聚酯数据日报-20250922

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - PTA prices declined and the basis weakened due to weak crude oil market, concerns about PX unit maintenance delays, and sufficient spot supply. Meanwhile, the decline in prices was beneficial for downstream cost reduction. The domestic PTA production increased as PTA units gradually resumed operation, leading to a rapid decline in the PTA basis and market pressure. The increase in OPEC+ oil production caused a significant drop in crude oil prices, and the spread between PX and naphtha narrowed. With weaker sales, rising inventories, and the approaching off - season, PTA showed weakness [2]. - The ethylene glycol futures fluctuated weakly, and the spot market price followed the low - level operation with a slight increase in the basis. The ethylene glycol inventory at East China ports continued to decline, and the port was expected to continue destocking. However, domestic device commissioning and the return of coal - based ethylene glycol devices put continuous pressure on the ethylene glycol price [2]. - The overall polyester inventory was in good condition, and the downstream weaving load increased [2]. Summaries According to Relevant Catalogs Market Data - Crude Oil: The INE crude oil price dropped from 491.8 yuan/barrel on September 18, 2025, to 487.0 yuan/barrel on September 19, 2025, a decrease of 4.80 yuan/barrel [2]. - PTA: The PTA - SC spread decreased from 1092.0 yuan/ton to 1064.9 yuan/ton; the PTA/SC ratio decreased from 1.3056 to 1.3009. The PTA主力期价 dropped from 4666 yuan/ton to 4604 yuan/ton, and the spot price fell from 4630 yuan/ton to 4555 yuan/ton. The spot processing fee decreased from 151.8 yuan/ton to 148.2 yuan/ton, and the futures processing fee decreased from 227.8 yuan/ton to 222.2 yuan/ton. The basis decreased from 77 to 82 [2]. - PX: The CFR China PX price decreased from 827 to 816, and the PX - naphtha spread increased from 218 to 219 [2]. - MEG: The MEG主力期价 dropped from 4268 yuan/ton to 4257 yuan/ton, and the MEG - naphtha spread increased from - 121.50 yuan/ton to - 120.69 yuan/ton. The MEG domestic price decreased from 4362 to 4351, and the basis decreased from 85 to 80 [2]. Industry Chain Start - up Conditions - The PX start - up rate remained at 85.57%, the PTA start - up rate remained at 78.25%, the MEG start - up rate increased from 61.32% to 62.20%, and the polyester load remained at 89.00% [2]. Product Prices and Cash Flows - Polyester Filament: The prices of POY150D/48F, FDY150D/96F, and DTY150D/48F decreased by 25, 65, and 45 respectively. The cash flows of POY, FDY, and DTY increased by 43, 3, and 23 respectively. The polyester filament sales rate increased from 40% to 43% [2]. - Polyester Staple Fiber: The price of 1.4D direct - spun polyester staple fiber decreased by 50, the cash flow increased by 18, and the sales rate decreased from 61% to 51% [2]. - Polyester Chip: The price of semi - bright chips decreased by 30, the cash flow increased by 38, and the sales rate decreased from 69% to 52% [2]. Device Maintenance Dynamics - A 2.5 - million - ton PTA unit in East China restarted last weekend after shutting down for maintenance around August 26 [2].