聚酯数据日报-20250924

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - PTA: Domestic PTA device returns gradually, increasing PTA output and causing the PTA basis to decline rapidly. OPEC+ raises oil production, leading to a significant drop in crude oil prices and a contraction in the spread between PX and naphtha. With weakening sales and rising inventory, especially as the off - season approaches, PTA shows weak performance due to falling crude oil prices and a weakening basis [2] - Ethylene glycol: The inventory of ethylene glycol ports in East China continues to decline, and it is expected to continue to deplete. Although the import of ethylene glycol in the overseas market is expected to decline, domestic device production puts continuous pressure on the ethylene glycol price. Coal - based ethylene glycol devices are also returning. Polyester inventory is in good condition, and the downstream weaving load is rising [2] Group 3: Summary by Related Catalogs 1. Market Data Changes - Crude oil and PTA - related: INE crude oil price dropped from 483.0 yuan/barrel on September 22, 2025, to 473.1 yuan/barrel on September 23, 2025, a decrease of 9.90 yuan/barrel. PTA - SC decreased by 9.90 yuan/ton, PTA/SC ratio increased by 41.94, and the PTA - SC ratio coefficient increased by 0.0186. CFR China PX decreased by 5, PX - naphtha spread decreased by 4. PTA main contract futures price decreased by 30.0 yuan/ton, PTA spot price decreased by 40.0 yuan/ton, spot processing fee decreased by 0.2 yuan/ton, and disk processing fee decreased by 0.2 yuan/ton [2] - Ethylene glycol - related: MEG main contract futures price decreased by 28.0 yuan/ton, MEG - naphtha decreased by 4.2 yuan/ton, MEG domestic price decreased by 47.0 yuan/ton, and the main contract basis decreased by 17.0 [2] - Polyester product - related: POY150D/48F increased by 20.0 yuan/ton, POY cash flow increased by 70.0. FDY150D/96F remained unchanged, FDY cash flow increased by 50.0. DTY150D/48F remained unchanged, DTY cash flow increased by 50.0. Long - filament sales decreased by 19%. 1.4D direct - spinning polyester staple fiber decreased by 6549 yuan/ton, polyester staple fiber cash flow decreased by 6499.0, and staple - fiber sales remained at 48%. Semi - bright chips decreased by 50.0 yuan/ton, chip cash flow remained unchanged, and chip sales decreased by 6% [2] 2. Industrial Chain Start - up Situation - PX start - up rate remained at 85.57%, PTA start - up rate increased from 76.82% to 79.38%, an increase of 2.56%. MEG start - up rate increased from 62.20% to 62.62%, an increase of 0.42%. Polyester load remained at 89.00% [2] 3. Device Maintenance - Two sets of PTA devices in South China with a total capacity of 5 million tons have reduced their loads recently due to weather, and the recovery time is to be tracked [2]