瓶片短纤数据日报-20251224

Report Industry Investment Rating - Not mentioned in the provided text Core Viewpoints - Gasoline crack spreads have declined, but the PX price has shown strength, supporting the PX-naphtha spread. Despite the lack of fundamental changes such as supply disruptions or sudden demand spikes, PTA plants have maintained high operating loads, and PX consumption has remained stable. The spread between PX and mixed xylene has widened to $120, leading Korean manufacturers to cut STDP operations and plan to shut down relevant facilities in the second half of December. PX costs are high while PTA profits are under pressure, but the economic benefits of integrated enterprises have improved significantly due to their raw material self-sufficiency advantage. The commissioning of new polyester plants has driven the polyester load to remain at a high level, PTA consumption has remained high, and market hoarding willingness has increased, causing the basis to strengthen rapidly. On the demand side, although it has weakened seasonally in China, due to the medium to low inventory levels of polyester factories, the willingness to cut production is low. Additionally, the cancellation of India's BIS certification is expected to drive an increase in exports [2] Summary of Relevant Indicators Price Changes - PTA spot price increased from 4885 to 4955, a change of 70 [2] - MEG domestic price decreased from 3613 to 3563, a change of -50 [2] - PTA closing price increased from 5040 to 5082, a change of 42 [2] - MEG closing price decreased from 3735 to 3623, a change of -112 [2] - 1.4D direct-spun polyester staple fiber price increased from 6480 to 6515, a change of 35 [2] - Short fiber basis increased from 64 to 93, a change of 29 [2] - 2 - 3 spread decreased from 20 to 12, a change of -8 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D imitation large chemical fiber price remained unchanged at 5275 [2] - The spread between 1.4D direct-spun and imitation large chemical fiber increased from 1205 to 1240, a change of 35 [2] - East China water bottle chip price increased from 5811 to 5908, a change of 97 [2] - Hot-fill polyester bottle chip price increased from 5811 to 5908, a change of 97 [2] - Carbonated-grade polyester bottle chip price increased from 5911 to 6008, a change of 97 [2] - Outer disk water bottle chip price remained unchanged at 780 [2] - Bottle chip spot processing fee increased from 424 to 478, a change of 54 [2] - T32S pure polyester yarn price increased from 10320 to 10340, a change of 20 [2] - T32S pure polyester yarn processing fee decreased from 3840 to 3825, a change of -15 [2] - Polyester-cotton yarn 65/35 45S price remained unchanged at 16290 [2] - Cotton 328 price increased from 14785 to 14895, a change of 110 [2] - Polyester-cotton yarn profit decreased from 1405 to 1340, a change of -65 [2] - Primary three-dimensional hollow (with silicon) price increased from 7110 to 7150, a change of 40 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 523 to 520, a change of -3 [2] - Primary low-melting staple fiber price increased from 7605 to 7690, a change of 85 [2] Market Conditions - Polyester staple fiber: The main futures of polyester staple fiber rose 84 to 6452. In the spot market, the prices of polyester staple fiber production plants were relatively strong, and the prices of traders increased slightly. Downstream procurement enthusiasm was poor, and on-site trading was cautious. The price of 1.56dtex*38mm semi-gloss natural white (1.4D) polyester staple fiber in the East China market was 6280 - 6550 yuan for cash on delivery, tax included, self-pickup; in the North China market, it was 6400 - 6670 yuan for cash on delivery, tax included, delivered; in the Fujian market, it was 6280 - 6450 yuan for 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 5840 - 5980 yuan/ton, and the average price increased by 35 yuan/ton compared with the previous working day. PTA and bottle chip futures were running warmly, the supply side raised its offers, the market trading atmosphere was cautious, downstream terminals were temporarily on the sidelines, and the market negotiation focus had risen [2] Operating Rates and Sales Ratios - Direct-spun staple fiber load (weekly) increased from 88.37% to 89.32%, a change of 0.95% [3] - Polyester staple fiber sales ratio increased from 35.00% to 57.00%, a change of 22.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 66.00% [3] - Regenerated cotton-type load index (weekly) remained unchanged at 51.10% [3]