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聚酯数据日报-20250929
Guo Mao Qi Huo·2025-09-29 05:38

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - PTA: As domestic PTA plants gradually resume operation, PTA production is on the rise. However, PTA profits are still constrained by over - capacity and new plant commissions. Recently, with improved demand, delayed new plant commissions, and some enterprises reducing production to maintain prices, PTA processing fees show signs of recovery. High polyester loads without significant inventory accumulation indicate optimistic market demand, especially in exports. PTA's operating rate may further improve [2]. - Ethylene Glycol: The inventory of ethylene glycol at East China ports is 46.5 tons. The overall inventory continues to decline, and it is expected to further deplete. Although overseas imports are expected to decline, domestic plant commissions keep the ethylene glycol price under pressure. Polyester inventory is in good condition, and the downstream weaving load is rising [2]. Group 3: Summary by Relevant Catalogs 1. Market Data Comparison - INE crude oil price increased from 490.6 yuan/barrel on September 25, 2025, to 491.3 yuan/barrel on September 26, 2025, with a change of 0.70 yuan/barrel [2]. - PTA - SC decreased from 1112.8 yuan/ton to 1075.7 yuan/ton, a decrease of 37.09 yuan/ton; PTA/SC ratio decreased from 1.3121 to 1.3013, a decrease of 0.0108 [2]. - CFR China PX decreased from 817 to 814, a decrease of 3; PX - naphtha spread decreased from 211 to 206, a decrease of 5 [2]. - PTA main futures price decreased from 4678 yuan/ton to 4646 yuan/ton, a decrease of 32.0 yuan/ton; PTA spot price increased from 4585 to 4590, an increase of 5.0 [2]. - PTA spot processing fee increased from 213.5 yuan/ton to 222.5 yuan/ton, an increase of 9.0 yuan/ton; PTA futures processing fee decreased from 291.5 yuan/ton to 273.5 yuan/ton, a decrease of 18.0 yuan/ton [2]. - MEG main futures price decreased from 4246 yuan/ton to 4213 yuan/ton, a decrease of 33.0 yuan/ton; MEG - naphtha decreased from (133.89) yuan/ton to (135.48) yuan/ton, a decrease of 1.6 yuan/ton [2]. - MEG domestic price decreased from 4315 to 4294, a decrease of 21.0 [2]. 2. Industry Chain Operating Conditions - PX operating rate remained at 85.57%; PTA operating rate decreased from 78.12% to 77.23%, a decrease of 0.89%; MEG operating rate remained at 62.62%; polyester load decreased from 88.74% to 87.81%, a decrease of 0.93% [2]. 3. Product Data Polyester Filament - POY150D/48F increased from 6530 to 6605, an increase of 75.0; POY cash flow increased from (86) to (8), an increase of 78.0 [2]. - FDY150D/96F increased from 6720 to 6790, an increase of 70.0; FDY cash flow increased from (396) to (323), an increase of 73.0 [2]. - DTY150D/48F increased from 7840 to 7870, an increase of 30.0; DTY cash flow increased from 24 to 57, an increase of 33.0 [2]. - Filament sales decreased from 175% to 40%, a decrease of 135% [2]. Polyester Staple Fiber - 1.4D direct - spun polyester staple fiber decreased from 6500 to 6495, a decrease of 5; polyester staple fiber cash flow decreased from 234 to 232, a decrease of 2.0 [2]. - Polyester staple fiber sales decreased from 88% to 60%, a decrease of 28% [2]. Polyester Chips - Semi - bright chips increased from 5725 to 5745, an increase of 20.0; chip cash flow increased from 9 to 32, an increase of 23.0 [2]. - Chip sales decreased from 152% to 38%, a decrease of 114% [2]. 4. Device Maintenance - Two PTA plants in South China with a total capacity of 5 million tons have reduced their loads recently due to weather conditions, and the recovery time is to be tracked [2].