能源化工周报：PX、PTA、乙二醇、短纤-20251012

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - PTA: Weekly supply decreased while demand increased, downstream polyester inventory accumulated, processing fees recovered slightly at a low level, and the prices were mainly under pressure and fluctuating due to the significant decline in the cost side of crude oil and PX [7] - PX: Supply growth was slightly higher than demand, inventory was moderately high, and the industrial chain profits were concentrated in PX in the early stage, with an expectation of being transmitted downstream in the future [7] - Short - fiber: Both supply and demand decreased. Due to the National Day holiday, downstream开工 decreased, but downstream polyester yarn continued to destock, and the demand for raw material replenishment increased slightly. The price fluctuations followed the raw material PTA [7] - MEG: Supply growth was greater than demand. Inventory accumulated at a low level this week. The market pre - traded new production capacity, and high supply might suppress medium - to - long - term prices [7] 3. Summary According to the Table of Contents 3.1 Supply - PTA: The current PTA domestic开工率 is 74.9%, with a week - on - week decrease of 2.85% and a year - on - year decrease of 8.88% [7] - Ethylene Glycol: The current ethylene glycol domestic开工率 is 74.87%, with a week - on - week increase of 1.88% and a year - on - year increase of 9.40% [7] - Short - fiber: The current short - fiber domestic开工率 is 94.3%, with a week - on - week decrease of 1.15% and a year - on - year increase of 12.00% [7] 3.2 Demand - Polyester end开工率 is 91.65%, with a week - on - week increase of 0.16% and a year - on - year decrease of 0.60% [7] 3.3 Inventory and Spread - PTA: There are data on PTA's weekly dynamic inventory and 1 - 5 month spread [38][39] - Ethylene Glycol: There are data on ethylene glycol's port inventory and 1 - 5 month spread [41][42] - Short - fiber: There are data on short - fiber's weekly equity inventory days and price - basis spread [44][45] 3.4 Price, Cost, and Profit - PTA: The current PTA spot price is 6,365 yuan/ton, and there are data on PTA's spot processing fees and cost [7][47][48] - Ethylene Glycol: The current ethylene glycol price is 4450 yuan/ton, and there are data on ethylene glycol's cost and profit in the naphtha integration process [7][50][51] - Short - fiber: The current short - fiber price is 4070 yuan/ton, and there are data on short - fiber's cost and profit [7][53][54]