瓶片短纤数据日报-20260120

Report Industry Investment Rating - No information provided Core View - The PX market continues to be strong, driven by speculative funds pre - arranging long positions for 2026. Current supporting factors have exceeded pure financial drivers: the decline in gasoline blending profit has made the reforming unit close to the break - even point between aromatics extraction and gasoline production. The PX - MX spread has widened to over $150, and the PX - naphtha spread has reached $370, significantly improving PX production economics. South Korean factories are expected to increase production in January but are limited 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 have advanced overhauls and are selling PTA raw materials, and the basis has weakened rapidly [2] Summary of Related Catalogs Price and Index Changes - PTA spot price increased from 4960 to 4970, PTA closing price rose from 5018 to 5030, MEG inner - market price dropped from 3665 to 3637, and MEG closing price decreased from 3796 to 3755. 1.4D direct - spinning polyester staple fiber price increased from 6405 to 6450, short - fiber basis rose from 57 to 67, and 3 - 4 spread remained unchanged at 44. Polyester staple fiber cash flow increased from 240 to 246, 1.4D imitation large - chemical fiber price remained at 5250, and the price difference between 1.4D direct - spinning and imitation large - chemical fiber increased from 1155 to 1200. East China water bottle chip price increased from 6007 to 6020, hot - filling polyester bottle chip price rose from 6007 to 6020, carbonated - grade polyester bottle chip price increased from 6107 to 6120, and outer - market water bottle chip price remained at 805. Bottle - chip spot processing fee increased from 538 to 552, T32S pure polyester yarn price dropped from 10600 to 10570, T32S pure polyester yarn processing fee decreased from 4195 to 4120, polyester - cotton yarn 65/35 45S price increased from 16600 to 16700, cotton 328 price dropped from 15450 to 15440, polyester - cotton yarn profit increased from 1513 to 1587, and the price of primary three - dimensional hollow (with silicon) decreased from 7210 to 7165. The cash flow of hollow staple fiber 6 - 15D decreased from 541 to 497, and the price of primary low - melting - point staple fiber decreased from 7775 to 7760 [2] Market Conditions - Short - fiber: The short - fiber main futures rose 2 to 6398. In the spot market, the prices of polyester staple fiber production factories declined slightly, the prices of traders fluctuated, downstream buyers purchased as needed, and the on - site transactions were tepid. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6320 - 6550 yuan for cash on delivery, tax - included self - pick - up; in the North China market, it was 6440 - 6670 yuan for cash on delivery, tax - included delivery; in the Fujian market, it was 6350 - 6500 yuan for cash on delivery, tax - included delivery. Bottle - chip: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 6000 - 6100 yuan/ton, with the average price dropping 10 yuan/ton compared to the previous working day. PTA and bottle - chip futures fluctuated, the cost - end support weakened, the supply - end quotations were a mix of stability and decline, the on - site spot supply was slightly tight, downstream end - users replenished stocks for rigid demand, the negotiation atmosphere was light, and the market negotiation center dropped slightly [2] Operating Rate and Sales Rate - The direct - spinning short - fiber load (weekly) increased from 86.77% to 88.84%, the polyester staple fiber sales rate decreased from 74.00% to 60.00%, the polyester yarn startup rate (weekly) remained at 66.00%, and the recycled cotton - type load index (weekly) remained at 51.10% [3]