Group 1: Report Industry Investment Rating - No relevant information Group 2: Core Viewpoints - The Sino-US trade negotiation has made some progress, but the situation exceeding market expectations has not occurred, and market optimism has declined [2]. - The PTA supply side has slightly shrunk, polyester production has remained stable, and the polyester load has been maintained above 90%. The export of domestic polyester remains optimistic [2]. - Although there have been rumors that polyester will fight against involution, due to the lack of more information on anti - involution in the meeting, the PTA processing fee has been compressed to less than 200. Industry profits are still constrained by over - capacity due to new device commissioning [2]. - Despite the end of the "Golden September and Silver October", against the background of the easing of the Sino - US trade war, export demand may improve. Recently, downstream weaving has performed well, and the current peak season is expected to last until November [2]. - Attention should be paid to whether the reduction of Sino - US tariffs can further stimulate domestic exports. The costs of bottle chips and short fibers follow [2][3]. Group 3: Summary of Related Data Price Changes - PTA spot price decreased from 4535 to 4510, a decrease of 25 [2]. - MEG domestic price decreased from 4147 to 4106, a decrease of 41 [2]. - PTA closing price increased from 4570 to 4586, an increase of 16 [2]. - MEG closing price decreased from 4032 to 4018, a decrease of 14 [2]. - 1.4D direct - spun polyester staple fiber price decreased from 6430 to 6405, a decrease of 25 [2]. - Short - fiber basis increased from 140 to 174, an increase of 34 [2]. - 11 - 12 spread decreased from 28 to 46 (the description in the text may have an error, assuming it is a decrease of 18) [2]. - Polyester staple fiber cash - flow increased from 240 to 246, an increase of 6 [2]. - 1.4D imitation large - chemical fiber price remained unchanged at 5400 [2]. - The price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 1030 to 1005, a decrease of 25 [2]. - East China water bottle chip price decreased from 5714 to 5698, a decrease of 16 [2]. - Hot - filling polyester bottle chip price decreased from 5714 to 5698, a decrease of 16 [2]. - Carbonated - grade polyester bottle chip price decreased from 5814 to 5798, a decrease of 16 [2]. - Outer - market water bottle chip price remained unchanged at 760 [2]. - Bottle chip spot processing fee increased from 447 to 466, an increase of 19.11 [2]. - T32S pure polyester yarn price remained unchanged at 10320 [2]. - T32S pure polyester yarn processing fee increased from 3890 to 3915, an increase of 25 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2]. - Cotton 328 price decreased from 14545 to 14540, a decrease of 5 [2]. - Polyester - cotton yarn profit increased from 1539 to 1557, an increase of 18.46 [2]. - Primary three - dimensional hollow (with silicon) price increased from 7010 to 7020, an increase of 10 [2]. - Hollow short - fiber 6 - 15D cash - flow increased from 543 to 588, an increase of 45.11 [2]. - Primary low - melting - point short - fiber price increased from 7420 to 7480, an increase of 60 [2]. Market Conditions - In the short - fiber market, the price of polyester staple fiber production factories has remained stable, the price of traders has declined, downstream buyers have purchased as needed, and the market transaction has been tepid. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market is between 6160 - 6510 (cash on the spot, tax - included, self - pickup), in the North China market is between 6280 - 6630 (cash on the spot, tax - included, delivered), and in the Fujian market is between 6170 - 6400 (cash on the spot, tax - included, delivered) [2]. - In the bottle chip market, the mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets is between 5680 - 5820 yuan/ton, with the average price decreasing by 15 yuan/ton compared with the previous working day. PTA and bottle chip futures have fluctuated weakly in a narrow range, the market trading atmosphere has been cold, the purchasing willingness of downstream terminals has been low, and the market center of gravity has shifted down [2]. Operating Rates and Sales Ratios - The direct - spun short - fiber load (weekly) increased from 93.90% to 94.40%, an increase of 0.01 [3]. - The polyester staple fiber sales ratio increased from 43.00% to 49.00%, an increase of 6.00% [3]. - The polyester yarn startup rate (weekly) remained unchanged at 63.50% [3]. - The recycled cotton - type load index (weekly) decreased from 51.50% to 51.00%, a decrease of 0.01 [3].
瓶片短纤数据日报-20251103
Guo Mao Qi Huo·2025-11-03 08:37