瓶片短纤数据日报-20260119

Report Industry Investment Rating - Not provided Core View - The PX market continues to be strong, mainly driven by speculative funds pre - arranging long positions for 2026. The current supporting factors have exceeded pure financial drivers. The gasoline blending profit decline makes the reforming unit close to the break - even point between aromatics extraction and gasoline production. The PX - MX spread has expanded to over $150, and the PX - naphtha spread reached $370 at one point, significantly improving PX production economics. South Korean factories are expected to increase production in January, but are restricted by some reforming unit overhauls. Domestic PTA maintains high operation, domestic demand has declined, and the production cuts of polyester factories have had a negative feedback on PTA. PTA consumption remains high, but mainstream polyester factories are overhauling in advance and selling PTA raw materials, and the basis has weakened rapidly [2] Summary by Related Data Price Changes - PTA spot price dropped from 5050 to 4960, a decrease of 90 [2] - MEG domestic market price decreased from 3696 to 3665, a decrease of 31 [2] - 1.4D straight - spun polyester staple fiber price fell from 6440 to 6405, a decrease of 35 [2] - Polyester bottle - chip prices (including华东水瓶片, 热灌装聚酯瓶片, 碳酸级聚酯瓶片) all dropped by 40 [2] - Outer - market water bottle - chip price decreased from 815 to 805, a decrease of 10 [2] Basis and Spread Changes - Short - fiber basis increased from 44 to 57, an increase of 13 [2] - 3 - 4 spread decreased from 62 to 44, a change of 18 [2] - The price difference between 1.4D straight - spun and 1.4D imitation large - chemical decreased from 1190 to 1155, a decrease of 35 [2] Processing Fee and Cash - Flow Changes - Bottle - chip spot processing fee increased from 491 to 538, an increase of 47 [2] - T32S pure - polyester yarn processing fee increased from 4160 to 4195, an increase of 35 [2] - Hollow short - fiber 6 - 15D cash - flow increased from 454 to 541, an increase of 87 [2] Operating Rate and Production - Sales Rate Changes - Straight - spun short - fiber load (weekly) increased from 86.77% to 88.84%, an increase of 2.07% [3] - Polyester short - fiber production - sales rate decreased from 76.00% to 74.00%, a decrease of 2.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 66.00% [3] - Regenerated cotton - type load index (weekly) remained unchanged at 51.10% [3]