瓶片短纤数据日报-20260202

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - PX market strongly leads the rise of chemical products, with significant capital inflow into the chemical sector. Driven by the "cycle reversal" narrative, the market significantly increases the allocation of chemical products, and polyester leads the entire chemical sector [2]. - Domestic PTA production continues to grow. There is no new PTA production capacity in China, and existing facilities need to maintain high loads to match the growth of polyester. India's PTA is operating at full capacity, and the new project GMPL has purchased PX for commissioning, further boosting regional demand [2]. - Two domestic PX facilities are still under maintenance. Zhejiang Petrochemical has shut down some reforming facilities, restricting aromatic raw materials, and there are also planned shutdowns in the Middle East. Although South Korean facilities have the intention to increase or restart production, the current PX - mixed xylene spread remains at about $150 [2]. - The PX - naphtha spread continues to expand, significantly higher than the gasoline blending profit, prompting refineries to continuously favor aromatic extraction. Domestic PTA maintains high - level operation, domestic demand has declined, the production cuts of polyester factories have a limited negative feedback on PTA, bottle chip profits expand, and staple fiber profits decline [2][3]. Group 3: Summary by Relevant Catalogs Price and Spread Changes - PTA spot price increased from 5245 to 5280, with a change of 35; MEG domestic price increased from 3829 to 3835, with a change of 6; PTA closing price decreased from 5332 to 5270, with a change of - 62; MEG closing price decreased from 3957 to 3913, with a change of - 44 [2]. - 1.4D direct - spun polyester staple fiber price decreased from 6700 to 6685, with a change of - 15; short - fiber basis increased from 6 to 23, with a change of 17; 3 - 4 spread remained unchanged at - 56 [2]. - The spread between 1.4D direct - spun and imitation large - chemical decreased from 1400 to 1385, with a change of - 15; East China water bottle chip price decreased from 6351 to 6309, with a change of - 42; hot - filled polyester bottle chip price decreased from 6351 to 6309, with a change of - 42; carbonated - grade polyester bottle chip price decreased from 6451 to 6409, with a change of - 42; outer - market water bottle chip price remained unchanged at 845 [2]. - Bottle chip spot processing fee decreased from 584 to 510, with a change of - 74; T32S pure - polyester yarn price increased from 10700 to 10720, with a change of 20; T32S pure - polyester yarn processing fee increased from 4000 to 4035, with a change of 35 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 16800; cotton 328 price decreased from 15880 to 15695, with a change of - 185; polyester - cotton yarn profit increased from 1355 to 1435, with a change of 80 [2]. - The price of primary three - dimensional hollow (with silicon) remained unchanged at 7300; the cash flow of hollow staple fiber 6 - 15D decreased from 333 to 301, with a change of - 32; the price of primary low - melting - point staple fiber remained unchanged at 7895 [2]. Market Conditions - Short - fiber: The main short - fiber futures dropped 54 to 6656. In the spot market, the prices of polyester staple fiber production factories increased, while the prices of traders decreased following the futures prices. Downstream buyers purchased as needed, and the on - site transactions were cautious [2]. - Bottle chip: The polyester bottle chip market price showed a downward trend. The PTA and bottle chip futures prices fluctuated weakly, and the support from the cost side weakened. The market spot supply was tight, but the downstream demand was mainly for rigid needs, and the overall trading atmosphere was relatively light [2]. Operating Rates and Sales Ratios - Direct - spun staple fiber load (weekly) increased from 86.77% to 88.84%, with a change of 2.07%; polyester staple fiber sales ratio increased from 55.00% to 65.00%, with a change of 10.00% [3]. - Polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, with a change of 0.32%; recycled cotton - type load index (weekly) decreased from 55.44% to 54.81%, with a change of - 0.63% [3].