Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The market sentiment has ebbed, and the PX market has experienced a rapid rise. This round of increase is not due to a sudden change in fundamentals but is mainly driven by speculative funds. The futures market has begun to dominate the price discovery mechanism, and the trend reinforces itself. Although there are concerns about bubbles, the PX fundamentals are indeed supported. The market is expected to remain tight in 2026, driven by the new PTA production capacity in India and the organic growth of demand. The PX - naphtha spread has widened to $360, and the PX - mixed xylene spread has reached $155, significantly improving the economics of aromatics extraction. The PX market is at a critical juncture where speculative sentiment and fundamental tensions intersect. Domestic PTA maintains a high - operating rate, and although polyester demand weakens seasonally in China, the production cuts of polyester factories have formed a negative feedback [2] Group 3: Summary According to Related Catalog 1. Price Changes - PTA spot price decreased from 5080 to 5070, a decrease of 10; MEG domestic price decreased from 3719 to 3717, a decrease of 2; PTA closing price decreased from 5150 to 5086, a decrease of 64; MEG closing price decreased from 3879 to 3846, a decrease of 33; 1.4D direct - spinning polyester staple decreased from 6545 to 6520, a decrease of 25; short - fiber basis decreased from 36 to 34, a decrease of 5; 2 - 3 spread decreased from 4 to 18, a decrease of 14; polyester staple cash flow increased from 240 to 246, an increase of 6; 1.4D direct - spinning and imitation large - chemical fiber spread decreased from 1270 to 1245, a decrease of 25; East China water bottle chips decreased from 6053 to 6032, a decrease of 21; hot - filling polyester bottle chips decreased from 6053 to 6032, a decrease of 21; carbonated - grade polyester bottle chips decreased from 6153 to 6132, a decrease of 21; bottle chip spot processing fee decreased from 464 to 452, a decrease of 12; T32S pure polyester yarn price remained unchanged at 10500; T32S pure polyester yarn processing fee increased from 3955 to 3980, an increase of 25; polyester - cotton yarn 65/35 45S price remained unchanged at 16600; cotton 328 price decreased from 15680 to 15610, a decrease of 70; polyester - cotton yarn profit increased from 1334 to 1377, an increase of 43; primary three - dimensional hollow (with silicon) price remained unchanged at 7210; hollow staple fiber 6 - 15D cash flow increased from 421 to 430; primary low - melting - point staple fiber price remained unchanged at 7775 [2] 2. Market Conditions of Short Fibers and Bottle Chips - Short - fiber: The main short - fiber futures dropped 56 to 6472. In the spot market, polyester staple fiber production factories mainly negotiated prices, and trader prices decreased. Downstream buyers had a strong bearish attitude, making small - order purchases as needed, and there was not much trading in the market. The price of 1.56dtex*38mm semi - bright (1.4D) polyester staple fiber in the East China market was 6390 - 6650 yuan for cash - on - delivery, tax - included self - pick - up; in the North China market, it was 6510 - 6770 yuan for cash - on - delivery, tax - included delivery; in the Fujian market, it was 6450 - 6630 yuan for cash - on - delivery, tax - included delivery. - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 6000 - 6110 yuan/ton, with the average price dropping 10 yuan/ton compared to the previous working day. PTA and bottle - chip futures first rose and then fell, and the support from the cost side weakened. Most supply - side offers were raised, the market negotiation atmosphere was weak, downstream terminals made small - order replenishments, the trading link had rigid - demand transactions, and the market negotiation focus shifted slightly downward [2] 3. Operating Rates and Production and Sales - Direct - spinning staple fiber load (weekly) increased from 86.77% to 88.84%, an increase of 2.07%; polyester staple fiber production and sales decreased from 74.00% to 66.00%, a decrease of 8.00%; polyester yarn operating rate (weekly) remained unchanged at 66.00%; recycled cotton - type load index (weekly) remained unchanged at 51.10% [3]
瓶片短纤数据日报-20260109
Guo Mao Qi Huo·2026-01-09 03:05