Report Industry Investment Rating - Not provided in the report Core Viewpoints - For PTA, with some near - end devices restarting,开工 rising, polyester load slightly increasing, inventory decreasing, and basis strengthening, while PX domestic operation decreasing and overseas devices reducing load, there are opportunities for long - short spreads and expanding processing fees. [1] - For MEG, with domestic coal - chemical devices restarting, overseas devices under maintenance, and port inventory stabilizing, there are short - term selling put opportunities, but the long - term pattern is expected to be weak. [1] - For polyester staple fiber, the near - end operation is stable, with inventory pressure limited in the short term due to high export growth, but the pattern may weaken in the long term, and attention should be paid to the warehouse receipt situation. [1] - For natural rubber and 20 - number rubber, with national explicit inventory stable and Thai cup - lump price stable, the strategy is to wait and see. [1] Summary by Product PTA - Price and Margin Changes: From 2025/11/25 to 2025/12/01, PTA spot price increased by 75, polyester margin decreased by 76, and PTA load increased by 0.2. [1] - Device Changes: Honggang's 2.5 million - ton device restarted. [1] - Market Outlook: TA will maintain a high - maintenance state, with limited inventory accumulation slope, and there are opportunities for long - short spreads and expanding processing fees. [1] MEG - Price and Margin Changes: From 2025/11/25 to 2025/12/01, MEG outer - market price increased by 1, and coal - made profit increased by 19. [1] - Device Changes: Shenghong's 900,000 - ton device restarted. [1] - Market Outlook: The inventory accumulation speed is expected to slow down, and there are short - term selling put opportunities, but the long - term pattern is weak. [1] Polyester Staple Fiber - Price and Margin Changes: From 2025/11/25 to 2025/12/01, the price of 1.4D cotton - type staple fiber increased by 25, and short - fiber profit decreased by 25. [1] - Device Status: The near - end device operation is stable, with an operation rate of 97.5%. [1] - Market Outlook: Short - term inventory pressure is limited, but the pattern may weaken in the long term, and attention should be paid to the warehouse receipt situation. [1] Natural Rubber and 20 - Number Rubber - Price Changes: From 2025/11/25 to 2025/12/01, the price of US - dollar Thai standard spot remained unchanged, and the price of Shanghai full - latex increased by 90. [1] - Market Outlook: With national explicit inventory stable and Thai cup - lump price stable, the strategy is to wait and see. [1] Styrene - Price and Margin Changes: From 2025/11/25 to 2025/12/01, the price of ethylene (CFR Northeast Asia) remained unchanged, and styrene domestic profit remained at - 138. [4]
芳烃橡胶早报-20251202
Yong An Qi Huo·2025-12-02 00:58