芳烃橡胶早报-20260114

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - For PTA, in the short - term, the upward space is limited due to pre - holiday polyester maintenance plans, but the overall pattern remains unchanged before new device commissioning, and the progress of overseas capacity increase should be monitored [1] - For MEG, with new production continuing, the pattern is expected to remain weak, and opportunities for short positions on rebounds should be watched [2] - For polyester staple fiber, it is in a state of medium - low valuation and weak drivers with limited overall contradictions, and attention should be paid to the situation of warehouse receipts [2] Group 3: Summary by Related Catalogs PTA - Market data: From January 7 - 13, 2026, there were changes in various indicators such as crude oil prices, PX processing spreads, PTA spot prices, and device loads. The daily average basis of PTA spot transactions was 2605(-69), and Ineos' 1.25 million - ton device reduced its load [1] - Market situation: Near - end TA device load decreased slightly, polyester load remained stable, inventory continued to decline, but polyester maintenance plans were intensively announced, the basis weakened, and spot processing fees shrank. PX domestic capacity was at a high level, overseas capacity increased, PXN decreased month - on - month, disproportionation efficiency weakened, and isomerization efficiency remained high [1] MEG - Market data: From January 7 - 13, 2026, there were changes in various prices of MEG such as external and internal prices, profits, and loads. The basis for MEG spot transactions was around 05(-151), and Inner Mongolia Yankuang's 400,000 - ton device increased its load [2] - Market situation: Near - end domestic oil - based production had some load reduction, overseas maintenance increased month - on - month, port inventory decreased at the beginning of the week due to low arrivals, and the basis remained weak. Coal - based efficiency improved month - on - month. Currently, domestic supply is stable with a slight increase, overseas maintenance is increasing, overall inventory accumulation continues, and the absolute inventory is not low [2] Polyester Staple Fiber - Market data: The spot price was around 6517, and the market basis was around 02 - 80. The near - end device operation was stable, and the capacity utilization rate was maintained at 97.6% [2] - Market situation: Production and sales improved month - on - month, inventory decreased slightly. On the demand side, the start - up of the polyester yarn end remained stable, raw material inventory decreased, finished - product inventory increased, and efficiency remained stable. After the raw material price adjustment, the spot processing fees of staple fiber improved, while the futures price remained low [2] Natural Rubber and 20 - grade Rubber - Market data: From January 7 - 13, 2026, there were changes in the prices of various rubber products such as US - dollar - denominated Thai mixed rubber, Thai standard rubber, and Shanghai full - latex rubber [2] - Market situation: No specific market situation analysis was provided in the text Styrene - Market data: From January 7 - 13, 2026, there were changes in the prices of styrene and related products such as ethylene, pure benzene, and EPS, as well as the production profits of ABS, PS, and EPS [6] - Market situation: No specific market situation analysis was provided in the text