聚酯数据日报-20260209

Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - PTA: The commodity market has declined significantly. PX maintains its fundamental resilience during the high - level correction. Due to the Iranian geopolitical risk, there is still a risk in crude oil prices. The downstream PTA industry remains strong. China's PTA production in January is expected to reach a new high, with no production cut plan during the Spring Festival. With no new PTA production 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 is still tight, with limited global effective capacity release. The domestic PTA maintains high - level operation, and the reduction in domestic demand and production cuts by polyester factories have a limited negative impact on PTA [3] - Ethylene Glycol (MEG): After the long - term slump of overseas ethylene glycol, the reduction of ethylene glycol exports in the Middle East has boosted market confidence. A 1.8 million - ton ethylene glycol plant in Jiangsu is currently operating at about 80% capacity. Affected by profits, the plant plans to switch a 900,000 - ton EG production line to produce polyethylene in mid - February. The duration of the conversion is undetermined. Driven by this news, speculative market demand has increased significantly. The supply contraction has opened up room for price increases in ethylene glycol [3] 3. Summary by Relevant Catalogs 3.1 Market Data Changes - INE Crude Oil: The price increased from 463.5 yuan/barrel on February 5, 2026, to 465.4 yuan/barrel on February 6, 2026, with an increase of 1.90 yuan/barrel [3] - PTA - SC: The value increased from 1775.7 yuan/ton to 1783.9 yuan/ton, an increase of 8.19 yuan/ton [3] - PTA/SC Ratio: It rose from 1.5272 to 1.5274, an increase of 0.0003 [3] - CFR China PX: The price increased from 892 to 898, an increase of 6 [3] - PX - Naphtha Spread: Remained unchanged at 294 [3] - PTA Main Contract Futures Price: Rose from 5144 yuan/ton to 5166 yuan/ton, an increase of 22.0 yuan/ton [3] - PTA Spot Price: Decreased from 5100 yuan/ton to 5085 yuan/ton, a decrease of 15.0 yuan/ton [3] - PTA Spot Processing Fee: Decreased from 415.0 yuan/ton to 412.2 yuan/ton, a decrease of 2.9 yuan/ton [3] - PTA Futures Processing Fee: Decreased from 459.0 yuan/ton to 448.2 yuan/ton, a decrease of 10.9 yuan/ton [3] - PTA Main Contract Basis: Increased from (77) to (72), an increase of 5.0 [3] - PTA Warehouse Receipt Quantity: Remained unchanged at 103,568 [3] - MEG Main Contract Futures Price: Decreased from 3745 yuan/ton to 3743 yuan/ton, a decrease of 2.0 yuan/ton [3] - MEG - Naphtha: Decreased from (184.58) to (195.44), a decrease of 10.9 [3] - MEG Domestic Market Price: Decreased from 3649 yuan/ton to 3630 yuan/ton, a decrease of 19.0 yuan/ton [3] - MEG Main Contract Basis: Increased from - 103 to - 102, an increase of 1.0 [3] - PX Operating Rate: Remained unchanged at 85.92% [3] - PTA Operating Rate: Remained unchanged at 76.73% [3] - MEG Operating Rate: Remained unchanged at 61.67% [3] - Polyester Load: Decreased from 78.66% to 78.14%, a decrease of 0.52% [3] - POY150D/48F Price: Increased from 7000 to 7005, an increase of 5.0 [3] - POY Cash Flow: Increased from 167 to 191, an increase of 24.0 [3] - FDY150D/96F Price: Remained unchanged at 7240 [3] - FDY Cash Flow: Increased from (93) to (74), an increase of 19.0 [3] - DTY150D/48F Price: Remained unchanged at 8140 [3] - DTY Cash Flow: Increased from 107 to 126, an increase of 19.0 [3] - Filament Sales Volume Ratio: Decreased from 22% to 12%, a decrease of 10% [3] - 1.4D Direct - Spun Polyester Staple Fiber Price: Increased from 6525 to 6535, an increase of 10 [3] - Polyester Staple Fiber Cash Flow: Increased from 42 to 71, an increase of 29.0 [3] - Staple Fiber Sales Volume Ratio: Increased from 52% to 56%, an increase of 4% [3] - Semi - Bright Chip Price: Decreased from 5865 to 5860, a decrease of 5.0 [3] - Chip Cash Flow: Increased from (68) to (54), an increase of 14.0 [3] - Chip Sales Volume Ratio: Increased from 35% to 64%, an increase of 29% [3] 3.2 Device Maintenance Dynamics - A 3.6 million - ton PTA plant in East China is currently reducing its load and is expected to shut down for maintenance as planned on the 15th - A 1.25 million - ton PTA plant in South China is expected to shut down on the 16th and is initially expected to restart in mid - March [3]