瓶片短纤数据日报-20251117

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - The PX market has recently shown a rebound due to multiple factors. Despite the end of some planned maintenance and the gradual recovery of production capacity, PX output is still limited. This is mainly driven by two key factors: the soaring gasoline profit margin, which prompts refineries to reduce raw material input in aromatic units and increase gasoline production; and the drop in benzene prices to a near - three - year low, leading refineries to lower the load of reforming and STDP units to suppress benzene output, thereby restricting PX supply. PTA supply has slightly shrunk, polyester operation remains stable with a load above 90%, and domestic polyester exports are still optimistic. Although the "Golden September and Silver October" period has ended, downstream weaving has performed well, and export demand may improve. The costs of bottle chips and short fibers follow these trends. [2] Group 3: Summary of Related Indicators Price and Change - PTA spot price increased from 4565 to 4635, a rise of 70; MEG inner - market price rose from 3941 to 3980, an increase of 39; 1.4D direct - spinning polyester staple fiber price increased from 6330 to 6390, a rise of 60; polyester bottle chip prices in the Jiangsu and Zhejiang markets increased, with the average price rising by 35 yuan/ton compared to the previous working day. [2] Spread and Cash Flow - Short - fiber basis decreased from 143 to 127, a drop of 16; 12 - 1 spread decreased from 30 to 48 (should be an error in the original text, presumably a change of 18); polyester short - fiber cash flow increased from 240 to 246, a rise of 6; bottle - chip spot processing fee decreased from 463 to 434, a drop of 29. [2] Market Conditions - In the short - fiber market, the price of the polyester short - fiber main futures rose 44 to 6238. The price of polyester short - fiber production plants was stable, and the price of traders was warm, but downstream demand was average, and on - site transactions were tepid. In the bottle - chip market, the mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5730 - 5820 yuan/ton, and the market trading atmosphere was light, with downstream terminals mainly in a cautious wait - and - see state. [2] Load and Production and Sales - Direct - spinning short - fiber load (weekly) decreased from 85.63% to 85.14%, a drop of 0.49%; polyester short - fiber production and sales increased from 56.00% to 58.00%, a rise of 2.00%; polyester yarn startup rate (weekly) remained unchanged at 63.50%; recycled cotton - type load index (weekly) increased from 51.00% to 51.50%, a rise of 0.50%. [3]