瓶片短纤数据日报-20251124

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - 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. 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 of benzene prices to a near - three - year low, leading refineries to lower the load of reforming and STDP units to suppress benzene output, thus 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 According to Related Data Price and Index Changes - PTA spot price dropped from 4630 to 4615, a decrease of 15; MEG inner - market price fell from 3885 to 3852, a decrease of 33; PTA closing price declined from 4696 to 4666, a decrease of 30; MEG closing price decreased from 3822 to 3808, a decrease of 14; 1.4D direct - spinning polyester staple fiber price dropped from 6370 to 6340, a decrease of 30; short - fiber basis increased from 110 to 126, an increase of 16; 12 - 1 spread remained unchanged at 50; polyester staple fiber cash flow increased from 240 to 246, an increase of 6; 1.4D imitation large - chemical fiber price remained unchanged at 5400; the price difference between 1.4D direct - spinning and imitation large - chemical fiber decreased from 970 to 940, a decrease of 30; East China water bottle chip price dropped from 5716 to 5682, a decrease of 34; hot - filling polyester bottle chip price dropped from 5716 to 5682, a decrease of 34; carbonated - grade polyester bottle chip price dropped from 5816 to 5782, a decrease of 34; outer - market water bottle chip price dropped from 760 to 755, a decrease of 5; bottle - chip spot processing fee decreased from 456 to 446, a decrease of 10; T32S pure polyester yarn price remained unchanged at 10300; T32S pure polyester yarn processing fee increased from 3930 to 3960, an increase of 30; polyester - cotton yarn 65/35 45S price remained unchanged at 16300; cotton 328 price dropped from 14340 to 14335, a decrease of 5; polyester - cotton yarn profit increased from 1656 to 1678, an increase of 22; primary three - dimensional hollow (with silicon) price increased from 7035 to 7080, an increase of 45; hollow short - fiber 6 - 15D cash flow increased from 575 to 644, an increase of 69; primary low - melting - point short - fiber price increased from 7480 to 7580, an increase of 100 [2] Market Conditions - Short - fiber: The main futures of polyester staple fiber dropped 68 to 6162. In the spot market, the prices of polyester staple fiber production factories were stable, while those of traders declined. Customers replenished goods at low prices, and the trading volume in the intermediate links increased, but the production and sales of factories were average. The price of 1.56dtex*38mm semi - bright (1.4D) polyester staple fiber in the East China market was 6080 - 6460 in cash, tax - included and self - picked; in the North China market, it was 6200 - 6580 in cash, tax - included and delivered; in the Fujian market, it was 6150 - 6350 in cash, tax - included and delivered [2] - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5660 - 5780 yuan/ton, with the average price dropping 30 yuan/ton compared to the previous working day. PTA and bottle - chip futures were weakly operating. Most offers on the supply side were lowered, the market trading atmosphere was rather dull, downstream terminal purchases were mainly for rigid demand, and the market sentiment was cautious [2] Operational Indicators - 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 35.00% to 33.00%, a decrease of 2.00%; polyester yarn startup rate (weekly) remained unchanged at 66.00%; recycled cotton - type load index (weekly) remained unchanged at 51.10% [3]