瓶片短纤数据日报-20251231

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - PX market sentiment is supported by the expectation of tight supply in Q1 2026, with the PX-naphtha spread widening to $360 and the PX-mixed xylene spread rising to $244, which encourages PX producers to actively purchase MX for conversion [2] - Demand remains robust, with domestic PTA maintaining high operation rates, benefiting from stable domestic demand and the resumption of exports to India since the end of November [2] - High gasoline spreads support aromatics. The commissioning of new polyester plants keeps the polyester load at a high level, with PTA consumption remaining high and market hoarding intentions increasing, leading to a rapid strengthening of the basis [2] - Although polyester demand weakens seasonally in the domestic market, the production cuts by polyester factories are insufficient to form a negative feedback. PTA prices are significantly boosted by the enthusiastic sentiment in the commodity market, and the costs of bottle chips and short fibers follow suit [2] 3. Summary by Relevant Indicators Spot Prices - PTA spot price increased from 5065 to 5100, a change of 35 [2] - MEG domestic price increased from 3687 to 3694, a change of 7 [2] Futures Closing Prices - PTA closing price increased from 5122 to 5144, a change of 22 [2] - MEG closing price increased from 3817 to 3847, a change of 30 [2] Short Fiber Indicators - 1.4D direct-spun polyester staple fiber price increased from 6620 to 6640, a change of 20 [2] - Short fiber basis decreased from 120 to 86, a change of -34 [2] - 2 - 3 spread increased from 6 to 8, a change of 2 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D direct-spun and imitation large chemical fiber price difference increased from 1345 to 1365, a change of 20 [2] Bottle Chip Indicators - Polyester bottle chip prices in the Jiangsu and Zhejiang markets remained stable, with the average price unchanged from the previous working day [2] - PTA and bottle chip futures fluctuated narrowly, with most supply offers remaining unchanged, and the market negotiation atmosphere was cautious [2] - Downstream terminal demand was relatively stable, and the market negotiation focus remained temporarily stable [2] Other Product Indicators - T32S pure polyester yarn price increased from 10380 to 10400, a change of 20 [2] - T32S pure polyester yarn processing fee remained unchanged at 3760 [2] - Polyester-cotton yarn 65/35 45S price remained unchanged at 16370 [2] - Cotton 328 price increased from 15240 to 15280, a change of 40 [2] - Polyester-cotton yarn profit decreased from 1220 to 1192, a change of -28 [2] - Primary three-dimensional hollow (with silicon) price decreased from 7216 to 7215, a change of -1 [2] - Hollow short fiber 6 - 15D cash flow decreased from 450 to 417, a change of -33 [2] - Primary low-melting short fiber price remained unchanged at 7775 [2] Operating Rates and Sales Ratios - Direct-spun short fiber week-on-week load increased from 88.37% to 89.32%, a change of 0.95% [3] - Polyester staple fiber sales ratio increased from 54.00% to 55.00%, a change of 1.00% [3] - Polyester yarn week-on-week startup rate remained unchanged at 66.00% [3] - Recycled cotton-type week-on-week load index remained unchanged at 51.10% [3]