聚酯数据日报-20251224
Guo Mao Qi Huo·2025-12-24 02:56

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - PTA prices continued to rise due to cost - support. Planned restarts and shutdowns of PTA capacities affected the spot basis. The polyester industry maintained a high load, and the demand was expected to be supported by factors such as the cancellation of India's BIS certification. [2] - For ethylene glycol (MEG), with coal prices falling and new device production increasing, the price was under pressure, but the demand was expected to be boosted by increased polyester export inquiries. [2] Group 3: Summary by Relevant Catalogs 1. Market Data - INE Crude Oil and PTA - SC: On December 22 - 23, 2025, INE crude oil rose from 437.9 yuan/barrel to 440.9 yuan/barrel, and PTA - SC increased from 1857.7 yuan/ton to 1877.9 yuan/ton. [2] - PX: CFR China PX increased from 892 to 896, and the PX - naphtha spread decreased from 361 to 356. [2] - PTA: The PTA main - contract futures price rose from 5040 yuan/ton to 5082 yuan/ton, and the spot price increased from 4885 yuan/ton to 4955 yuan/ton. The spot processing fee and the on - paper processing fee also increased. [2] - MEG: The MEG main - contract futures price dropped from 3735 yuan/ton to 3623 yuan/ton. The MEG inner - market price decreased from 3633 to 3613. [2] 2. Industry Chain Operating Conditions - PX: The PX operating rate decreased slightly from 86.48% to 86.28%. [2] - PTA: The PTA operating rate decreased slightly from 74.77% to 74.49%. [2] - MEG: The MEG operating rate increased slightly from 60.43% to 60.67%. [2] - Polyester: The polyester load increased slightly from 88.41% to 88.58%. [2] 3. Product Conditions - Polyester Filament: POY, FDY, and DTY prices all increased, but their cash - flows showed different trends. The long - filament sales rate decreased from 62% to 36%. [2] - Polyester Staple Fiber: The price of 1.4D direct - spinning polyester staple fiber increased, and the short - fiber sales rate increased from 40% to 57%. [2] - Polyester Chips: The semi - bright chip price increased slightly, but the chip cash - flow decreased, and the chip sales rate decreased from 85% to 54%. [2] 4. Device Maintenance - A 2.2 - million - ton PTA device in Ningbo, which stopped for maintenance in late November, is expected to resume operation on December 24. [2]