聚酯数据日报-20260227

Report Summary Industry Investment Rating - Not provided in the report Core Viewpoints - The PTA market was initially pushed up by the reduction of long - term supply by major suppliers, but due to sufficient spot supply and high - processing - fee hedging orders, the price冲高回落 and the average price decreased. The MEG market saw its futures price decline, and the spot price in Zhangjiagang followed suit, with the basis negotiation slightly weakening. Geopolitical factors in the Middle East may bring short - term energy price volatility risks, and the impact of the US tariff increase on the global financial and trade environment may also cause fluctuations. The supply of the PX market is expected to tighten from March to May, while the domestic PTA maintains high - level operation, and the domestic demand has declined [3]. Summary by Directory 1. Price and Index Changes - INE Crude Oil: The price dropped from 488.3 yuan/barrel on February 25, 2026, to 483.6 yuan/barrel on February 26, 2026, a decrease of 4.70 yuan [3]. - PTA - SC: The value decreased from 1763.5 yuan/ton to 1745.6 yuan/ton, a decrease of 17.84 yuan [3]. - PTA/SC (Ratio): It decreased from 1.4970 to 1.4967, a decrease of 0.0002 [3]. - CFR China PX: The price increased from 929 to 931, an increase of 2 [3]. - PX - Naphtha Spread: It decreased from 316 to 315, a decrease of 1 [3]. - PTA Main Contract Futures Price: It dropped from 5312 yuan/ton to 5260 yuan/ton, a decrease of 52.0 yuan [3]. - PTA Spot Price: It decreased from 5285 yuan/ton to 5235 yuan/ton, a decrease of 50.0 yuan [3]. - Spot Processing Fee: It decreased from 398.2 yuan/ton to 344.2 yuan/ton, a decrease of 53.9 yuan [3]. - Disk Processing Fee: It decreased from 450.2 yuan/ton to 394.2 yuan/ton, a decrease of 55.9 yuan [3]. - MEG Main Contract Futures Price: It dropped from 3747 yuan/ton to 3700 yuan/ton, a decrease of 47.0 yuan [3]. - MEG - Naphtha: It decreased from (198.94) yuan/ton to (199.96) yuan/ton, a decrease of 1.0 yuan [3]. - MEG Domestic Market: It decreased from 3670 to 3641, a decrease of 29.0 [3]. 2. Industry Chain and Operation Conditions - PX Operating Rate: It remained at 87.18% [3]. - PTA Operating Rate: It remained at 76.40% [3]. - MEG Operating Rate: It remained at 62.37% [3]. - Polyester Load: It remained at 76.46% [3]. 3. Product Sales and Cash Flow - POY150D/48F: The price remained at 7080, and the cash flow increased from 82 to 134, an increase of 52.0 [3]. - FDY150D/96F: The price increased from 7295 to 7310, an increase of 15.0, and the cash flow increased from (203) to (136), an increase of 67.0 [3]. - DTY150D/48F: The price remained at 8195, and the cash flow increased from (3) to 49, an increase of 52.0 [3]. - Long - Filament Sales Volume: It increased from 17% to 18%, an increase of 1% [3]. - 1.4D Direct - Spun Polyester Staple Fiber: The price decreased from 6710 to 6685, a decrease of 25, and the cash flow increased from 62 to 89, an increase of 27.0 [3]. - Staple Fiber Sales Volume: It decreased from 57% to 50%, a decrease of 7% [3]. - Semi - Bright Chip: The price decreased from 6010 to 5980, a decrease of 30.0, and the cash flow increased from (88) to (66), an increase of 22.0 [3]. - Chip Sales Volume: It increased from 15% to 25%, an increase of 10% [3]. 4. Device Maintenance - An East China 2.5 - million - ton PTA device is expected to stop operation on February 10, and the specific restart time is undetermined [5]