瓶片短纤数据日报-20250929

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Domestic PTA device is gradually returning, and domestic PTA output is rising, but PTA profit is still restricted by over - capacity and new device commissioning. Previously, due to pessimistic demand and new device commissioning expectations, PTA processing fees were low. Recently, with improved demand, postponed new device commissioning and some enterprises reducing production to maintain prices, PTA processing fees show signs of recovery. Polyester load remains above 90%, and the high polyester load does not cause significant inventory accumulation, indicating that market demand is optimistic at low prices, especially export demand. The promotion of mainstream factories has led to a small peak in pre - National Day stocking. Under the environment of low processing fees and market anti - involution, PTA operating rate may further improve [2] 3. Summary by Relevant Catalogs 3.1 Spot Price and Index Changes - PTA spot price increased from 4585 on 2025/9/25 to 4590 on 2025/9/26 [2] - MEG inner - market price decreased from 4315 on 2025/9/25 to 4294 on 2025/9/26 [2] - PTA closing price decreased from 4678 on 2025/9/25 to 4646 on 2025/9/26 [2] - MEG closing price decreased from 4246 on 2025/9/25 to 4213 on 2025/9/26 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6500 on 2025/9/25 to 6495 on 2025/9/26 [2] - Short - fiber basis increased from 83 on 2025/9/25 to 102 on 2025/9/26 [2] - 10 - 11 spread decreased from 0 on 2025/9/25 to 2 on 2025/9/26 [2] - Polyester staple fiber cash flow increased from 240 on 2025/9/25 to 246 on 2025/9/26 [2] - 1.4D imitation large - chemical fiber price decreased from 5625 on 2025/9/25 to 5525 on 2025/9/26 [2] 3.2 Market Conditions of Short - fiber and Bottle - chip - Short - fiber: The price of polyester staple fiber production factories is stable, the price range of traders is adjusted, downstream purchases as needed, and on - site transactions are sluggish. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market is 6300 - 6550 RMB for cash on delivery, tax - included self - pick - up; in the North China market, it is 6420 - 6670 RMB for cash on delivery, tax - included delivery; in the Fujian market, it is 6300 - 6450 RMB for cash on delivery, tax - included delivery [2] - Bottle - chip: The mainstream negotiation price of polyester bottle - chip in the Jiangsu and Zhejiang markets is 5800 - 5890 RMB/ton, with the average price remaining the same as the previous working day. The futures market is closed, there is no futures guidance, the supply side's offers are stable, downstream terminals are temporarily on the sidelines, and the market trading atmosphere is cold [2] 3.3 Price and Profit Changes of Yarn - T32S pure polyester yarn price increased from 10270 on 2025/9/25 to 10300 on 2025/9/26, and the processing fee increased from 3770 to 3805 [2] - Polyester - cotton yarn 65/35 45S price increased from 16300 on 2025/9/25 to 16350 on 2025/9/26, and the profit increased from 1407 to 1504 [2] - Cotton 328 price decreased from 14770 on 2025/9/25 to 14655 on 2025/9/26 [2] 3.4 Load and Production - Sales Data - Direct - spun short - fiber load (weekly) increased from 93.90% to 94.40% [3] - Polyester staple fiber production - sales rate decreased from 78.00% to 45.00% [3] - Polyester yarn startup rate (weekly) remained at 63.50% [3] - Regenerated cotton - type load index (weekly) increased from 51.00% to 51.50% [3]