聚酯数据日报-20251028

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating [1][2] 2) Core Viewpoints - PTA prices rebounded rapidly due to policy expectations, with cost support from rising crude oil prices, high polyester downstream demand, and potential overseas demand recovery after positive signals from China - US economic and trade negotiations [2] - The price of ethylene glycol is under continuous pressure due to low port inventory, limited port arrivals, expected decline in overseas imports, and domestic device commissioning, but the overall polyester inventory is in good condition and downstream weaving load is maintained [2] - It is expected that polyester will run weakly as the polyester peak season is ending and the fundamentals of crude oil are declining [2] 3) Summary by Relevant Catalogs Market Data - INE crude oil price increased from 464.9 yuan/barrel on October 24, 2025, to 468.9 yuan/barrel on October 27, 2025, with a change of 4.00 yuan/barrel [2] - PTA - SC increased from 1139.5 yuan/ton to 1208.5 yuan/ton, with a change of 68.93 yuan/ton; PTA/SC ratio increased from 1.3373 to 1.3546, with a change of 0.0174 [2] - CFR China PX increased from 815 to 821, with a change of 6; PX - naphtha spread increased from 234 to 240, with a change of 6 [2] - PTA main contract futures price increased from 4518 yuan/ton to 4616 yuan/ton, with a change of 98.0 yuan/ton; PTA spot price increased from 4450 to 4505, with a change of 55.0 yuan/ton [2] - PTA spot processing fee increased from 75.9 yuan/ton to 111.7 yuan/ton, with a change of 35.8 yuan/ton; PTA futures processing fee increased from 153.9 yuan/ton to 222.7 yuan/ton, with a change of 68.8 yuan/ton [2] - MEG main contract futures price increased from 4077 yuan/ton to 4109 yuan/ton, with a change of 32.0 yuan/ton; MEG - naphtha was at (131.72) yuan/ton on October 24 and (131.91) yuan/ton on October 27, with a change of - 0.2 yuan/ton [2] - MEG domestic price decreased from 4187 to 4183, with a change of - 4.0 yuan/ton [2] Industry Chain Operating Conditions - PX operating rate remained at 84.62%; PTA operating rate remained at 79.46%; MEG operating rate increased from 61.89% to 63.50%, with a change of 1.61% [2] - Polyester load decreased from 89.38% to 89.28%, with a change of - 0.10% [2] Product Price and Cash - flow - POY150D/48F price remained at 6400; POY cash - flow decreased from (57) to (103), with a change of - 46.0 [2] - FDY150D/96F price remained at 6655; FDY cash - flow decreased from (302) to (348), with a change of - 46.0 [2] - DTY150D/48F price increased from 7720 to 7730, with a change of 10.0; DTY cash - flow decreased from 63 to 27, with a change of - 36.0 [2] - Long - filament sales decreased from 101% to 70%, with a change of - 31% [2] - 1.4D direct - spun polyester staple fiber price increased from 6400 to 6405, with a change of 5; polyester staple fiber cash - flow decreased from 293 to 252, with a change of - 41.0 [2] - Short - fiber sales decreased from 83% to 68%, with a change of - 15% [2] - Semi - bright chip price increased from 5525 to 5545, with a change of 20.0; chip cash - flow decreased from (32) to (58), with a change of - 26.0 [2] - Chip sales increased from 54% to 222%, with a change of 168% [2] Device Maintenance - A 2.2 - million - ton PTA device in East China slightly reduced its load, and the recovery time is to be tracked [2]