瓶片短纤数据日报-20251125

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints 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. The main drivers are the soaring gasoline profit margins, which prompt 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 and thus limit 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 Nine and Silver Ten" 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 Catalogs 1. Price and Index Changes - PTA spot price increased from 4615 to 4630, a change of 15; MEG inner - market price rose from 3852 to 3890, a change of 38; PTA closing price went up from 4666 to 4680, a change of 14; MEG closing price increased from 3808 to 3884, a change of 76 [2]. - 1.4D direct - spun polyester staple fiber price increased from 6340 to 6350, a change of 10; short - fiber basis decreased from 126 to 125, a change of - 1; 12 - 1 spread decreased from 50 to 68, a change of - 18; polyester short - fiber cash flow increased from 240 to 246, a change of 6 [2]. - 1.4D imitation large - chemical fiber price remained unchanged at 5400; the price difference between 1.4D direct - spun and imitation large - chemical fiber increased from 940 to 950, a change of 10 [2]. - East China water bottle chip price increased from 5682 to 5709, a change of 27; hot - filling polyester bottle chip price increased from 5682 to 5709, a change of 27; carbonated - grade polyester bottle chip price increased from 5782 to 5809, a change of 27; outer - market water bottle chip price increased from 755 to 760, a change of 5; bottle chip spot processing fee increased from 446 to 447, a change of 1 [2]. - T32S pure polyester yarn price remained unchanged at 10300; T32S pure polyester yarn processing fee decreased from 3960 to 3950, a change of - 10; polyester - cotton yarn 65/35 45S price remained unchanged at 16300; polyester - cotton yarn profit decreased from 1678 to 1635, a change of - 43 [2]. - The price of cotton 328 increased from 14335 to 14430, a change of 95; the price of primary three - dimensional hollow (with silicon) remained unchanged at 7080; the cash flow of hollow short - fiber 6 - 15D decreased from 644 to 618, a change of - 26; the price of primary low - melting - point short - fiber remained unchanged at 7580 [2]. 2. Market Conditions - In the short - fiber market, the price of polyester short - fiber production plants is stable, and the price of traders is warm. Customers purchase on demand, and the plant's production and sales are average. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester short - fiber in the East China market is 6140 - 6460 yuan for cash on delivery, tax - included self - pick - up; in the North China market, it is 6260 - 6580 yuan for cash on delivery, tax - included delivery; in the Fujian market, it is 6190 - 6350 yuan for cash on delivery, tax - included delivery [2]. - In the bottle - chip market, the mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets is 5670 - 5780 yuan/ton, with the average price rising by 5 yuan/ton compared to the previous working day. PTA and bottle - chip futures fluctuate narrowly. Most supply - side offers are temporarily stable, the market trading atmosphere is average, downstream terminal purchases are mainly for rigid demand, and market sentiment is cautious [2]. 3. Load and Production - Sales Rates - The direct - spun short - fiber load (weekly) increased from 88.37% to 89.32%, a change of 0.95% [3]. - The polyester short - fiber production - sales rate increased from 35.00% to 68.00%, a change of 33.00% [3]. - The polyester yarn startup rate (weekly) remained unchanged at 66.00% [3]. - The recycled cotton - type load index (weekly) remained unchanged at 51.10% [3].