聚酯数据日报-20251111

Report Industry Investment Rating - Not provided in the content Core Viewpoints - PTA: Gasoline supply contraction expands gasoline profit, indirectly supporting PX price. Due to sanctions on Russia, crude oil supply decreases, and refineries prioritize increasing production of gasoline and diesel. PTA supply slightly contracts, polyester operation is stable, and domestic polyester exports remain optimistic. Although the "Golden September and Silver October" period is over, export demand may improve under the easing of the China-US trade war. The current peak season is expected to last until November. Attention should be paid to whether the reduction of China-US tariffs can further stimulate domestic exports [2] - Ethylene Glycol (MEG): The inventory at East China ethylene glycol ports has significantly increased by 120,000 tons compared to last week. The ethylene price fails to support the rise of ethylene glycol price. New plant startups keep the ethylene glycol price under pressure. The tightness of spot goods caused by low inventory is mainly reflected through the basis. The increase in coal price does not provide strong cost support for ethylene glycol, and the profit of coal-based ethylene glycol has been restored. The China-US trade negotiation 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 price rose from 460.6 yuan/barrel on November 7, 2025, to 461.8 yuan/barrel on November 10, 2025, an increase of 1.2 yuan/barrel [2] - PTA-SC increased from 1316.8 to 1348.1, an increase of 31.28; PTA/SC increased from 1.3934 to 1.4017, an increase of 0.0083 [2] - CFR China PX price rose from 823 to 828, an increase of 5; PX-naphtha spread decreased from 247 to 246, a decrease of 1 [2] - PTA主力期价 rose from 4664 yuan/ton to 4704 yuan/ton, an increase of 40 yuan/ton; PTA spot price rose from 4575 yuan/ton to 4605 yuan/ton, an increase of 30 yuan/ton [2] - PTA现货加工费 decreased from 188.8 yuan/ton to 175.8 yuan/ton, a decrease of 13 yuan/ton; PTA盘面加工费 increased from 262.8 yuan/ton to 274.8 yuan/ton, an increase of 12 yuan/ton [2] - PTA主力基差 remained unchanged at (78); PTA仓单数量 increased from 89012 to 91046, an increase of 2034 [2] - MEG主力期价 rose from 3942 yuan/ton to 3953 yuan/ton, an increase of 11 yuan/ton; MEG-石脑油 decreased from (149.22) to (149.41), a decrease of 0.2 [2] - MEG内盘 decreased from 4013 to 4003, a decrease of 10; MEG主力基差 decreased from 70 to 68, a decrease of 2 [2] Industry Chain Operation - PX开工率 remained unchanged at 88.03%; PTA开工率 decreased from 77.42% to 76.31%, a decrease of 1.11%; MEG开工率 remained unchanged at 63.74%; polyester load remained unchanged at 89.70% [2] Product Sales - POY150D/48F decreased from 6560 to 6555, a decrease of 5; POY现金流 decreased from 54 to 27, a decrease of 27 [2] - FDY150D/96F remained unchanged at 6770; FDY现金流 decreased from (236) to (258), a decrease of 22 [2] - DTY150D/48F remained unchanged at 7840; DTY现金流 decreased from 134 to 112, a decrease of 22 [2] - 长丝产销 increased from 48% to 50%, an increase of 2% [2] - 1.4D直纺涤短 remained unchanged at 6415; 涤短现金流 decreased from 259 to 237, a decrease of 22 [2] - 短纤产销 increased from 46% to 66%, an increase of 20% [2] - 半光切片 rose from 5575 to 5595, an increase of 20; 切片现金流 decreased from (31) to (33), a decrease of 2 [2] - 切片产销 increased from 53% to 82%, an increase of 29% [2] Device Maintenance - A 2.2 million-ton PTA plant in East China slightly reduced its load, and the recovery time is to be tracked [2]