瓶片短纤数据日报-20251022

Report Industry Investment Rating - Not provided Core Viewpoints - PTA supply side is contracting, with Ningbo Yisheng Petrochemical Phase 4 reducing its load by 50% until the end of the month. PTA processing fees remain low, and industry profits are still constrained by overcapacity due to new device commissions. Polyester downstream load remains above 90%, but high load has not led to significant inventory accumulation. With the end of the peak seasons, there are concerns that textile and clothing demand will be affected by the trade war. PTA's operating rate may decline further, and it is difficult for PTA to have an independent market due to the falling crude oil prices. Bottle chips and short fibers continue to fluctuate with costs [2] Summary by Relevant Catalogs Price and Index Changes - PTA spot price increased from 4315 to 4320, PTA closing price rose from 4384 to 4414 [2] - MEG inner - market price decreased from 4100 to 4075, MEG closing price increased from 4003 to 4004 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6355 to 6340, short - fiber basis increased from 199 to 218 [2] - 11 - 12 spread increased from 4 to 8, polyester staple fiber cash flow increased from 240 to 246 [2] - 1.4D imitation large - chemical fiber price decreased from 5450 to 5400, the spread between 1.4D direct - spun and imitation large - chemical fiber increased from 905 to 940 [2] - East China water bottle chip price decreased from 5602 to 5594, hot - filled polyester bottle chip price decreased from 5602 to 5594 [2] - Carbonated - grade polyester bottle chip price decreased from 5702 to 5694, outer - market water bottle chip price remained at 740 [2] - Bottle chip spot processing fee decreased from 539 to 535, T32S pure polyester yarn price remained at 10280 [2] - T32S pure polyester yarn processing fee increased from 3925 to 3940, polyester - cotton yarn 65/35 45S price remained at 16350 [2] - Cotton 328 price increased from 14480 to 14530, polyester - cotton yarn profit decreased from 1663 to 1654 [2] - Primary three - dimensional hollow (with silicon) price remained at 6920, hollow short - fiber 6 - 15D cash flow increased from 657 to 661 [2] - Primary low - melting - point short - fiber price remained at 7310 [2] Market Conditions - Short fiber: The main futures of polyester staple fiber rose 2 to 6070. The spot market is mainly price negotiation by production factories, with traders' prices fluctuating in a range. Downstream buyers purchase as needed, and market transactions are cautious. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market is 6090 - 6460, in the North China market is 6210 - 6580, and in the Fujian market is 6060 - 6400 [2] - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets is 5570 - 5710 yuan/ton, with the average price unchanged from the previous working day. PTA and bottle chip futures fluctuate slightly, most supply - side offers are stable, downstream terminal procurement enthusiasm is average, and market trading atmosphere is light [2] Load and Production and Sales - Direct - spun short - fiber load (weekly) decreased from 93.90% to 94.40%, polyester staple fiber production and sales decreased from 77.00% to 66.00% [3] - Polyester yarn startup rate (weekly) remained at 63.50%, regenerated cotton - type load index (weekly) decreased from 51.50% to 51.00% [3]