聚酯数据日报-20251218

Report Summary Industry Investment Rating - Not provided in the given content Core Viewpoints - The PX price is strong, supporting the PX-naphtha spread. Despite no significant fundamental changes, PTA plants maintain high loads, and PX consumption remains stable. PX costs are high while PTA profits are under pressure, but integrated enterprises have improved economic benefits. The polyester load is high due to new plant startups, and PTA consumption remains high. The cancellation of India's BIS certification may boost exports. For ethylene glycol, port inventories are high, coal prices are falling, and new plant startups increase supply pressure, but polyester export inquiries may support downstream demand [2] Detailed Summaries by Category Market Data - INE Crude Oil: Price decreased from 430.5 yuan/barrel on 2025/12/16 to 426.7 yuan/barrel on 2025/12/17, a change of -3.80 yuan/barrel [2] - PTA: The主力期 price rose from 4668 yuan/ton to 4684 yuan/ton, the spot price increased from 4590 yuan/ton to 4605 yuan/ton. The spot processing fee dropped from 182.0 yuan/ton to 164.2 yuan/ton, and the disk processing fee decreased from 260.0 yuan/ton to 243.2 yuan/ton. The PTA-SC spread increased from 1539.5 yuan/ton to 1583.1 yuan/ton, and the PTA/SC ratio rose from 1.4921 to 1.5105. The PTA warehouse receipt quantity decreased from 136,697 to 134,143 [2] - MEG: The主力期 price increased from 3700 yuan/ton to 3758 yuan/ton. The MEG inner - market price rose from 3634 yuan/ton to 3667 yuan/ton. The MEG - naphtha spread changed from -142.86 yuan/ton to -143.05 yuan/ton [2] - PX: CFR China PX price increased from 827 to 834, and the PX - naphtha spread rose from 281 to 298 [2] - Polyester Products: POY150D/48F price decreased from 6300 to 6285, POY cash flow decreased from -92 to -131. FDY150D/96F price decreased from 6555 to 6525, FDY cash flow decreased from -337 to -391. DTY150D/48F price decreased from 7690 to 7685, DTY cash flow decreased from 98 to 69. 1.4D direct - spun polyester staple price increased from 6325 to 6340, and polyester staple cash flow decreased from 283 to 274. Semi - bright chip price decreased from 5475 to 5460, and chip cash flow decreased from -17 to -56. The long - filament sales rate decreased from 67% to 46%, and the short - fiber sales rate increased from 42% to 76%, and the chip sales rate increased from 67% to 116% [2] Industry Operating Rates - PX operating rate remained at 86.48%, PTA operating rate remained at 74.77%, MEG operating rate decreased from 60.66% to 60.43%, and polyester load remained at 88.41% [2] Device Maintenance - A 2.5 - million - ton PTA device in East China is restarting and is expected to produce products soon. The device was shut down for maintenance around November 17 [2]