聚酯数据日报-20260202

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - PX market strength 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 [3]. - Domestic PTA production continues to grow. With no new PTA capacity in the country, existing plants need to maintain high loads to match the growth of polyester. India's PTA operates at full capacity, and the new project GMPL has purchased PX for commissioning, further boosting regional demand [3]. - Overseas ethylene glycol prices rebound after a long - term slump. Reduced ethylene glycol exports from the Middle East boost market confidence. Supply contraction creates room for ethylene glycol price increases [3]. 3. Summary by Relevant Catalogs 3.1 Market Data - Crude Oil: INE crude oil price dropped from 472.5 yuan/barrel on January 29, 2026, to 470.8 yuan/barrel on January 30, 2026, a decrease of 1.7 yuan/barrel [3]. - PTA: PTA主力期价 decreased from 5332 yuan/ton to 5270 yuan/ton, a drop of 62 yuan/ton; PTA现货价格 rose from 5245 yuan/ton to 5280 yuan/ton, an increase of 35 yuan/ton. The spot processing fee increased by 63.5 yuan/ton to 477.3 yuan/ton, while the disk processing fee decreased by 13.5 yuan/ton to 467.3 yuan/ton [3]. - MEG: MEG主力期价 decreased from 3957 yuan/ton to 3913 yuan/ton, a drop of 44 yuan/ton. MEG内盘 rose from 3829 yuan/ton to 3835 yuan/ton, an increase of 6 yuan/ton [3]. - PX: CFR中国PX decreased from 921 to 913, a decrease of 8; PX - naphtha spread decreased from 337 to 317, a decrease of 20 [3]. - Polyester Products: POY150D/48F price rose by 90 yuan/ton; FDY150D/96F and DTY150D/48F prices both rose by 100 yuan/ton. 1.4D直纺涤短 price decreased by 15 yuan/ton, and semi - light slice price decreased by 10 yuan/ton [3]. 3.2 Industry Chain Start - up Situation - PX开工率 remained unchanged at 85.82%; PTA开工率 remained unchanged at 75.63%; MEG开工率 decreased from 60.66% to 60.29%, a decrease of 0.37%; polyester load decreased from 81.05% to 80.82%, a decrease of 0.23% [3]. 3.3 Device Maintenance - An East China 3.6 - million - ton PTA plant is currently reducing its load and is expected to shut down for maintenance as planned on the 15th. A South China 1.25 - million - ton PIA plant is expected to shut down on the 16th and is initially expected to restart in early March [4]. 3.4 Market Transaction Suggestions - PTA: The strong PX market drives the rise of chemical products, and capital flows into the chemical sector. Domestic PTA production grows, and existing plants need to maintain high loads. The new Indian project boosts demand, while PX supply is affected by plant maintenance [3]. - MEG: Overseas ethylene glycol prices rebound. Reduced Middle East exports and a domestic plant's production switch plan increase speculative demand and create price - rising space [3].