聚酯数据日报-20260109

Report Industry Investment Rating - Not provided Core Viewpoints - The PX market has experienced a sharp rise, mainly driven by speculative funds rather than fundamental changes. Although there are concerns about bubbles, the PX fundamentals are supported, and the market is expected to remain tight in 2026. The PTA market is affected by the weakening demand in the off - season, with prices falling and the spot basis weakening. The MEG market is under pressure due to increasing supply and falling coal prices, but may be supported by domestic policies [2]. Summary by Relevant Catalogs Market Data - INE Crude Oil: Price decreased from 416.3 yuan/barrel on 2026/1/7 to 416.2 yuan/barrel on 2026/1/8, a change of - 0.10 yuan/barrel [2]. - PTA - SC: Spread decreased from 2124.7 yuan/ton to 2061.4 yuan/ton, a change of - 63.27 yuan/ton [2]. - PTA/SC (Ratio): Decreased from 1.7023 to 1.6816, a change of - 0.0208 [2]. - CFR China PX: Price decreased from 900 to 886, a change of - 14 [2]. - PX - Naphtha Spread: Decreased from 366 to 353, a change of - 13 [2]. - PTA Main Futures Price: Decreased from 5150 yuan/ton to 5086 yuan/ton, a change of - 64.0 yuan/ton [2]. - PTA Spot Price: Decreased from 5100 to 5070, a change of - 30.0 [2]. - PTA Spot Processing Fee: Increased from 331.1 yuan/ton to 354.6 yuan/ton, a change of 23.5 yuan/ton [2]. - PTA Disk Processing Fee: Increased from 381.1 yuan/ton to 390.6 yuan/ton, a change of 9.5 yuan/ton [2]. - PTA Main Basis: Decreased from (46) to (48), a change of - 2.0 [2]. - PTA Warehouse Receipt Quantity: Decreased from 100768 to 100754, a change of - 14 [2]. - MEG Main Futures Price: Decreased from 3879 yuan/ton to 3846 yuan/ton, a change of - 33.0 yuan/ton [2]. - MEG - Naphtha: Decreased from (133.53) to (134.72), a change of - 1.2 [2]. - MEG Domestic Market: Decreased from 3719 to 3717, a change of - 2.0 [2]. - MEG Main Basis: Remained unchanged at - 140 [2]. Industry Operating Conditions - PX Operating Rate: Remained unchanged at 87.87% [2]. - PTA Operating Rate: Remained unchanged at 77.40% [2]. - MEG Operating Rate: Remained unchanged at 60.87% [2]. - Polyester Load: Decreased from 88.20% to 88.04%, a change of 0.16% [2]. Product Data - POY150D/48F: Price remained unchanged at 6565 [2]. - POY Cash Flow: Increased from (291) to (265), a change of 26.0 [2]. - FDY150D/96F: Price remained unchanged at 6780 [2]. - FDY Cash Flow: Increased from (576) to (550), a change of 26.0 [2]. - DTY150D/48F: Price decreased from 7760 to 7745, a change of - 15.0 [2]. - DTY Cash Flow: Increased from (296) to (285), a change of 11.0 [2]. - Long - Filament Sales Volume: Increased from 48% to 49%, a change of 1% [2]. - 1.4D Direct - Spun Polyester Staple Fiber: Price decreased from 6545 to 6520, a change of - 25 [2]. - Polyester Staple Fiber Cash Flow: Increased from 39 to 40, a change of 1.0 [2]. - Short - Fiber Sales Volume: Decreased from 71% to 69%, a change of 2% [2]. - Semi - Bright Chip: Price decreased from 5750 to 5740, a change of - 10.0 [2]. - Chip Cash Flow: Increased from (206) to (190), a change of 16.0 [2]. - Chip Sales Volume: Decreased from 48% to 47%, a change of - 1% [2]. Device Maintenance - This week, the 500,000 - ton device of Sanfangxiang is restarting, and another 750,000 - ton device is under maintenance recently. The devices of Xinjiang Yipu and Jinyu in December are supplemented. Some factories such as Tiansheng and Guxiandao have reduced their loads [4].