聚酯数据日报-20260204

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - PTA: Geopolitical tensions in the Middle East have eased, negatively impacting the crude oil market. The downstream polyester industry's operating load has room to decline, leading to accelerated PTA inventory accumulation and a drop in PTA prices. Despite the decline in the PX - naphtha spread, PX fundamentals remain resilient. The PTA industry in China is expected to maintain high production, providing strong support for PX demand. The reduction in production by polyester factories has a limited negative feedback effect on PTA [2]. - MEG: After a long - term slump in the overseas ethylene glycol market, a decrease in Middle East exports has boosted market confidence. A production - line switch at a factory in Jiangsu has led to a contraction in supply, creating room for price increases [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - Crude Oil: INE crude oil price increased from 449.0 yuan/barrel on February 2, 2026, to 449.4 yuan/barrel on February 3, 2026, with a change of 0.40 yuan/barrel [2]. - PTA: The PTA - SC spread increased by 55.09 yuan/ton, the PTA/SC ratio rose by 0.0164. The PTA主力期价 increased by 58.0 yuan/ton, while the PTA现货 price decreased by 15.0 yuan/ton. The现货 processing fee decreased by 35.7 yuan/ton, and the盘面加工费 increased by 32.3 yuan/ton [2]. - MEG: The MEG主力期价 remained unchanged at 3767 yuan/ton. The MEG - naphtha spread decreased by 0.2 yuan/ton, and the MEG内盘 price decreased by 52.0 yuan/ton [2]. - PX: CFR中国PX price increased by 6, and the PX - naphtha spread increased by 21 [2]. - Polyester Products: POY150D/48F price decreased by 25.0, FDY150D/96F price decreased by 25.0, DTY150D/48F price remained unchanged. The long - filament sales rate increased from 18% to 24%. The 1.4D直纺涤短 price increased by 10. The short - fiber sales rate decreased from 66% to 65%. The semi - light slice price remained unchanged. The slice sales rate increased from 54% to 78% [2]. 3.2 Industry Operating Rates - PX开工率 remained at 85.92% - PTA开工率 remained at 75.63% - MEG开工率 remained at 62.48% - Polyester负荷 remained at 79.76% [2] 3.3 Device Maintenance - A 3.6 - million - ton PTA device in East China is currently reducing its load and is expected to stop for maintenance on the 15th. A 1.25 - million - ton PTA device in South China is expected to stop on the 16th and is tentatively planned to restart in early March [2].