Report Industry Investment Rating - Not provided Core Viewpoints - Gasoline supply contraction leads to profit expansion, indirectly supporting the price of PX. Sanctions on Russia cause tight supply at the crude oil end, widening the spread between PX and naphtha, while PTA processing fees are compressed to below 200. Despite the end of the peak seasons (Golden September and Silver October), export demand may improve due to the easing of the China-US trade war. Downstream weaving has performed well, and the current peak season is expected to last until November. The impact of potential tariff cuts on domestic exports needs attention [2]. - The inventory of East China's ethylene glycol ports has increased significantly compared to last week, with an increase of 120,000 tons. The price of ethylene is unable to support the upward trend of ethylene glycol prices, and new plant startups continue to put pressure on ethylene glycol prices. The tightness of spot supply due to low inventory is mainly reflected in the basis. Although coal prices have risen, they do not provide strong cost support for ethylene glycol, and the profit of coal-based ethylene glycol has been restored. The China-US trade negotiation has reached an agreement, and tariff cuts may increase the subsequent export demand for textile and clothing, and the downstream weaving load may remain optimistic [2]. Summary by Relevant Catalogs Market Quotes - PTA: The PTA spot price decreased from 4,600 yuan/ton to 4,590 yuan/ton, a decrease of 10 yuan/ton. The PTA main futures price increased from 4,648 yuan/ton to 4,670 yuan/ton, an increase of 22 yuan/ton. The spot processing fee decreased from 192.6 yuan/ton to 173.3 yuan/ton, a decrease of 19.3 yuan/ton. The basis remained unchanged at -77. The number of PTA warehouse receipts increased from 93,560 to 98,450, an increase of 4,890 [2]. - MEG: The MEG main futures price increased from 3,875 yuan/ton to 3,891 yuan/ton, an increase of 16 yuan/ton. The MEG domestic price decreased from 3,981 yuan/ton to 3,961 yuan/ton, a decrease of 20 yuan/ton. The basis decreased from 68 to 66, a decrease of 2 [2]. - PX: The CFR China PX price increased from 821 to 825, an increase of 4. The PX-naphtha spread increased from 239 to 248, an increase of 10 [2]. Industry Chain Start - Up Conditions - The PX startup rate remained unchanged at 88.03%. The PTA startup rate remained unchanged at 76.31%. The MEG startup rate increased from 63.74% to 64.10%, an increase of 0.36%. The polyester load decreased from 89.70% to 89.07%, a decrease of 0.63% [2]. Product Sales - Polyester Filament: The POY 150D/48F price decreased from 6,600 to 6,580, a decrease of 20. The POY cash flow decreased from 83 to 79, a decrease of 4. The FDY 150D/96F price decreased from 6,805 to 6,795, a decrease of 10. The FDY cash flow increased from -212 to -206, an increase of 6. The DTY 150D/48F price increased from 7,860 to 7,865, an increase of 5. The DTY cash flow increased from 143 to 164, an increase of 21. The filament sales rate decreased from 54% to 43%, a decrease of 11 percentage points [2]. - Polyester Staple Fiber: The 1.4D direct - spun polyester staple fiber price increased from 6,365 to 6,385, an increase of 20. The staple fiber cash flow increased from 198 to 234, an increase of 36. The staple fiber sales rate decreased from 41% to 40%, a decrease of 1 percentage point [2]. - Polyester Chips: The semi - bright chip price decreased from 5,595 to 5,575, a decrease of 20. The chip cash flow decreased from -22 to -26, a decrease of 4. The chip sales rate increased from 51% to 57%, an increase of 6 percentage points [2]. Device Maintenance - A 2.2 million - ton PTA device in East China has slightly reduced its load, and the recovery time needs further tracking [2].
聚酯数据日报-20251113
Guo Mao Qi Huo·2025-11-13 03:00