聚酯数据日报-20251128

Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - PTA market: The intraday crude oil market showed weak oscillations. The gasoline cracking spread in the US narrowed, and the price of MX in the US declined. The positive impact of the gasoline blending logic on the PTA market ended, leading to a drop in the PTA market. However, the PX market remained firm under the influence of multiple factors. The increase in PX price was mainly driven by the support of gasoline blending value and the stabilization and recovery of the by - product benzene price. The export prospects of PTA improved due to India's cancellation of the BIS certification restriction on PTA imports, boosting the PX procurement sentiment. Currently, the PTA supply has slightly tightened, while the polyester industry's operating rate has remained stable, and the overall load has remained above 90%. The export prospects of domestic polyester are still optimistic [2]. - MEG market: The inventory of ethylene glycol ports in East China increased significantly compared to last week, with an increase of 120,000 tons. The ethylene price could not support the strengthening of the ethylene glycol price. The commissioning of new plants continued to put pressure on the ethylene glycol price, and the spot shortage caused by low inventory was mainly reflected in the basis. The decline in coal prices reduced the price support for ethylene glycol. The subsequent export demand for textile and clothing and the downstream weaving load may remain optimistic [2]. 3. Summary by Relevant Catalogs 3.1 Market Quotes - Crude Oil and PTA - Crude Oil: The price of INE crude oil rose from 445.0 yuan/barrel on November 26, 2025, to 447.6 yuan/barrel on November 27, 2025, an increase of 2.6 yuan/barrel. The PTA - SC spread decreased from 1450.1 yuan/ton to 1379.2 yuan/ton, a decrease of 70.89 yuan/ton. The PTA/SC ratio decreased from 1.4484 to 1.4240, a decrease of 0.0244 [2]. - PX: The CFR China PX price decreased from 829 to 826, a decrease of 3. The PX - naphtha spread remained unchanged at 268 [2]. - PTA: The PTA main futures price decreased from 4684 yuan/ton to 4632 yuan/ton, a decrease of 52.0 yuan/ton. The PTA spot price decreased from 4635 yuan/ton to 4610 yuan/ton, a decrease of 25.0 yuan/ton. The spot processing fee decreased from 204.2 yuan/ton to 196.3 yuan/ton, a decrease of 7.9 yuan/ton. The on - disk processing fee decreased from 253.2 yuan/ton to 218.3 yuan/ton, a decrease of 34.9 yuan/ton. The main basis decreased from (31) to (36), a decrease of 5.0. The number of PTA warehouse receipts increased from 121,036 to 123,197, an increase of 2,161 [2]. - MEG: The MEG main futures price decreased from 3896 yuan/ton to 3873 yuan/ton, a decrease of 23.0 yuan/ton. The MEG - naphtha spread decreased from (140.68) to (140.87), a decrease of 0.2. The MEG domestic price decreased from 3904 to 3900, a decrease of 4.0. The main basis decreased from 33 to 5, a decrease of 28.0 [2]. 3.2 Industrial Chain Operating Conditions - PX Operating Rate: Remained unchanged at 86.48% [2]. - PTA Operating Rate: Increased from 73.44% to 74.77%, an increase of 1.33% [2]. - MEG Operating Rate: Increased from 61.48% to 63.48%, an increase of 2.00% [2]. - Polyester Load: Remained unchanged at 89.19% [2]. 3.3 Polyester Product Situation - Polyester Filament: The price of POY150D/48F remained unchanged at 6490, and the POY cash flow increased from (31) to (8), an increase of 23.0. The price of FDY150D/96F decreased from 6760 to 6755, a decrease of 5.0, and the FDY cash flow increased from (261) to (243), an increase of 18.0. The price of DTY150D/48F remained unchanged at 7855, and the DTY cash flow increased from 134 to 157, an increase of 23.0. The filament production and sales rate decreased from 54% to 45%, a decrease of 9% [2]. - Polyester Staple Fiber: The price of 1.4D direct - spun polyester staple fiber decreased from 6380 to 6365, a decrease of 15. The polyester staple fiber cash flow increased from 209 to 217, an increase of 8.0. The staple fiber production and sales rate decreased from 53% to 41%, a decrease of 12% [2]. - Polyester Chip: The price of semi - bright chips remained unchanged at 5550, and the chip cash flow increased from (71) to (48), an increase of 23.0. The chip production and sales rate decreased from 72% to 56%, a decrease of 16% [2]. 3.4 Device Maintenance - A 2.5 - million - ton PTA device in East China is currently restarting and is expected to produce products soon. The device was shut down for maintenance around November 17 [2].