瓶片短纤数据日报-20251209

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - Gasoline crack spreads have declined, and gasoline blending performance has weakened. The economic performance of the PX industry chain has significantly diverged. On one hand, the PX - naphtha spread has widened to $252, reflecting raw material cost pressure. On the other hand, the price of by - product benzene has dropped significantly, causing the PX - benzene spread to only slightly increase to $210, which weakens the overall profit of integrated aromatics units. PX costs are high while PTA profits are under pressure, but integrated enterprises have significantly improved economic efficiency due to their raw material self - sufficiency advantage. New polyester plant startups have pushed polyester operating rates to remain high, and PTA consumption has approached the historical high set in May. Although the domestic demand is seasonally weak, polyester factories have low to medium inventory levels, so their willingness to cut production is low. Additionally, the cancellation of India's BIS certification is expected to drive export growth, providing additional support for demand. The costs of bottle chips and short fibers follow suit [2]. 3. Key Data Summaries Price Changes - PTA spot price decreased from 4670 to 4650, a change of - 20 [2]. - MEG domestic price decreased from 3759 to 3699, a change of - 60 [2]. - PTA closing price increased from 4678 to 4694, a change of 16 [2]. - MEG closing price decreased from 3723 to 3701, a change of - 22 [2]. - 1.4D direct - spun polyester staple fiber price decreased from 6390 to 6355, a change of - 35 [2]. - Short - fiber basis increased from 73 to 90, a change of 17 [2]. - 12 - 1 spread decreased from 108 to 90, a change of 18 [2]. - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2]. - 1.4D imitation large - chemical fiber price remained unchanged at 5350 [2]. - The price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 1040 to 1005, a change of - 35 [2]. - East China water bottle chip price decreased from 5709 to 5702, a change of - 7 [2]. - Hot - filling polyester bottle chip price decreased from 5709 to 5702, a change of - 7 [2]. - Carbonated - grade polyester bottle chip price decreased from 5809 to 5802, a change of - 7 [2]. - Outer - market water bottle chip price decreased from 760 to 755, a change of - 5 [2]. - Bottle chip spot processing fee increased from 457 to 487, a change of 30 [2]. - T32S pure polyester yarn price remained unchanged at 10280 [2]. - T32S pure polyester yarn processing fee increased from 3890 to 3925, a change of 35 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2]. - Cotton 328 price remained unchanged at 14580 [2]. - Polyester - cotton yarn profit increased from 1552 to 1575, a change of 23 [2]. - Primary three - dimensional hollow (with silicon) price remained unchanged at 7085 [2]. - Hollow short - fiber 6 - 15D cash flow increased from 633 to 670, a change of 37 [2]. - Primary low - melting - point short - fiber price remained unchanged at 7680 [2]. Operating Rate and Sales - to - Production Ratio - Direct - spun short - fiber operating rate (weekly) increased from 88.37% to 89.32%, a change of 0.95% [3]. - Polyester staple fiber sales - to - production ratio increased from 48.00% to 50.00%, a change of 2.00% [3]. - Polyester yarn startup rate (weekly) remained unchanged at 66.00% [3]. - Recycled cotton - type load index (weekly) remained unchanged at 51.10% [3].