聚酯数据日报-20251219

Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - PX price is strong, supporting the PX - naphtha spread. Despite stable PTA device operation and consumption, PX cost is high and PTA profit is under pressure. However, integrated enterprises' economic benefits are improved. Polyester load is high, PTA consumption is high, and the market's willingness to buy domestic products increases. Although domestic demand weakens seasonally, polyester factories have low inventory and low willingness to cut production. The cancellation of India's BIS certification is expected to drive export growth [2] - The price of ethylene glycol lacks effective support due to high port inventory and falling coal prices. New device production increases supply pressure, but increased polyester export inquiries are expected to support downstream demand [2] 3. Summary by Relevant Catalogs 3.1 Market Quotes - INE crude oil price rose from 426.7 yuan/barrel on December 17th to 429.4 yuan/barrel on December 18th, an increase of 2.7 yuan/barrel. PTA - SC increased from 1583.1 yuan/ton to 1627.5 yuan/ton, an increase of 44.38 yuan/ton. PTA/SC ratio increased from 1.5105 to 1.5216, an increase of 0.0110. CFR China PX increased from 834 to 840, an increase of 7. PX - naphtha spread increased from 298 to 307, an increase of 9 [2] - PTA main contract futures price rose from 4684 yuan/ton to 4748 yuan/ton, an increase of 64 yuan/ton. PTA spot price rose from 4605 yuan/ton to 4650 yuan/ton, an increase of 45 yuan/ton. Spot processing fee increased from 164.2 yuan/ton to 173.9 yuan/ton, an increase of 9.7 yuan/ton. Disk processing fee increased from 243.2 yuan/ton to 271.9 yuan/ton, an increase of 28.7 yuan/ton. Main contract basis increased from - 13 to - 11, an increase of 2. PTA warehouse receipt quantity decreased from 134143 to 128925, a decrease of 5218 [2] - MEG main contract futures price rose from 3758 yuan/ton to 3767 yuan/ton, an increase of 9 yuan/ton. MEG - naphtha increased from - 142.63 yuan/ton to - 141.82 yuan/ton. MEG domestic price remained at 3667 yuan/ton. Main contract basis increased from - 32 to - 25, an increase of 7 [2] 3.2 Industry Chain Start - up Situation - PX start - up rate remained at 86.48%. PTA start - up rate remained at 74.77%. MEG start - up rate remained at 60.43%. Polyester load remained at 88.41% [2] 3.3 Product Price and Cash Flow - POY150D/48F price decreased from 6285 to 6225, a decrease of 60. POY cash flow decreased from - 131 to - 229, a decrease of 98. FDY150D/96F price remained at 6525. FDY cash flow decreased from - 391 to - 429, a decrease of 38. DTY150D/48F price remained at 7685. DTY cash flow decreased from 69 to 31, a decrease of 38 [2] - 1.4D direct - spinning polyester staple price increased from 6340 to 6350, an increase of 10. Polyester staple cash flow decreased from 274 to 246, a decrease of 28 [2] - Semi - bright chip price increased from 5460 to 5465, an increase of 5. Chip cash flow decreased from - 56 to - 89, a decrease of 33 [2] 3.4 Sales Volume - Filament sales volume remained at 46%. Polyester staple sales volume remained at 76%. Chip sales volume remained at 116% [2] 3.5 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 17th [2]