Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - Recently, the PX market has 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, 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 nearly three - year low, leading refineries to lower the load of reforming and STDP units to limit benzene output and thus PX supply [2]. - The PTA supply side has slightly shrunk, while polyester operation remains stable with a load above 90%. 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 by Related Data Price and Price Change - PTA spot price remained at 4610 from November 18 to 19, 2025; MEG inner - market price dropped from 3952 to 3919, a decrease of 33; PTA closing price rose from 4670 to 4712, an increase of 42; MEG closing price dropped from 3907 to 3903, a decrease of 4 [2]. - 1.4D direct - spinning polyester staple fiber price rose from 6350 to 6370, an increase of 20; short - fiber basis dropped from 147 to 128, a decrease of 19; 12 - 1 spread decreased from 42 to 48, a decrease of 6 [2]. - Polyester staple fiber cash flow increased from 240 to 246, an increase of 6; 1.4D imitation large - chemical fiber price remained at 5400; the price difference between 1.4D direct - spinning and imitation large - chemical fiber increased from 950 to 970, an increase of 20 [2]. - East China water bottle chip price rose from 5716 to 5758, an increase of 42; hot - filling polyester bottle chip price rose from 5716 to 5758, an increase of 42; carbonated - grade polyester bottle chip price rose from 5816 to 5858, an increase of 42; outer - market water bottle chip price remained at 760 [2]. - Bottle chip spot processing fee increased from 451 to 504, an increase of 53; T32S pure polyester yarn price remained at 10300; T32S pure polyester yarn processing fee decreased from 3950 to 3930, a decrease of 20 [2]. - Polyester - cotton yarn 65/35 45S price remained at 16300; cotton 328 price rose from 14280 to 14320, an increase of 40; polyester - cotton yarn profit decreased from 1692 to 1664, a decrease of 28 [2]. - Primary three - dimensional hollow (with silicon) price remained at 7020; hollow short - fiber 6 - 15D cash flow increased from 555 to 566, an increase of 11; primary low - melting - point short - fiber price remained at 7480 [2]. Market Conditions - In the short - fiber market, the main futures of polyester staple fiber rose 22 to 6244. The prices of polyester staple fiber production factories were stable, while those of traders were warm. Downstream demand was cautious, and on - site transactions were differentiated [2]. - In the bottle - chip market, the mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5730 - 5820 yuan/ton, with the average price rising 15 yuan/ton compared to the previous working day. PTA and bottle - chip futures fluctuated first down and then up. The supply - side quotation first fell and then rose. The market trading atmosphere was fair, and downstream terminals mainly had rigid demand. The price center of bottle chips slightly increased today [2]. Operating Rate and Production and Sales - Direct - spinning short - fiber load (weekly) increased from 88.37% to 89.32%, an increase of 0.95%; polyester staple fiber production and sales decreased from 65.00% to 44.00%, a decrease of 21.00%; polyester yarn operating rate (weekly) remained at 66.00%; regenerated cotton - type load index (weekly) remained at 51.10% [3].
瓶片短纤数据日报-20251120
Guo Mao Qi Huo·2025-11-20 06:11