聚酯数据日报-20251126

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - PX prices are rebounding due to limited production, driven by high gasoline profit margins and low pure benzene prices. PTA supply has slightly contracted, polyester开工 remains stable, and domestic polyester exports are optimistic. The downstream weaving industry is performing well, and export demand may improve [2]. - The inventory of ethylene glycol in East China ports has increased significantly. The ethylene price cannot support the strengthening of the ethylene glycol price, and new device production is putting pressure on the price. Coal prices have risen, but the cost support for ethylene glycol is not strong. The Sino - US trade negotiation may increase textile and clothing export demand [2]. Group 3: Summary by Relevant Catalogs 1. Market Data - INE Crude Oil: Price increased from 447.9 yuan/barrel on 2025/11/24 to 448.6 yuan/barrel on 2025/11/25, with a change of 0.70 yuan/barrel [2]. - PTA - SC: Price decreased from 1425.1 yuan/ton to 1396.0 yuan/ton, a change of - 29.09 yuan/ton; the PTA/SC ratio decreased from 1.4378 to 1.4282, a change of - 0.0096 [2]. - CFR China PX: Price remained at 826, and the PX - naphtha spread decreased from 264 to 263, a change of - 1 [2]. - PTA: The main futures price decreased from 4680 yuan/ton to 4656 yuan/ton, a change of - 24.0 yuan/ton; the spot price remained at 4630 yuan/ton; the spot processing fee increased from 212.0 yuan/ton to 213.4 yuan/ton, a change of 1.3 yuan/ton; the disk processing fee decreased from 262.0 yuan/ton to 239.4 yuan/ton, a change of - 22.7 yuan/ton; the main basis increased from (49) to (43), a change of 6.0; the number of PTA warehouse receipts increased from 117828 to 118438, a change of 610 [2]. - MEG: The main futures price decreased from 3884 yuan/ton to 3873 yuan/ton, a change of - 11.0 yuan/ton; MEG - naphtha decreased from (144.73) to (144.92), a change of - 0.2; the MEG domestic price increased from 3890 to 3920, a change of 30.0; the main basis decreased from 35 to 33, a change of - 2.0 [2]. 2. Industry Chain Start - up Situation - PX: The start - up rate decreased from 87.39% to 86.48%, a change of - 0.91% [2]. - PTA: The start - up rate increased from 72.11% to 73.44%, a change of 1.33% [2]. - MEG: The start - up rate increased from 60.33% to 61.48%, a change of 1.15% [2]. - Polyester: The load remained at 89.19%, a change of 0.00% [2]. 3. Product Price and Cash Flow of Polyester Fibers - Polyester Filament: POY150D/48F price decreased from 6545 to 6500, a change of - 45.0; POY cash flow decreased from 33 to (22), a change of - 55.0; FDY150D/96F price decreased from 6755 to 6755, a change of - 70.0; FDY cash flow decreased from (187) to (267), a change of - 80.0; DTY150D/48F price decreased from 7865 to 7855, a change of - 10.0; DTY cash flow decreased from 153 to 133, a change of - 20.0; the filament sales rate increased from 43% to 96%, a change of 53% [2]. - Polyester Staple Fiber: 1.4D direct - spun polyester staple price increased from 6350 to 6385, a change of 35; the staple fiber cash flow increased from 188 to 213, a change of 25.0; the staple fiber sales rate increased from 65% to 79%, a change of 14% [2]. - Polyester Chip: The semi - bright chip price increased from 5545 to 5550, a change of 5.0; the chip cash flow decreased from (67) to (72), a change of - 5.0; the chip sales rate increased from 60% to 65%, a change of 5% [2]. 4. Device Maintenance - A 2.5 - million - ton PTA device in East China is restarting and is expected to produce products soon. The device was shut down for maintenance around November 17 [2]