聚酯数据日报-20251009

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report indicates that during the National Day holiday, the crude oil price was weak, the PX market had few transactions, and the downstream polyester procurement was stagnant. A new cracking ethylene plant in Shandong refinery was put into operation in mid - September, with related new capacities. The Asian naphtha cracking was stable during the holiday. Due to the weak crude oil, PTA showed a weak performance. The ethylene glycol price was under pressure due to new domestic device production, while the polyester inventory was in good condition and the downstream weaving load recovered. After the holiday, as the polyester peak season was about to end and the gasoline peak season passed, the polyester was expected to operate weakly [2]. 3) Summary According to Relevant Catalogs Market Quotes - Crude Oil: INE crude oil price dropped from 492.6 yuan/barrel on September 29, 2025, to 479.7 yuan/barrel on September 30, 2025, a decrease of 12.9 yuan/barrel [2]. - PTA: PTA - SC increased from 1072.2 yuan/ton to 1108.0 yuan/ton; PTA/SC ratio rose from 1.2995 to 1.3178; PTA主力期价 decreased from 4652 yuan/ton to 4594 yuan/ton; PTA现货价格 dropped from 4590 yuan/ton to 4535 yuan/ton; 现货加工费 increased from 200.3 yuan/ton to 227.1 yuan/ton; 盘面加工费 rose from 267.3 yuan/ton to 281.1 yuan/ton; 主力基差 decreased from (55) to (63); PTA仓单数量 increased from 28114 to 29316 [2]. - MEG: MEG主力期价 decreased from 4224 yuan/ton to 4207 yuan/ton; MEG - naphtha decreased from (135.68) yuan/ton to (138.25) yuan/ton; MEG内盘 dropped from 4295 yuan/ton to 4275 yuan/ton; 主力基差 remained unchanged at 70 [2]. - PX: CFR中国PX decreased from 817 to 804; PX - naphtha spread increased from 209 to 219 [2]. Industry Chain Start - up Situation - PX: The start - up rate remained unchanged at 85.57% [2]. - PTA: The start - up rate remained unchanged at 78.67% [2]. - MEG: The start - up rate decreased from 62.62% to 62.22%, a decrease of 0.40% [2]. - Polyester: The load increased from 88.74% to 88.80%, an increase of 0.06% [2]. Polyester Product Situation - Polyester Filament: POY150D/48F and FDY150D/96F prices remained unchanged; POY现金流 increased from 37 to 90; FDY现金流 increased from (288) to (235); DTY150D/48F price remained unchanged; DTY现金流 increased from 57 to 110; 长丝产销 decreased from 70% to 34% [2]. - Polyester Staple Fiber: 1.4D直纺涤短 price decreased from 6480 to 6465; 涤短现金流 increased from 217 to 255; 短纤产销 increased from 52% to 62% [2]. - Polyester Chip: 半光切片 price decreased from 5750 to 5705; 切片现金流 increased from 37 to 45; 切片产销 decreased from 62% to 55% [2]. Device Maintenance A 1.25 - million - ton PTA device in South China was restarting, and a 1.1 - million - ton PTA device increased its load [3].