《能源化工》日报-20251021

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports - Polyester Industry: In the short term, PX, PTA, and other products are mainly in a weak shock state. The supply of PX is expected to shrink, but the overall supply - demand is still weak. PTA's basis has weakened, and the supply of ethylene glycol is abundant with a high probability of inventory accumulation. Short - fiber prices are supported by low inventory, and bottle - chips may enter a seasonal inventory accumulation channel [1]. - Pure Benzene - Styrene Industry: The supply - demand of pure benzene in October is expected to be loose, and the price drive is weak. The supply - demand of styrene is also expected to be loose, and the price is under pressure in the short term [2]. - PVC and Caustic Soda Industry: The demand for caustic soda is weakly supported in the short term but may have support in the medium - long term. The supply - demand pressure of PVC is large, and the price is weak, but the cost end provides bottom support [3]. - Methanol Industry: The price of methanol may continue to fluctuate. Attention should be paid to the stability of overseas device operation, the clearance efficiency of sanctioned vessels, and the actual arrival performance [4]. - Polyolefin Industry: The supply - demand structure of polyolefins is loose, and the upside space of the 01 contract is limited. The prices of PP and PE are under pressure [6]. 3. Summaries According to Related Catalogs Polyester Industry - Upstream Prices: Brent crude oil (December) decreased by 0.5%, WTI crude oil (December) remained unchanged, CFR Japan naphtha remained unchanged, etc [1]. - Downstream Polyester Product Prices and Cash Flows: POY150/48 price decreased by 1.2%, FDY150/96 price decreased by 0.1%, etc [1]. - PX - Related Prices and Spreads: CFR China PX remained unchanged, PX spot price (RMB) decreased by 1.2%, etc [1]. - PTA - Related Prices and Spreads: PTA East China spot price decreased by 0.6%, TA futures 2601 decreased by 0.4%, etc [1]. - MEG - Related Prices and Spreads: MEG East China spot price decreased by 0.4%, EG futures 2601 remained unchanged, etc [1]. - Polyester Industry Chain Operating Rates: Asian PX operating rate decreased by 2.4%, China PX operating rate decreased by 2.5%, etc [1]. Pure Benzene - Styrene Industry - Upstream Prices and Spreads: Brent crude oil (December) decreased by 0.5%, WTI crude oil (November) remained unchanged, CFR Japan naphtha remained unchanged, etc [2]. - Styrene - Related Prices and Spreads: Styrene East China spot decreased by 1.7%, EB futures 2511 decreased by 1.8%, etc [2]. - Pure Benzene and Styrene Downstream Cash Flows: The cash flow of phenol increased by 20.8%, the cash flow of caprolactam (single product) increased by 4.1%, etc [2]. - Pure Benzene and Styrene Inventories: Pure benzene Jiangsu port inventory increased by 10.0%, styrene Jiangsu port inventory increased by 3.1% [2]. - Pure Benzene and Styrene Industry Chain Operating Rates: Asian pure benzene operating rate decreased by 1.1%, domestic pure benzene operating rate decreased by 4.8%, etc [2]. PVC and Caustic Soda Industry - PVC, Caustic Soda Spot & Futures: Shandong 32% liquid caustic soda converted to 100% price decreased by 1.2%, Shandong 50% liquid caustic soda converted to 100% price decreased by 0.8%, etc [3]. - Caustic Soda Overseas Quotes & Export Profits: FOB East China port decreased by 5.0%, export profit decreased by 77.6% [3]. - PVC Overseas Quotes & Export Profits: CFR Southeast Asia remained unchanged, CEREDIa decreased by 1.4%, etc [3]. - Supply: Chlor - Alkali Operating Rates & Industry Profits: Caustic soda industry operating rate decreased by 3.9%, PVC total operating rate decreased by 7.0%, etc [3]. - Demand: Caustic Soda Downstream Operating Rates: Viscose staple fiber industry operating rate decreased by 1.1%, printing and dyeing industry operating rate increased by 0.2% [3]. - Demand: PVC Downstream Products Operating Rates: Longzhong sample building materials operating rate increased by 21.8%, Longzhong sample profile operating rate increased by 109.6% [3]. - Chlor - Alkali Inventories: Social and Factory Inventories: Liquid caustic soda East China factory inventory decreased by 1.1%, PVC upstream factory inventory decreased by 6.1% [3]. Methanol Industry - Methanol Prices and Spreads: MA2601 closing price decreased by 0.26%, MA2605 closing price increased by 0.09%, etc [4]. - Methanol Inventories: Methanol enterprise inventory increased by 6.33%, methanol port inventory decreased by 3.36%, etc [4]. - Methanol Upstream and Downstream Operating Rates: Upstream - domestic enterprise operating rate decreased by 1.86%, upstream - overseas enterprise operating rate increased by 2.28%, etc [4]. Polyolefin Industry - Polyolefin Prices and Spreads: L2601 closing price increased by 0.07%, L2509 closing price increased by 0.30%, etc [6]. - PE and PP Non - Standard Prices: East China LDPE price decreased by 0.54%, East China HD film price remained unchanged, etc [6]. - PE and PP Upstream and Downstream Operating Rates: PE device operating rate decreased by 2.61%, PE downstream weighted operating rate increased by 1.26%, etc [6]. - PE and PP Inventories: PE enterprise inventory increased by 27.67%, PE social inventory increased by 4.02%, etc [6].