瓶片短纤数据日报-20260206

Group 1: Report Investment Rating - No information provided Group 2: Core Views of the Report - The commodity market has declined significantly. PX maintains fundamental resilience during its high - level correction. Due to the Iran geopolitical risk, the risk of crude oil prices still exists. The downstream PTA industry remains strong. China's PTA production in January is expected to reach a new high with no production cut plan for the Spring Festival. With no new PTA capacity throughout the year, existing facilities will operate at full capacity to meet the growing polyester demand, providing a solid demand base for PX. The PX supply remains tight, with the South Korean TDP plant increasing its load and a Middle - Eastern PX plant scheduled to shut down before February, resulting in limited global effective capacity release. The profit structure is still healthy. Domestic PTA maintains high - level operation, with domestic demand declining. The production cuts of polyester factories have a limited negative impact on PTA. Bottle chip profits expand, while staple fiber profits decline [2] Group 3: Summary by Indicators Price Indicators - PTA spot price dropped from 5140 to 5100, a decrease of 40. MEG domestic price fell from 3675 to 3649, a decrease of 26. PTA closing price decreased from 5218 to 5144, a decrease of 74. MEG closing price decreased from 3788 to 3745, a decrease of 43. The price of 1.4D direct - spun polyester staple fiber decreased from 6575 to 6525, a decrease of 50. The price of 1.4D imitation large - chemical fiber remained unchanged at 5300. The price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 1275 to 1225, a decrease of 50. The price of East China water bottle chips decreased from 6256 to 6196, a decrease of 60. The price of hot - filled polyester bottle chips decreased from 6256 to 6196, a decrease of 60. The price of carbonated - grade polyester bottle chips decreased from 6356 to 6296, a decrease of 60. The price of outer - market water bottle chips remained unchanged at 835. The price of T32S pure polyester yarn remained unchanged at 10700. The price of polyester - cotton yarn 65/35 45S remained unchanged at 16800. The price of cotton 328 decreased from 15660 to 15640, a decrease of 20. The price of primary three - dimensional hollow (silicon - containing) remained unchanged at 7300. The price of primary low - melting - point staple fiber remained unchanged at 7895 [2] Basis and Spread Indicators - Short - fiber basis increased from 12 to 38, an increase of 26. The 3 - 4 spread decreased from - 70 to - 80, a decrease of 10 [2] Cash - flow and Profit Indicators - Polyester staple fiber cash - flow increased from 240 to 246, an increase of 6. Bottle - chip spot processing fee decreased from 630 to 613, a decrease of 17. T32S pure polyester yarn processing fee increased from 4125 to 4175, an increase of 50. Polyester - cotton yarn profit increased from 1521 to 1562, an increase of 41. Hollow staple fiber 6 - 15D cash - flow increased from 474 to 517, an increase of 43 [2] Operating Rate and Sales - to - Production Ratio Indicators - Direct - spun staple fiber load (weekly) increased from 86.77% to 88.84%, an increase of 2.07%. Polyester staple fiber sales - to - production ratio decreased from 56.00% to 46.00%, a decrease of 10.00%. Polyester yarn operating rate (weekly) increased from 70.00% to 70.32%, an increase of 0.32%. Regenerated cotton - type load index (weekly) decreased from 54.81% to 55.44%, a decrease of 0.63% [3]