Maintenance - A 2.5 - million - ton PTA plant in East China restarted last weekend after being shut down for maintenance around August 26 [2]