聚酯数据日报-20250930

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - The PTA market shows signs of recovery in processing fees due to improved demand, delayed new plant commissioning, and some companies' production cut for price protection. The polyester load remains high without significant inventory accumulation, indicating optimistic market demand, especially in exports. The promotion by mainstream factories has led to a small peak in pre - National Day stockpiling. In a low - processing - fee and anti - involution environment, the PTA operating rate may further improve. - For ethylene glycol, the inventory at East China ports continues to decline, and the port is expected to continue destocking. Although overseas imports are expected to decline, domestic plant commissioning keeps the price under pressure, and coal - based ethylene glycol plants are also resuming production. The overall polyester inventory is in good condition, and the downstream weaving load is rising [2]. 3) Summary by Relevant Catalogs Market Data - Crude Oil: INE crude oil price increased from 491.3 yuan/barrel on 2025/9/26 to 492.6 yuan/barrel on 2025/9/29, up 1.3 yuan [2]. - PX: CFR China PX price rose from 814 to 817, and the PX - naphtha spread increased from 206 to 209 [2]. - PTA: The PTA主力期价 increased from 4646 yuan/ton to 4652 yuan/ton, the spot price remained at 4590 yuan/ton. The spot processing fee decreased from 222.5 yuan/ton to 200.3 yuan/ton, and the disk processing fee decreased from 273.5 yuan/ton to 267.3 yuan/ton. The PTA仓单数量 decreased by 4600 to 28114 [2]. - MEG: MEG主力期价 increased from 4213 yuan/ton to 4224 yuan/ton. The MEG - naphtha spread increased from - 135.48 yuan/ton to - 133.86 yuan/ton. The MEG内盘 price increased from 4294 to 4295 [2]. - Industry Operating Rate: The PX operating rate remained at 85.57%, the PTA operating rate increased from 77.23% to 78.67%, the MEG operating rate remained at 62.62%, and the polyester load remained at 88.74% [2]. Product Price and Cash Flow - Polyester Filament: POY150D/48F price increased from 6605 to 6650, and its cash flow increased from - 8 to 37. FDY150D/96F price increased from 6790 to 6825, and its cash flow increased from - 323 to - 288. DTY150D/48F price remained at 7870, and its cash flow remained at 57. The long - filament sales rate increased from 40% to 70% [2]. - Polyester Staple Fiber: 1.4D direct - spun polyester staple fiber price decreased from 6495 to 6480, and its cash flow decreased from 232 to 217. The short - fiber sales rate decreased from 60% to 52% [2]. - Polyester Chips: Semi - bright chip price increased from 5745 to 5750, and its cash flow increased from 32 to 37. The chip sales rate increased from 38% to 62% [2]. Device Maintenance Two PTA plants in South China with a total capacity of 5 million tons have reduced their loads due to weather, and the recovery time is to be tracked [2].