瓶片短纤数据日报-20251126

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The PX market price has rebounded recently due to multiple factors. Although some planned maintenance has ended and production capacity is gradually recovering, 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 low benzene price, which leads refineries to lower the load of reforming and STDP units to limit benzene output and thus PX supply [2]. - The supply side of PTA has slightly shrunk, while the polyester operation remains stable with a load of over 90%. Domestic polyester exports are still optimistic. Although the "Golden September and Silver October" period is over, the downstream weaving industry performs well, and export demand may improve. The costs of bottle chips and short fibers follow these trends [2]. Group 3: Summary Based on Related Catalogs Price and Index Changes - PTA spot price remained unchanged at 4630 from November 24 to November 25, 2025; MEG inner - market price increased by 30 to 3920; PTA closing price decreased by 24 to 4656; MEG closing price decreased by 11 to 3873; 1.4D direct - spinning polyester staple fiber price increased by 35 to 6385; short - fiber basis decreased by 4 to 121; 12 - 1 spread decreased by 8 to 60; polyester staple fiber cash flow increased by 6 to 246; 1.4D imitation large - chemical fiber price remained at 5400; the price difference between 1.4D direct - spinning and imitation large - chemical fiber increased by 35 to 985; East China water bottle chip price increased by 2 to 5711; hot - filling polyester bottle chip price increased by 2 to 5711; carbonated - grade polyester bottle chip price increased by 2 to 5811; outer - market water bottle chip price remained at 760; bottle chip spot processing fee decreased by 8 to 439; T32S pure polyester yarn price remained at 10300; T32S pure polyester yarn processing fee decreased by 35 to 3915; polyester - cotton yarn 65/35 45S price remained at 16300; cotton 328 price increased by 45 to 14475; polyester - cotton yarn profit decreased by 40 to 1595; primary three - dimensional hollow (with silicon) price remained at 7080; hollow short - fiber 6 - 15D cash flow decreased by 10 to 608; primary low - melting - point short - fiber price remained at 7580 [2]. Market Conditions - Short - fiber: The main futures of polyester staple fiber rose 26 to 6234. The spot market saw stable prices from production factories and slightly increased prices from traders. Downstream buyers purchased as needed, and factory sales were limited. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6170 - 6460 for cash on delivery, tax - included self - pick - up; in the North China market, it was 6290 - 6580 for cash on delivery, tax - included delivery; in the Fujian market, it was 6210 - 6350 for cash on delivery, tax - included delivery [2]. - Bottle chips: Raw materials provided strong support, and the processing fee on the futures market had been compressed to around 380 yuan/ton. The market center of polyester bottle chips rose, but downstream buyers were reluctant to chase the rising prices, and the trading was deadlocked. It was reported that the prices of November - December supplies were 5670 - 5740 or at a premium of 30 to 80 over the futures contract 2601, with stable basis. Some holders faced pressure to sell, and the prices of this month's supplies in the South China market were relatively low [2]. Load and Production and Sales Rates - The direct - spinning short - fiber load (weekly) increased by 0.95% to 89.32% [3]. - The polyester staple fiber production and sales rate increased by 3% to 71% [3]. - The polyester yarn startup rate (weekly) remained unchanged at 66% [3]. - The recycled cotton - type load index (weekly) remained unchanged at 51.1% [3].