聚酯数据日报-20251119

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - PX prices are rebounding due to limited production, driven by high gasoline profit rates and low pure - benzene prices. PTA supply has slightly shrunk, polyester开工 remains stable with high load, and domestic polyester exports are optimistic. Downstream weaving shows good performance, and export demand may improve [2]. - The inventory of ethylene glycol in East China ports has increased significantly. New device commissions put pressure on prices, and although coal prices are rising, they do not strongly support the cost of ethylene glycol. The tariff reduction after the Sino - US trade negotiation may increase textile and clothing export demand [2]. 3) Summary by Relevant Catalogs Market Data - INE crude oil price increased from 458.1 yuan/barrel on 2025/11/17 to 458.8 yuan/barrel on 2025/11/18, with a change of 0.70 yuan/barrel [2]. - PTA - SC decreased from 1362.9 yuan/ton to 1335.9 yuan/ton, a change of - 27.09 yuan/ton; PTA/SC decreased from 1.4094 to 1.4007, a change of - 0.0087 [2]. - CFR China PX decreased from 831 to 827, a change of - 4; PX - naphtha spread increased from 254 to 256, a change of 2 [2]. - PTA主力期价 decreased from 4692 yuan/ton to 4670 yuan/ton, a change of - 22.0 yuan/ton; PTA现货价格 decreased from 4615 to 4610, a change of - 5.0 [2]. - PTA现货加工费 increased from 172.2 yuan/ton to 176.1 yuan/ton, a change of 3.9 yuan/ton; PTA盘面加工费 decreased from 249.2 yuan/ton to 246.1 yuan/ton, a change of - 3.1 yuan/ton [2]. - MEG主力期价 decreased from 3938 yuan/ton to 3907 yuan/ton, a change of - 31.0 yuan/ton; MEG内盘 decreased from 3980 to 3952, a change of - 28.0 [2]. - PX开工率 remained at 87.39%, PTA开工率 remained at 74.55%, MEG开工率 increased from 61.17% to 61.86%, a change of 0.69%, and聚酯负荷 remained at 88.69% [2]. - POY150D/48F decreased from 6590 to 6585, a change of - 5.0; POY现金流 increased from 61 to 70, a change of 9.0 [2]. - FDY150D/96F remained at 6840; FDY现金流 increased from - 189 to - 175, a change of 14.0 [2]. - DTY150D/48F remained at 7865; DTY现金流 increased from 136 to 150, a change of 14.0 [2]. - 长丝产销 decreased from 45% to 41%, a change of - 4% [2]. - 1.4D直纺涤短 decreased from 6375 to 6350, a change of - 25; 涤短现金流 decreased from 196 to 185, a change of - 11.0 [2]. - 短纤产销 increased from 35% to 49%, a change of 14% [2]. - 半光切片 decreased from 5575 to 5565, a change of - 10.0; 切片现金流 increased from - 54 to - 50, a change of 4.0 [2]. - 切片产销 increased from 37% to 49%, a change of 12% [2]. Market Analysis - PTA market: PTA prices decreased slightly due to falling crude oil prices and cost reduction. PTA is in the process of de - stocking, and the spot basis has strengthened [2]. - MEG market: The ethylene glycol futures fluctuated weakly, the spot price in Zhangjiagang decreased, and the basis negotiation weakened. The inventory in East China ports increased by 120,000 tons [2]. Device Maintenance - A 900,000 - ton/year ethylene glycol plant in Singapore, which was originally planned to restart around the end of December 2025, has postponed its restart time, and the specific restart plan is unknown [2].