瓶片短纤数据日报-20251208

Group 1: Report Industry Investment Rating - No relevant information found Group 2: Core Viewpoints - Gasoline crack spreads have declined, and gasoline blending has weakened. The PX market has remained firm despite multiple factors. The increase in PX price is mainly supported by gasoline blending value and the stabilization and recovery of by - product benzene price. The PX - naphtha spread has further widened to $256, while the spread between PX and mixed xylene is still under pressure, only slightly above $100, which restricts the space for increasing efficiency through PX production. Domestic restructuring unit maintenance rumors are positive for PX, and some South Korean producers are even considering taking offline toluene - route PX units in December. Domestic PTA manufacturers benefit from the removal of PTA import BIS certification restrictions in India, improving export prospects and boosting PX procurement sentiment. The strong PX price significantly benefits 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%. Benefiting from the positive adjustment of trade policies in some overseas countries, the export inquiry of polyester products has increased significantly, and the domestic polyester export outlook is optimistic. The costs of bottle chips and short fibers follow suit [2] Group 3: Summary by Related Indicators Price Changes - PTA spot price decreased from 4690 to 4670, a decrease of 20 [2] - MEG domestic price decreased from 3822 to 3759, a decrease of 63 [2] - PTA closing price decreased from 4724 to 4678, a decrease of 46 [2] - MEG closing price decreased from 3826 to 3723, a decrease of 103 [2] - 1.4D direct - spun polyester staple decreased from 6420 to 6390, a decrease of 30 [2] - Short - fiber basis decreased from 76 to 73, a decrease of 3 [2] - 12 - 1 spread remained unchanged at 108 [2] - 1.4D imitation large - chemical decreased from 5375 to 5350, a decrease of 25 [2] - The spread between 1.4D direct - spun and imitation large - chemical decreased from 1045 to 1040, a decrease of 5 [2] - East China water bottle chips decreased from 5732 to 5709, a decrease of 23 [2] - Hot - filling polyester bottle chips decreased from 5732 to 5709, a decrease of 23 [2] - Carbonated - grade polyester bottle chips decreased from 5832 to 5809, a decrease of 23 [2] - Outer - market water bottle chips decreased from 770 to 760, a decrease of 10 [2] - T32S pure polyester yarn price decreased from 10300 to 10280, a decrease of 20 [2] - Cotton 328 price decreased from 14585 to 14580, a decrease of 5 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2] - Polyester - cotton yarn profit increased from 1530 to 1552, an increase of 22 [2] - Primary three - dimensional hollow (with silicon) decreased from 7125 to 7085, a decrease of 40 [2] - Hollow short - fiber 6 - 15D cash flow decreased from 635 to 633, a decrease of 2 [2] - Primary low - melting - point short fiber remained unchanged at 7680 [2] Market Conditions - Short - fiber: The main futures of polyester staple fiber fell 58 to 6210. In the spot market, polyester staple fiber manufacturers mainly negotiated prices, and traders' prices declined slightly. Downstream procurement willingness was low, and factory sales were sluggish. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6150 - 6480 RMB for cash on delivery, tax - inclusive self - pick - up; in the North China market, it was 6270 - 6600 RMB for cash on delivery, tax - inclusive delivery; in the Fujian market, it was 6200 - 6380 RMB for cash on delivery, tax - inclusive delivery [2] - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5710 - 5830 RMB/ton, with the average price down 10 RMB/ton from the previous working day. PTA and bottle - chip futures fluctuated weakly. The supply - side offers were stable with a slight decline. The market trading atmosphere was cold, and downstream terminal buying enthusiasm was low. The market negotiation focus declined slightly [2] Operating Rates and Sales Ratios - Direct - spun short - fiber load (weekly) increased from 88.37% to 89.32%, an increase of 0.95% [3] - Polyester staple fiber sales ratio increased from 44.00% to 48.00%, an increase of 4.00% [3] - Polyester yarn operating rate (weekly) remained unchanged at 66.00% [3] - Regenerated cotton - type load index (weekly) remained unchanged at 51.10% [3] Processing Fees and Cash Flows - Bottle - chip spot processing fee increased from 442 to 457, an increase of 15 [2] - T32S pure polyester yarn processing fee increased from 3880 to 3890, an increase of 10 [2]