瓶片短纤数据日报-20260210

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - The sentiment in the commodity market has declined. PX maintains fundamental resilience during its high - level correction. Due to the geopolitical risks in Iran, there are still risks 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 plans for Spring Festival production cuts. There are no new PTA production capacities throughout the year, and existing facilities will operate at full capacity to meet the growing polyester demand, providing a solid demand foundation for PX. The PX supply side remains tight. The TDP plant in South Korea has increased its load, and a PX plant in the Middle East is scheduled to shut down before February, resulting in limited global effective capacity release. The PX - mixed xylene toluene spread remains at around $150. In terms of profit structure, although the PX - naphtha spread has fallen to $335/ton, it is still at a healthy level. Domestic PTA maintains high - level operation, domestic demand has declined, and the production cuts of polyester factories have a limited negative impact on PTA. Bottle chip profits are expanding, while short - fiber profits are declining [2] Group 3: Summary by Indicators Price Indicators - PTA spot price increased from 5085 to 5115, a change of 30 [2] - MEG inner - market price increased from 3630 to 3635, a change of 5 [2] - PTA closing price increased from 5166 to 5192, a change of 26 [2] - MEG closing price decreased from 3743 to 3739, a change of - 4 [2] - 1.4D direct - spinning polyester staple fiber price increased from 6535 to 6575, a change of 40 [2] - Short - fiber basis increased from 39 to 41, a change of 2 [2] - 3 - 4 spread remained unchanged at - 80 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5300 [2] - The price difference between 1.4D direct - spinning and imitation large - chemical fiber increased from 1235 to 1275, a change of 40 [2] - East China water bottle chip price decreased from 6247 to 6233, a change of - 14 [2] - Hot - filling polyester bottle chip price decreased from 6247 to 6233, a change of - 14 [2] - Carbonated - grade polyester bottle chip price decreased from 6347 to 6333, a change of - 14 [2] - Outer - market water bottle chip price remained unchanged at 835 [2] - T32S pure polyester yarn price remained unchanged at 10700 [2] - T32S pure polyester yarn processing fee decreased from 4165 to 4125, a change of - 40 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16800 [2] - Cotton 328 price increased from 15615 to 15630, a change of 15 [2] - Polyester - cotton yarn profit decreased from 1565 to 1533, a change of - 32 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7290 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 526 to 499, a change of - 27 [2] - Primary low - melting - point staple fiber price remained unchanged at 7895 [2] Market Conditions - Short - fiber: The short - fiber main futures rose 38 to 6606. In the spot market, the prices of polyester staple fiber production factories were on the strong side, the prices of traders increased slightly, downstream purchases were sporadic, and on - site transactions were limited. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6420 - 6700 (cash on delivery, tax - included, self - pick - up), 6540 - 6820 in the North China market (cash on delivery, tax - included, delivered), and 6500 - 6750 in the Fujian market (cash on delivery, tax - included, delivered) [2] - Bottle chip: The commodity atmosphere was warm. Some polyester bottle chip factories raised their quotes by 10 - 50, and some remained stable. The market center rose slightly. As the Spring Festival approached, logistics decreased, and long - distance logistics costs increased. Small and medium - sized terminal enterprises gradually withdrew from the market, and the festival atmosphere in the market became stronger. It was reported that the transactions of 2 - 3 month supplies were at 6110 - 6300. In terms of basis, the futures contract 2604 had a premium of 70 - 100, and there was sporadic replenishment for rigid demand [2] Operating Rate and Sales - to - Production Ratio - Direct - spinning staple fiber load (weekly) decreased from 88.84% to 86.77%, a change of 2.07% [3] - Polyester staple fiber sales - to - production ratio decreased from 52.00% to 38.00%, a change of - 14.00% [3] - Polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, a change of 0.32% [3] - Regenerated cotton - type load index (weekly) decreased from 54.81% to 55.44%, a change of - 0.63% [3]