瓶片短纤数据日报-20251210

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Gasoline crack spreads have declined, and gasoline blending has weakened. The economic performance of the PX industry chain is significantly differentiated. The PX - naphtha spread has widened to $252, reflecting raw material cost pressure, while the sharp decline in the by - product benzene price has led to only a slight increase in the PX - benzene spread to $210, weakening the overall profit of integrated aromatics units [2]. - PX costs are high, and PTA profits are under pressure, but integrated enterprises have significantly improved economic benefits due to their raw material self - sufficiency advantage. New polyester installations have pushed the polyester load to a high level, and PTA consumption is close to the historical high set in May. Although domestic demand is seasonally weak, polyester factories have low inventory and low willingness to cut production. The cancellation of India's BIS certification is expected to drive export growth, providing additional support for demand [2]. - The costs of bottle chips and staple fibers follow the market [2]. 3. Summary by Relevant Indicators Price and Spread Indicators - PTA spot price decreased from 4650 to 4630, a drop of 20; MEG domestic price decreased from 3699 to 3654, a drop of 45; PTA closing price decreased from 4694 to 4644, a drop of 50; MEG closing price decreased from 3701 to 3691, a drop of 10 [2]. - The price of 1.4D direct - spun polyester staple fiber decreased from 6355 to 6350, a drop of 5. The short - fiber basis increased from 90 to 92, an increase of 2; the 12 - 1 spread decreased from 90 to 80, a decrease of 10 [2]. - The price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 1005 to 1000, a decrease of 5. The price of 1.4D imitation large - chemical fiber remained unchanged at 5350 [2]. - The prices of East China water bottle chips, hot - filled polyester bottle chips, and carbonated - grade polyester bottle chips all decreased by 2, and the price of outer - market water bottle chips decreased by 2 [2]. - The price of T32S pure polyester yarn remained unchanged at 10280, and the processing fee increased from 3925 to 3930, an increase of 5. The price of polyester - cotton yarn 65/35 45S remained unchanged at 16300, and the profit increased from 1575 to 1582, an increase of 7 [2]. - The price of cotton 328 decreased from 14580 to 14570, a drop of 10 [2]. - The price of primary three - dimensional hollow (with silicon) decreased from 7085 to 7060, a drop of 25, and the cash flow of hollow staple fiber 6 - 15D increased from 670 to 677, an increase of 7 [2]. - The price of primary low - melting - point staple fiber decreased from 7680 to 7605, a drop of 75 [2]. Market Conditions - In the staple fiber market, the main futures of polyester staple fiber fell 30 to 6182. The prices of polyester staple fiber production factories were lowered, and the prices of traders declined weakly. Downstream procurement demand was poor, and factory sales were tepid [2]. - In the bottle chip market, the mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5670 - 5760 yuan/ton, with the average price down 20 yuan/ton from the previous working day. PTA and bottle chip futures were running weakly, supply - side offers were mixed, the market trading atmosphere was average, and downstream terminal rigid demand followed up with small orders, with the market negotiation focus slightly declining [2]. Operating Rate and Sales Rate - The direct - spun staple fiber load (weekly) increased from 88.37% to 89.32%, an increase of 0.95% [3]. - The polyester staple fiber sales rate increased from 50.00% to 66.00%, an increase of 16.00% [3]. - The polyester yarn startup rate (weekly) remained unchanged at 66.00%, and the recycled cotton - type load index (weekly) remained unchanged at 51.10% [3].