聚酯数据日报-20251027

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - PTA prices rebounded slightly as crude oil prices recovered. The PTA supply side contracted due to low processing fees, and the polyester industry's profit was affected by over - capacity. However, the upward trend of crude oil prices supported PTA. The downstream polyester load remained above 87%, and the demand was slightly better than expected. The market is concerned about the impact of Sino - US negotiations on textile and clothing demand, and sanctions on some domestic refineries may affect PX supply [2]. - The inventory of ethylene glycol in East China ports remained low, and the arrival volume was limited. Overseas imports were expected to decline, but domestic plant production pressured the price. With the end of the polyester peak season and the downward trend of the crude oil fundamentals, polyester is expected to operate weakly [2]. 3) Summary Based on Related Catalogs a. Market Data - Crude Oil: INE crude oil price rose from 459.7 yuan/barrel on October 23, 2025, to 464.9 yuan/barrel on October 24, 2025, an increase of 5.2 yuan/barrel [2]. - PTA: The PTA - SC spread decreased by 27.79 yuan/ton, the PTA/SC ratio decreased by 0.0121. The PTA主力期价 rose by 10 yuan/ton, the spot price rose by 25 yuan/ton. The spot processing fee decreased by 7 yuan/ton, and the disk processing fee decreased by 12 yuan/ton. The PTA仓单数量 remained unchanged [2]. - PX: CFR China PX price increased by 4, and the PX - naphtha spread decreased by 26 [2]. - MEG: The MEG主力期价 decreased by 18 yuan/ton, the MEG - naphtha spread decreased by 1.2 yuan/ton, and the MEG inner - market price increased by 14 yuan/ton [2]. - Polyester Products: POY150D/48F price increased by 40 yuan/ton, FDY150D/96F price increased by 35 yuan/ton, DTY150D/48F price decreased by 15 yuan/ton. 1.4D straight - spun polyester staple fiber price increased by 10 yuan/ton, and the semi - gloss chip price remained unchanged [2]. b. Industry Chain Operating Conditions - PX: The PX operating rate remained at 84.62% [2]. - PTA: The PTA operating rate increased from 76.95% to 79.46%, an increase of 2.51% [2]. - MEG: The MEG operating rate remained at 61.89% [2]. - Polyester: The polyester load remained at 89.38% [2]. c. Product Cash Flow and Sales - Polyester Filament: POY cash flow increased by 14, FDY cash flow increased by 9, DTY cash flow decreased by 41, and the filament sales rate remained at 101% [2]. - Polyester Staple Fiber: The polyester staple fiber cash flow decreased by 16, and the short - fiber sales rate remained at 68% [2]. - Polyester Chip: The chip cash flow decreased by 26, and the chip sales rate remained at 54% [2]. d. Device Maintenance An East China 2.2 - million - ton PTA device slightly reduced its load, and the recovery time is to be tracked [2].