聚酯数据日报-20251209

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - PTA: Gasoline cracking profit has declined, and the gasoline blending performance has weakened. The PX industry chain economy is significantly differentiated, with high PX costs and pressured PTA profits, but integrated enterprises have improved economic benefits. Polyester new device production keeps the polyester load high, and the demand is supported by factors such as low inventory in polyester factories and potential export growth due to the cancellation of India's BIS certification [2] - MEG: The East China ethylene glycol port inventory remains at 750,000 tons. With the continuous decline of coal prices, the ethylene glycol price lacks effective support. New device production increases market supply pressure, and the return of coal - based ethylene glycol devices adds more pressure [2] 3. Summary by Related Catalogs a. Market Data - INE crude oil price increased from 453.7 yuan/barrel on December 5, 2025, to 457.6 yuan/barrel on December 8, 2025, with a change of 3.90 yuan/barrel [2] - PTA - SC decreased from 1380.9 yuan/ton to 1368.6 yuan/ton, a change of - 12.34 yuan/ton; PTA/SC decreased from 1.4188 to 1.4115, a change of - 0.0073 [2] - CFR China PX increased from 838 to 841, a change of 3; PX - naphtha spread decreased by 1 [2] - PTA main futures price increased from 4678 yuan/ton to 4694 yuan/ton, a change of 16.0 yuan/ton; PTA spot price decreased from 4670 yuan/ton to 4650 yuan/ton, a change of - 20.0 yuan/ton [2] - PTA spot processing fee decreased from 174.1 yuan/ton to 157.1 yuan/ton, a change of - 17.0 yuan/ton; PTA disk processing fee decreased from 202.1 yuan/ton to 201.1 yuan/ton, a change of - 1.0 yuan/ton [2] - PTA main basis increased from (32) to (30), a change of 2.0; PTA warehouse receipt quantity decreased from 122175 to 121707, a change of - 468 [2] - MEG main futures price decreased from 3723 yuan/ton to 3701 yuan/ton, a change of - 22.0 yuan/ton; MEG - naphtha decreased from (162.44) to (162.63), a change of - 0.2 [2] - MEG domestic price decreased from 3759 yuan/ton to 3699 yuan/ton, a change of - 60.0 yuan/ton; MEG main basis remained unchanged at - 15 [2] b. Industry Chain Operating Conditions - PX operating rate remained at 86.48%; PTA operating rate remained at 74.77%; MEG operating rate decreased from 61.56% to 60.50%, a change of - 1.06% [2] - Polyester load decreased from 88.94% to 88.41%, a change of - 0.53% [2] c. Polyester Product Prices and Cash Flows - POY150D/48F price decreased from 6445 yuan/ton to 6415 yuan/ton, a change of - 30.0 yuan/ton; POY cash flow increased from (57) to (50), a change of 7.0 [2] - FDY150D/96F price decreased from 6710 yuan/ton to 6655 yuan/ton, a change of - 55.0 yuan/ton; FDY cash flow decreased from (292) to (310), a change of - 18.0 [2] - DTY150D/48F price decreased from 7795 yuan/ton to 7765 yuan/ton, a change of - 30.0 yuan/ton; DTY cash flow increased from 93 to 100, a change of 7.0 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6390 yuan/ton to 6355 yuan/ton, a change of - 35 yuan/ton; polyester staple fiber cash flow increased from 238 to 240, a change of 2.0 [2] - Semi - bright chip price decreased from 5565 yuan/ton to 5545 yuan/ton, a change of - 20.0 yuan/ton; chip cash flow increased from (37) to (20), a change of 17.0 [2] d. Sales Volume of Polyester Products - Polyester filament sales volume increased from 40% to 81%, a change of 41%; polyester staple fiber sales volume increased from 45% to 52%, a change of 7%; chip sales volume increased from 67% to 71%, a change of 4% [2] e. Device Maintenance - A 2.5 - million - ton PTA device in East China is restarting and is expected to produce products soon. It stopped for maintenance around November 17 [2]