PTA期货：短期供需有所改善

Report Overview - Report Title: Futures Research Report - PTA Futures Weekly Report (November 17, 2025) [1][2] - Analyst: Shi Xiuming [3] Investment Rating - No investment rating for the industry is provided in the report. Core Views - This week, the PTA futures market showed a range - bound oscillation between 4550 - 4800. The supply - demand preference pattern made it a multi - allocation in the energy and chemical sector. The price oscillated upward, the position first decreased and then increased, the basis remained negative, and the market sentiment was cautious [3]. - Recently, the logic of aromatics blending into gasoline has been strengthened again. The gasoline crack spread has continued to strengthen, the demand for MX and toluene in the aromatics segment has increased, and the economics of toluene blending into gasoline - disproportionation has remained high, strongly supporting PX. In November, there are many maintenance plans announced on the PTA supply side, and the downstream polyester demand is expected to remain high. The low inventory and low profit of downstream polyester, along with the high operating rates of polyester and polyester filament, provide phased support for PTA demand. The PTA supply - demand margin has improved significantly, and the processing fee has been phased repaired. Overall, the PX blending demand and the relatively good phased supply - demand structure of PTA support the PTA price in the short term [3]. Summary by Directory Market Review and Outlook - The PTA futures price oscillated between 4550 - 4800 this week, with an upward trend. The position first decreased and then increased, and the basis was negative. The market sentiment was cautious [3]. Key Factors to Watch - Polyester operating rate, PTA maintenance, loom operating rate, PX adjustment demand, and crude oil trend [4]. Weekly Changes in Fundamental Data | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | PTA Futures (Continuous) | Yuan/ton | 4643.00 | 4620.00 | 23 | 0.50% | Daily | | PTA Output | 10,000 tons | 334.65 | 321.72 | 12.93 | 4.02% | Weekly | | Polyester Chip Operating Rate | % | 84.60 | 84.64 | - 0.04 | - 0.05% | Weekly | | Jiangsu and Zhejiang Loom Operating Rate | % | 67.99 | 69.45 | - 1.46 | - 2.10% | Weekly | | PXN | Yuan/ton | 256 | 241 | 15 | 6.22% | Daily | | PTA Cash - flow Cost | Yuan/ton | 4643 | 4639 | 4 | 0.09% | Daily | [5] PX - Related Analysis PX Spot and Futures Market Review - The report presents multiple charts related to PX futures closing prices, spot prices in different regions, and price spreads, with data sourced from iFinD and Ningzheng Futures [7][8][9]. PX Supply Situation Analysis - The report shows charts on PX production in Asia and China, monthly import volume and its year - on - year change, operating rate, and inventory, with data from iFinD and Ningzheng Futures [12][14][16]. PTA - Related Analysis PTA Spot and Futures Market Review - The report shows a chart of China's PTA futures closing price (continuous) and the mainstream price in East China, with data from iFinD and Ningzheng Futures [17]. PTA Supply Situation Analysis - The report presents charts on PTA production, operating rate, and ending inventory, with data from iFinD and Ningzheng Futures [19][22]. PTA Consumption Situation Analysis - The report shows charts on PTA export volume and growth rate, monthly production of polyester filament and staple fiber, operating rates of polyester chip, polyester filament, and staple fiber, and the operating rate of looms in Jiangsu and Zhejiang, with data from iFinD and Ningzheng Futures [25][27][29]. Cost - Profit Analysis - The report shows a chart on PTA spot price in East China, PTA cash - flow cost, and PTA profit, with data from iFinD and Ningzheng Futures [32].