瓶片短纤数据日报-20251128

Report Summary 1. Industry Investment Rating - No information provided in the report. 2. Core View - Gasoline crack spreads have declined, and gasoline blending has weakened. The PX market has remained strong due to multiple factors. The increase in PX prices is mainly supported by the value of gasoline blending and the stabilization and recovery of the by - product benzene price. The PX - naphtha spread has further widened to $256, while the PX - mixed xylene spread is still under pressure, slightly above $100, limiting the room for increasing efficiency through PX production. Domestic restructuring unit maintenance rumors are positive for PX, and some Korean producers are even considering taking offline toluene - route PX units in December. Domestic PTA manufacturers benefit from India's cancellation of PTA import BIS certification restrictions, improving export prospects and boosting PX procurement sentiment. The strong PX price is significantly beneficial for the PTA market. Currently, the PTA supply side has tightened slightly, while the polyester industry's operating rate has remained stable, with the overall load maintained above 90%. Thanks to the positive adjustment of trade policies in some overseas countries, the export inquiry for polyester products has increased significantly, and the domestic polyester export outlook is optimistic. The costs of bottle chips and short fibers follow suit [2]. 3. Summary by Relevant Indicators Price Changes - PTA spot price dropped from 4635 to 4610, a decrease of 25; MEG domestic price dropped from 3904 to 3900, a decrease of 4; PTA closing price dropped from 4684 to 4632, a decrease of 52; MEG closing price dropped from 3896 to 3873, a decrease of 23; 1.4D direct - spun polyester staple fiber price dropped from 6380 to 6365, a decrease of 15; short - fiber basis increased from 137 to 140, an increase of 3; 12 - 1 spread decreased from 116 to 80, a decrease of 36; polyester staple fiber cash flow increased from 240 to 246, an increase of 6; the price of 1.4D imitation large - chemical fiber remained stable at 5400; the price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 980 to 965, a decrease of 15; East China water bottle chip price dropped from 5720 to 5707, a decrease of 13; hot - filling polyester bottle chip price dropped from 5720 to 5707, a decrease of 13; carbonated - grade polyester bottle chip price dropped from 5820 to 5807, a decrease of 13; outer - market water bottle chip price dropped from 760 to 755, a decrease of 5; bottle - chip spot processing fee increased from 449 to 459, an increase of 10; T32S pure polyester yarn price remained stable at 10300; T32S pure polyester yarn processing fee increased from 3920 to 3935, an increase of 15; polyester - cotton yarn 65/35 45S price remained stable at 16300; cotton 328 price increased from 14475 to 14480, an increase of 5; polyester - cotton yarn profit increased from 1599 to 1607, an increase of 8; the price of primary three - dimensional hollow (with silicon) remained stable at 7080; the cash flow of hollow short fiber 6 - 15D increased from 609 to 632, an increase of 23; the price of primary low - melting - point short fiber remained stable at 7580 [2]. Market Conditions - Short fiber: The main futures contract of polyester staple fiber dropped 76 to 6162. In the spot market, the prices of polyester staple fiber production plants were stable, while those of traders declined weakly. Downstream buyers purchased on demand, and the production and sales of factories were limited. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6120 - 6460 yuan for cash - on - delivery, tax - included, self - pick - up; in the North China market, it was 6240 - 6580 yuan for cash - on - delivery, tax - included, delivered; in the Fujian market, it was 6170 - 6350 yuan for cash - on - delivery, tax - included, delivered. - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5680 - 5760 yuan/ton, with the average price dropping 25 yuan/ton compared to the previous working day. PTA and bottle - chip futures fluctuated weakly. Most offers on the supply side were lowered, downstream end - users made rigid purchases, the market trading atmosphere was light, and the market negotiation center declined [2]. Operating Rates and Production - Sales Ratios - The direct - spun short - fiber load (weekly) increased from 88.37% to 89.32%, an increase of 0.95 percentage points; the polyester staple fiber production - sales ratio increased from 44.00% to 46.00%, an increase of 2 percentage points; the polyester yarn startup rate (weekly) remained stable at 66.00%; the recycled cotton - type load index (weekly) remained stable at 51.10% [3].