瓶片短纤数据日报-20251211

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Gasoline crack spreads have declined, and gasoline blending has weakened. The economic performance of the PX industry chain has significantly diverged: the PX-naphtha price spread has widened to $252, reflecting raw material cost pressure; the by-product benzene price has dropped significantly, causing the PX-benzene price spread to only slightly increase to $210, weakening the overall profit of the integrated aromatics unit. High PX costs are pressuring PTA profits, but integrated enterprises have seen improved economic efficiency due to their raw material self-sufficiency advantage. New polyester plant startups have kept polyester operating rates high, and PTA consumption is approaching the historical high set in May. Although domestic demand has weakened seasonally, polyester factories have low to medium inventories and low willingness to cut production. The cancellation of India's BIS certification is expected to drive export growth, providing additional support for demand. The costs of bottle chips and staple fibers follow these trends [2] 3. Summary by Relevant Indicators 3.1 Price and Spread Changes - PTA spot price decreased from 4630 to 4605, a drop of 25; MEG domestic price increased from 3654 to 3674, a rise of 20; PTA closing price decreased from 4644 to 4616, a drop of 28; MEG closing price decreased from 3691 to 3682, a drop of 9; 1.4D direct-spun polyester staple fiber price decreased from 6350 to 6310, a drop of 40; short fiber basis increased from 92 to 107, a rise of 15; 12-1 spread decreased from 80 to 70, a drop of 10; polyester staple fiber cash flow increased from 240 to 246, a rise of 6; 1.4D imitation large chemical fiber price remained unchanged at 5350; the price difference between 1.4D direct-spun and imitation large chemical fiber decreased from 1000 to 960, a drop of 40; East China water bottle chip price decreased from 5700 to 5687, a drop of 13; hot-filled polyester bottle chip price decreased from 5700 to 5687, a drop of 13; carbonated-grade polyester bottle chip price decreased from 5800 to 5787, a drop of 13; foreign water bottle chip price decreased from 753 to 750, a drop of 3; bottle chip spot processing fee increased from 517 to 519, a rise of 2; T32S pure polyester yarn price remained unchanged at 10280; T32S pure polyester yarn processing fee increased from 3930 to 3970, a rise of 40; polyester-cotton yarn 65/35 45S price remained unchanged at 16300; cotton 328 price increased from 14570 to 14590, a rise of 20; polyester-cotton yarn profit increased from 1582 to 1601, a rise of 19; primary three-dimensional hollow (with silicon) price decreased from 7060 to 7040, a drop of 20; hollow staple fiber 6-15D cash flow decreased from 677 to 672, a drop of 5; primary low-melting staple fiber price remained unchanged at 7605 [2] 3.2 Market Conditions - Polyester staple fiber: The main futures contract of polyester staple fiber dropped 70 to 6114. In the spot market, polyester staple fiber production factories negotiated prices, and trader prices followed the futures slightly lower. Downstream buyers showed increased interest in purchasing at low prices, intermediate transactions increased, and factory sales were average. The price of 1.56dtex*38mm semi-gloss natural white (1.4D) polyester staple fiber in the East China market was 6070 - 6460 (cash on delivery, tax included, self-pickup), 6190 - 6580 in the North China market (cash on delivery, tax included, delivered), and 6110 - 6350 in the Fujian market (cash on delivery, tax included, delivered) [2] - Polyester bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5670 - 5750 yuan/ton, with the average price dropping 5 yuan/ton from the previous working day. PTA and bottle chip futures fluctuated weakly. Supply-side quotes were mixed with stable and falling prices, the market trading atmosphere was average, downstream end-users followed up with small orders for rigid demand, and the market negotiation focus slightly declined [2] 3.3 Operating Rates and Sales Ratios - Direct-spun staple fiber operating rate (weekly) increased from 88.37% to 89.32%, a rise of 0.95%; polyester staple fiber sales ratio decreased from 66.00% to 55.00%, a drop of 11.00%; polyester yarn operating rate (weekly) remained unchanged at 66.00%; recycled cotton-type load index (weekly) remained unchanged at 51.10% [3]