聚酯数据日报-20251014

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The polyester industry is expected to operate weakly as the polyester peak season is ending and the crude oil fundamentals are declining. PTA's game intensifies with the resonance of sentiment and fundamentals, and the sharp decline in crude oil. The PX market has few transactions, and the downstream polyester procurement stagnated during the festival. The domestic PTA production has declined, and the basis has slightly decreased with stable demand. For ethylene glycol, the port inventory in East China remains low, but the domestic device production is putting pressure on the price [2]. 3. Summary by Relevant Catalogs Market Data - Crude Oil: INE crude oil price dropped from 461.9 yuan/barrel on October 10th to 453.7 yuan/barrel on October 13th, a decrease of 8.2 yuan/barrel [2]. - PTA: The PTA-SC spread increased by 35.59 yuan/ton, the PTA/SC ratio increased by 0.0171. The PTA main futures price decreased by 24 yuan/ton, and the spot price decreased by 50 yuan/ton. The spot processing fee increased by 9 yuan/ton, and the disk processing fee increased by 16 yuan/ton. The main basis decreased by 6, and the number of PTA warehouse receipts remained unchanged at 32,580 [2]. - PX: CFR China PX price decreased from 798 to 791, and the PX-naphtha spread decreased by 7 [2]. - MEG: The MEG main futures price increased by 11 yuan/ton, the MEG-naphtha spread increased by 1.6 yuan/ton, and the MEG domestic price decreased by 35 yuan/ton. The main basis increased by 2 [2]. Industry Chain Start-up Situation - PX start-up rate decreased from 86.21% to 85.57%, a decrease of 0.64%; PTA start-up rate increased from 75.70% to 77.20%, an increase of 1.50%; MEG start-up rate increased from 64.92% to 65.33%, an increase of 0.41%; polyester load remained unchanged at 89.38% [2]. Product Price and Cash Flow - Polyester Filament: POY150D/48F price decreased by 25 yuan/ton, and the cash flow increased by 30 yuan/ton; FDY150D/96F price decreased by 35 yuan/ton, and the cash flow increased by 20 yuan/ton; DTY150D/48F price decreased by 25 yuan/ton, and the cash flow increased by 30 yuan/ton. The filament sales rate decreased from 57% to 52%, a decrease of 5% [2]. - Polyester Staple Fiber: 1.4D direct-spun polyester staple fiber price decreased by 15 yuan/ton, the cash flow increased by 40 yuan/ton, and the staple fiber sales rate decreased from 61% to 60%, a decrease of 1% [2]. - Polyester Chip: Semi - glossy chip price decreased by 70 yuan/ton, the chip cash flow decreased by 15 yuan/ton, and the chip sales rate decreased from 72% to 67%, a decrease of 5% [2]. Device Maintenance - A 1.25 million - ton PTA device in South China is currently restarting, which stopped around September 23rd, and another 1.1 million - ton PTA device has increased its load after operating at a low load last week [2]