Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - No information provided. 3. Summary by Relevant Catalog Price Information - As of September 23, 2025, the spot price of naphtha CFR Japan was $597.50 per ton, up 0.31% from the previous value [1]. - As of September 22, 2025, the price of ethylene in Northeast Asia was $846.00 per ton, with no change [1]. - As of September 24, 2025, the ex - factory average price of ethylene oxide in East China was 6,300 yuan per ton, with no change [1]. - As of September 23, 2025, the spot price of methanol MA was 2,250 yuan per ton, with no change [1]. - As of September 23, 2025, the pit - mouth price of lignite in Inner Mongolia was 290 yuan per ton, with no change [1]. - As of September 23, 2025, the closing price of DCE EG's主力合约 was 4,212 yuan per ton, down 0.66% from the previous value; the settlement price was 4,214 yuan per ton, down 0.82% [1]. - As of September 23, 2025, the closing price of DCE EG's near - month contract was 4,200 yuan per ton, down 3.18% from the previous value; the settlement price was 4,139 yuan per ton, down 4.59% [1]. - As of September 23, 2025, the market price of ethylene glycol (MEG) in East China was 4,280 yuan per ton, with no change [1]. - As of September 23, 2025, the CCFEI price index of MEG was 4,290 yuan per ton, down 1.04% from the previous value [1]. - As of September 23, 2025, the near - far month price difference was 75 yuan per ton, down from 89 yuan per ton; the basis was 78 yuan per ton, down from 95 yuan per ton [1]. - As of September 23, 2025, the CCFEI price index of polyester staple fiber was 6,400 yuan per ton, down 0.23% from the previous value [1]. - As of September 23, 2025, the CCFEI price index of bottle - grade chips was 5,710 yuan per ton, down 0.35% from the previous value [1]. - As of September 23, 2025, the CCFEI price index of polyester DTY was 8,525 yuan per ton, with no change; the CCFEI price index of polyester POY was 6,900 yuan per ton, with no change [1]. Operating Conditions - As of September 23, 2025, the comprehensive operating rate of ethylene glycol was 62.62%, up 0.42 percentage points; the operating rate of petroleum - based ethylene glycol was 65.72%, up 0.72 percentage points; the operating rate of coal - based ethylene glycol was 58.14%, with no change [1]. - As of September 23, 2025, the load rate of polyester factories in the PTA industrial chain was 89.00%, with no change; the load rate of Jiangsu and Zhejiang looms was 57.55%, with no change [1]. Cash Flow - As of September 22, 2025, the external - market cash flow of naphtha - based ethylene glycol was - $120.46 per ton, down from - $119.50 per ton; the external - market cash flow of ethylene - based ethylene glycol was $137.90 per ton, up from $135.90 per ton [1]. - As of September 23, 2025, the after - tax gross profit of MTO - based MEG was 1,518.45 yuan per ton, up 46.46 yuan per ton; the after - tax gross profit of coal - based MEG was 278.32 yuan per ton, down 59.73 yuan per ton [1].
宏源期货日刊-20250924
Hong Yuan Qi Huo·2025-09-24 11:28