聚酯数据日报-20251110

Report Industry Investment Rating - No information provided Core Viewpoints - The PTA market is strongly supported by PX, with a slight increase in the PTA market. The spot supply is sufficient, and the spot basis fluctuates within a limited range. The gasoline supply contraction leads to an expansion of gasoline profits, which indirectly supports the price of PX. The PTA supply side contracts slightly, the polyester start - up is stable, and the polyester load remains above 90%. The export of domestic polyester is still optimistic. Although the "Golden September and Silver October" period has ended, the export demand may improve under the easing of the Sino - US trade war [2]. - The ethylene price fails to support the strength of the ethylene glycol price. New device startups continuously put pressure on the ethylene glycol price. The low - inventory - induced spot tightness is mainly reflected through the basis. The coal price rises, but it does not provide stronger cost support for ethylene glycol, and the profit of coal - based ethylene glycol has been repaired. The Sino - US trade negotiation is reached, and the tariff reduction may increase the subsequent export demand for textile and clothing, and the downstream weaving load may remain optimistic [2]. Summary by Related Catalogs Market Data - INE Crude Oil and PTA - SC: On November 6, 2025, INE crude oil was 460.4 yuan/barrel, and PTA - SC was 1342.2 yuan/ton. On November 7, 2025, INE crude oil was 460.6 yuan/barrel, and PTA - SC was 1316.8 yuan/ton, with a change of 0.20 and - 25.45 respectively [2]. - PTA/SC Ratio: It decreased from 1.4012 on November 6, 2025, to 1.3934 on November 7, 2025, a change of - 0.0078 [2]. - CFR China PX: It decreased from 826 on November 6, 2025, to 823 on November 7, 2025, a change of - 3 [2]. - PX - Naphtha Spread: It decreased from 249 on November 6, 2025, to 247 on November 7, 2025, a change of - 1 [2]. - PTA Main Contract Futures Price: It decreased from 4688 yuan/ton on November 6, 2025, to 4664 yuan/ton on November 7, 2025, a change of - 24.0 [2]. - PTA Spot Price: It increased from 4540 on November 6, 2025, to 4575 on November 7, 2025, a change of 35.0 [2]. - PTA Spot Processing Fee: It increased from 120.9 yuan/ton on November 6, 2025, to 188.8 yuan/ton on November 7, 2025, a change of 67.9 [2]. - PTA Disk Processing Fee: It decreased from 268.9 yuan/ton on November 6, 2025, to 262.8 yuan/ton on November 7, 2025, a change of - 6.1 [2]. - PTA Main Contract Basis: It increased from (80) on November 6, 2025, to (78) on November 7, 2025, a change of 2.0 [2]. - PTA Warehouse Receipt Quantity: It increased from 75888 on November 6, 2025, to 89012 on November 7, 2025, a change of 13124 [2]. - MEG Main Contract Futures Price: It increased from 3924 yuan/ton on November 6, 2025, to 3942 yuan/ton on November 7, 2025, a change of 18.0 [2]. - MEG - Naphtha: It increased from (145.36) on November 6, 2025, to (143.55) on November 7, 2025, a change of 1.8 [2]. - MEG Domestic Market Price: It increased from 3972 on November 6, 2025, to 4013 on November 7, 2025, a change of 41.0 [2]. - MEG Main Contract Basis: It increased from 70 on November 6, 2025, to 73 on November 7, 2025, a change of 3.0 [2]. Industry Chain Start - up Situation - PX Start - up Rate: It increased from 86.21% on November 6, 2025, to 88.03% on November 7, 2025, a change of 1.82% [2]. - PTA Start - up Rate: It decreased from 77.84% on November 6, 2025, to 77.42% on November 7, 2025, a change of - 0.42% [2]. - MEG Start - up Rate: It remained unchanged at 63.74% from November 6 to 7, 2025 [2]. - Polyester Load: It increased from 89.56% on November 6, 2025, to 89.70% on November 7, 2025, a change of 0.14% [2]. Polyester Product Data - POY150D/48F: The price increased from 6515 on November 6, 2025, to 6560 on November 7, 2025, a change of 45.0. The cash flow increased from 53 to 54, a change of 1.0 [2]. - FDY150D/96F: The price increased from 6730 on November 6, 2025, to 6770 on November 7, 2025, a change of 40.0. The cash flow decreased from (232) to (236), a change of - 4.0 [2]. - DTY150D/48F: The price increased from 7790 on November 6, 2025, to 7840 on November 7, 2025, a change of 50.0. The cash flow increased from 128 to 134, a change of 6.0 [2]. - Long - Filament Sales Volume: It decreased from 70% on November 6, 2025, to 48% on November 7, 2025, a change of - 22% [2]. - 1.4D Direct - Spun Polyester Staple Fiber: The price increased from 6380 on November 6, 2025, to 6415 on November 7, 2025, a change of 35. The cash flow decreased from 268 to 259, a change of - 9.0 [2]. - Polyester Staple Fiber Sales Volume: It decreased from 70% on November 6, 2025, to 46% on November 7, 2025, a change of - 24% [2]. - Semi - Gloss Chip: The price increased from 5555 on November 6, 2025, to 5575 on November 7, 2025, a change of 20.0. The cash flow decreased from (7) to (31), a change of - 24.0. The sales volume decreased from 143% to 53%, a change of - 90% [2]. Device Maintenance - A 2.2 - million - ton PTA device in East China reduced its load slightly, and the recovery time is to be tracked [2].