投资咨询业务资格:证监许可【2012】31号 【一国贸易报 瓶片短纤数据日报 据来自万得资讯。 直纺短纤负荷(周) 93.90% 0. 01 94. 40% 涤纶短纤产销 57.00% 67.00% 10. 00% 涤纱开机率(周) 63. 50% 63. 50% 0. 00 再生棉型负荷指数(周) 51. 50% 51.00% 0. 01 涤纶短纤与纯涤纱价格 涤纶短纤观金流 10000 14000 10000 1800 (器皮) 照日品2251 T325纯海分价格 (探收) 太理念德■ 条短现金流 = 1.4D直线投 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 10000 200 5000 4000 4000 -200 9000 + 3000 2023-01-01 2025-01-01 2021-01-01 2022-01-01 2024-01-01 2021-01-01 2022-01-01 2023-01-01 2024-01-01 2025-01-01 涤棉纱65/35 45S价格与利润 中 ...

所 PX PTA MEG 基本面数据 期货 PX 主力 PTA 主力 MEG 主力 PF 主力 SC 主力 昨日收盘价 6562 4584 4158 6292 471 涨跌 -8 -10 -49 16 -8.7 涨跌幅 -0.12% -0.22% -1.16% 0.25% -1.81% 月差 PX1-5 PTA1-5 MEG1-5 PF12-1 SC11-12 昨日收盘价 -24 -48 -77 -42 -2 前日收盘价 -40 -40 -75 -48 -1.7 涨跌 16 -8 -2 6 -0.3 现货 PX CFR 中国（美 金/吨） PTA 华东（元/吨） MEG 现货 石脑油 MOPJ Dated 布伦特 (美 金/桶) 昨日价格 808.83 4500 4214 584.25 67.66 前日价格 806.33 4545 4275 583.75 68.33 涨跌 2.5 -45 -61 0.5 -0.68 现货加工费 PX-石脑油价差 PTA 加工费 短纤加工费 瓶片加工费 MOPJ 石脑油-迪 拜原油价差 昨日价格 222.58 205.91 255.45 115.28 -4.34 前日价格 21 ...

| | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2025/10/9 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/9/29 | 2025/9/30 | 变动值 | 行情综述 | | | INE原油(元/桶) | 492.6 | 479.7 | -12.90 | 成交情况: PTA:原油行情下跌,对PTA成本支撑减弱。节后220万 | | | | | | | 吨PTA装置计划提前检修,但对市场提振效果有限, | | SC | PTA-SC(元/陣) | 1072. 2 | 1108. 0 | 35. 75 | PTA现货充足。 | | | PTA/SC(比价) | 1. 2995 | 1. 3178 | 0. 0183 | | | PX | CFR中国PX | 817 | 804 | -13 | | | | PX-石脑油价差 | 209 | 219 | 10 | | | | PTA主力期价(元/吨) | 4 ...

Report Industry Investment Rating - PX/PTA/PF/PR are rated as neutral in the short term and bearish in the medium term [4] Core View of the Report - Near the holiday, the polyester industry chain is oscillating. The cost - end oil price has rebounded, and geopolitical factors need to be continuously monitored. The supply - demand situation of PX in the fourth quarter is expected to weaken, and the support at the bottom has weakened. The near - end fundamentals of TA have improved, but there is still a large inventory accumulation pressure in December. The demand for polyester has improved marginally, but the high - level increase in polyester load is limited. The short - term supply - demand situation of PF is better than that of the raw material end, and the processing fee of PR is expected to oscillate in a range [1][2][4] Summary According to the Directory Price and Basis - Relevant charts include TA and PX's main contract trends, basis, and inter - period spreads, as well as PTA's East China spot basis and short - fiber basis [9][10][12] Upstream Profits and Spreads - Relevant charts cover PX processing fees, PTA spot processing fees, South Korean xylene isomerization profits, and South Korean STDP selective disproportionation profits [17][20] International Spreads and Import - Export Profits - Relevant charts involve toluene's US - Asia spread, toluene's South Korean FOB - Japanese naphtha CFR spread, and PTA export profits [25][27] Upstream PX and PTA Startup - Relevant charts show the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [28][31][33] Social Inventory and Warehouse Receipts - Relevant charts present PTA's weekly social inventory, PX's monthly social inventory, and various warehouse receipt inventories of PX, PTA, and PF [36][39][40] Downstream Polyester Load - Relevant charts cover the production and sales of filaments and short - fibers, polyester load, factory inventory days of various filaments, and the operating rates of textile, texturing, and dyeing in Jiangsu and Zhejiang [48][50][61] Detailed PF Data - Relevant charts include the load of polyester staple fiber, inventory days, the load of recycled cotton - type staple fiber, the spread between raw and recycled fibers, and the operating rates and profits of pure polyester yarn and polyester - cotton yarn [73][74][84] Detailed PR Fundamental Data - Relevant charts involve the load of polyester bottle chips, factory inventory days, spot and export processing fees, export profits, and inter - month spreads [94][96][103]

Report Information - Report Title: Polyester Industry Chain Monthly Report for September [3][14][24] - Report Date: September 26, 2025 [12][21][34] Core Viewpoint There is no explicit core viewpoint provided in the given content. Summary by Section 1. PX (Paraxylene) - **Price - related Charts**: Include PX产业链价格 (PX industrial chain price), PX浮动价 (PX floating price), PX月差 (PX monthly spread), PX基差 (PX basis), PX价格结构 (PX price structure), PX - BLENT价差 (PX - BLEND spread), 亚洲PXN价差 (Asian PXN spread), 韩国PX - MX价差 (Korean PX - MX spread) [11][17][19][21] - **Supply - related Charts**: PX月均开工率 (PX monthly average operating rate), PX进口量 (PX import volume), PX社会库存 (PX social inventory), PX平衡表 (PX balance sheet) [31][34][38] 2. PTA (Purified Terephthalic Acid) - **Price - related Charts**: PTA现货价格 (PTA spot price), PTA01合约现货基差 (PTA01 contract spot basis), PTA15月差 (PTA15 monthly spread), PTA - PX价差 (PTA - PX spread) [42] - **Supply - demand Charts**: PTA月均开工率 (PTA monthly average operating rate), PTA社会库存 (PTA social inventory), PTA出口量 (PTA export volume), PTA码头库存 (PTA terminal inventory), PTA平衡表 (PTA balance sheet) [43][45][49][50] - **PTA Balance Sheet Data**: From January to December 2025, data on PTA产能 (capacity), 产量 (output), 开工率 (operating rate), 进口量 (import volume), 出口量 (export volume), 净进口 (net import), 总供应 (total supply), 聚酯产能 (polyester capacity), 聚酯产量 (polyester output), PTA理论消费量 (theoretical PTA consumption), 其他领域消费量 (consumption in other fields), PTA总需求量 (total PTA demand), 库存增减 (inventory change) are provided [51] 3. MEG (Monoethylene Glycol) - **Price - related Charts**: MEG华东现货价格 (MEG East China spot price), MEG01合约现货基差 (MEG01 contract spot basis), MEG15月差 (MEG15 monthly spread), MEG乙烯单体制利润 (MEG ethylene monomer production profit), MEG合成气制利润 (MEG syngas production profit) [56] - **Supply - demand Charts**: MEG中国装置月均开工 (MEG monthly average operating rate of Chinese plants), MEG进口量 (MEG import volume), MEG主港库存 (MEG main port inventory), MEG平衡表 (MEG balance sheet) [56][61][62] - **MEG Balance Sheet Data**: From January to December 2025, data on MEG产能 (capacity), 产量 (output), 进口量 (import volume), 净进口 (net import), 表需 (apparent demand), 聚酯产能 (polyester capacity), 聚酯产量 (polyester output), 折合MEG消费量 (equivalent MEG consumption), 其他领域消费量 (consumption in other fields), MEG库存变化 (MEG inventory change) are provided [62] 4. Polyester Products - **General Polyester**: Polyester月均开工率 (polyester monthly average operating rate), 聚酯加权利润 (weighted polyester profit) [67] - **Filament**: 长丝开工率 (filament operating rate), 长丝平均利润 (average filament profit), 长丝库存天数 (filament inventory days) [65][71] - **Staple Fiber**: 短纤工厂开工率 (staple fiber factory operating rate), 短纤工厂利润 (staple fiber factory profit), 短纤库存天数 (staple fiber inventory days) [68][71] - **Pure Polyester Yarn**: 纯涤纱开工 (pure polyester yarn operating rate), 纯涤纱成品库存 (pure polyester yarn finished product inventory) [72] - **Bottle Chip**: 瓶片开工率 (bottle chip operating rate), 瓶片现货加工费 (bottle chip spot processing fee) [76][81] 5. Downstream Industries - **Weaving and Dyeing**: 江浙织机开工率 (Jiangsu and Zhejiang loom operating rate), 江浙加弹开工率 (Jiangsu and Zhejiang texturing machine operating rate), 江浙印染开机率 (Jiangsu and Zhejiang dyeing machine operating rate) [77][81][82] 6. Raw Material Inventory - **PTA Raw Material Inventory**: 聚酯工厂PTA原料库存 (PTA raw material inventory in polyester factories) [79]

江浙涤丝昨日产销部分放量，至下午3点半附近平均产销估算在180-190%。江浙几家工厂产销分别在160%、0%、 250%、500%、100%、0%、210%、50%、280%、100%、280%、50%、75%、310%、90%、25%、70%、130%、 0%、100%、200%、500%。 需求方面，聚酯开工率91.4%（环比-0.2%），当前需求端订单衔接不足，局部散单为主，坯布库存高位去化缓慢， 市场对后续需求高度预期中性偏悲观，终端原料采购上整体维持谨慎观望居多，消化前期备货的同时刚需跟进。 聚酯负荷方面，长丝库存不高但逐步累库，9月长丝短纤负荷预计继续持稳小幅回升，瓶片检修和重启轮动，负荷 回升高度有限，预计9月聚酯负荷持稳小幅回升，月均负荷或在91.5%偏下。当前下游备货库存下降至低位，节前 预计会有所补库，但国庆假期期间终端也有放假可能。 化工日报 | 2025-09-26 TA方面，TA主力合约现货基差 -73 元/吨(环比变动+0元/吨），PTA现货加工费191元/吨（环比变动+26元/吨），主 力合约盘面加工费320元/吨（环比变动+5元/吨），PTA负荷低位提升中，近端去库基本面尚可 ...

化工日报 | 2025-09-24 旺季不旺，聚酯产业链偏弱运行 市场要闻与数据 无 市场分析 成本端，近期油价震荡运行，关注俄乌动态。随着欧美炼厂进入传统检修季，需求面临季节性回落，前期EFS已经 跌至历史低位，近期油轮运费飙升表明未来数月内会有大量西区套利船货流入东区，从而冲击沙特的市场与定价 策略，东区市场的实货偏紧将得到彻底缓解，当前多头仅有中国SPR补库这一话题可供炒作，但从船期和库存上看， 无法得到印证。 PX方面，上上个交易日PXN212美元/吨(环比变动-6.88美元/吨）。近期PX四季度供需面转弱，PXN走弱。中国PX 负荷陆续恢复至偏高负荷运行，同时短期内海外开工将进一步走高。由于综合生产效益较好，国内部分PX装置四 季度检修推迟至明年，以及个别装置四季度扩能，PX供应较预期继续增加。而下游PTA工厂在效益大幅压缩后， 新装置投产推迟和部分装置检修落地，且时间较长，PX四季度供需面预期明显弱化，去库转为累库下方支撑转弱。 关注后续利润压缩下的检修情况。 TA方面，TA主力合约现货基差 -79 元/吨(环比变动+5元/吨），PTA现货加工费159元/吨（环比变动-12元/吨），主 力合约盘面 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PTA lacks fundamental support and is expected to maintain a range - bound oscillation. The supply - demand balance sheet may shift from de - stocking to inventory accumulation, but low processing fees, increased maintenance plans, and cost - side support will keep it in this pattern [1][6]. - MEG is in a weak state and is expected to run weakly in the short term. Although there is a strong expectation of weakening supply - demand, the low inventory at the main port provides obvious support below [1][6]. 3. Summary According to the Directory 3.1 Upstream Analysis of the Industrial Chain - **Market Review**: Due to the Russia - Ukraine conflict and the Fed's 25 - basis - point interest rate cut, international crude oil prices rose this week, providing some cost support for PX. However, terminal demand remained sluggish, and the postponement of the commissioning time of new downstream PTA plants led to a significant decline in PX prices at the end of the session. As of September 19, the closing price of Asian PX was $815.67 per ton CFR China, down $15.66 per ton from September 12 [17]. - **Capacity Utilization**: The restart of two 160 - million - ton PX units of Fujian Fuhai Chuang and the maintenance of a 70 - million - ton unit of Dalian Fujia led to a narrow increase in the average weekly capacity utilization rate of domestic PX to 85.51%, a 0.88% increase from the previous week [20]. - **PX - Naphtha Price Spread**: As of September 19, the PX - naphtha price spread was $218.9 per ton, down $13.91 per ton from September 12. Due to the lack of improvement in terminal demand and the postponement of new PTA plant commissioning, the PX - naphtha price spread continued to decline [23]. 3.2 PTA Fundamental Analysis - **Market Review**: This week, PTA device operation was stable, but the restart of Fuhai Chuang was postponed. Terminal orders were average during the traditional peak season, and demand was tepid. With low processing fees, some enterprises added maintenance plans, and PTA mainly oscillated at a low level. As of September 19, the spot price of PTA was 4,555 yuan per ton, and the spot basis was 2601 - 81 [24]. - **Capacity Utilization**: The average weekly capacity utilization rate of PTA increased to 77.29%, a 2.34% increase from the previous week. In September, with the planned restart of some units, the capacity utilization rate is expected to reach around 78% [28][31]. - **Processing Fees**: With the upcoming restart of large - scale East China plants, increased domestic supply, and tepid terminal performance during the traditional peak season, PTA processing fees have been weakening. In the short term, although there is an expectation of weakening supply - demand, the low valuation limits the further downward space, and processing fees are expected to continue the weak pattern [32]. - **Supply - Demand Situation**: In September, with the restart of maintenance units and little change in demand, the PTA supply - demand situation is expected to shift from de - stocking to a loose balance [35]. 3.3 MEG Fundamental Analysis - **Market Review**: Despite the decline in the main port inventory, the market was generally worried about supply - side pressure. Although there were small rebounds during the week, the confidence to chase the rise was insufficient, and the MEG market remained weak at the weekend. As of September 19, the closing price of Zhangjiagang MEG was 4,352 yuan per ton, and the delivered price in the South China market was 4,470 yuan per ton [39]. - **Capacity Utilization**: The total capacity utilization rate of MEG was 67.04%, a 0.48% increase from the previous week. Among them, the capacity utilization rate of integrated plants decreased by 0.19%, and that of coal - based MEG increased by 1.56%. In September, with the restart of some domestic units and the end of the maintenance season, the overall MEG output is expected to continue to rise [46]. - **Inventory**: As of September 25, the total expected arrival volume of MEG in East China was 88,100 tons. As of September 18, the total MEG inventory in the main East China ports was 383,700 tons, a decrease of 11,900 tons from September 15 and an increase of 20,500 tons from September 11 [47][49]. - **Profit**: Due to the expected increase in supply and the rise in raw material prices, the profits of all MEG production processes declined this week. As of September 19, the profit of naphtha - based MEG was - $115.99 per ton, down $13.59 per ton from the previous week, and the profit of coal - based MEG was - 141.07 yuan per ton, down 87.68 yuan per ton from the previous week [51]. 3.4 Downstream Demand - Side Analysis of the Industrial Chain - **Polyester Production**: The average weekly capacity utilization rate of polyester was 87.89%, a 0.01% decrease from the previous week. With the restart of some previously maintained units and the planned commissioning of new units next week, domestic polyester production is expected to increase slightly [56]. - **Capacity Utilization Expectation**: In August, polyester production and sales were relatively good, and new plants were commissioned, resulting in a narrow fluctuation in the polyester operating rate. In September, with the expectation of the traditional peak season, the planned restart of some previously reduced - production and maintained units, and the expected commissioning of multiple new plants, the monthly polyester load is expected to increase [59]. - **Capacity Utilization of Sub - Products**: This week, the average weekly capacity utilization rate of polyester filament was 91.54%, a 0.11% increase from the previous period; the average capacity utilization rate of polyester staple fiber was 87.01%, a 0.19% increase from the previous week; and the capacity utilization rate of fiber - grade polyester chips was 83.31%, a 1.32% increase from the previous week [62]. - **Inventory**: Due to cautious downstream procurement and weak production and sales, factory finished - product inventories increased slightly this week [63]. - **Cash Flow**: With the decrease in polymerization costs, polyester manufacturers focused on sales, and the average weekly price decreased, compressing cash flow. However, the cash flow of DTY was repaired [66]. - **Weaving Industry**: As of September 18, the operating load of the weaving industry in Jiangsu and Zhejiang was 62.19%, a 0.23% decrease from the previous data. The average number of terminal weaving order days was 14.42 days, a decrease of 0.13 days from the previous week. The current orders are mainly for autumn and winter cold - proof fabrics, and the industry demand has not improved substantially [71]. 3.5 Summary of the Polyester Industrial Chain Fundamentals - **Cost Side**: International crude oil prices rose this week, providing some cost support for PX. However, due to weak terminal demand and the postponement of new PTA plant commissioning, PX prices declined significantly at the end of the session [73]. - **Supply Side**: The average weekly capacity utilization rate of PTA increased, and the total capacity utilization rate of MEG also increased slightly, with different trends in integrated and coal - based units [73]. - **Demand Side**: The overall supply of polyester fluctuated slightly this week, and the operating load and order days of the weaving industry in Jiangsu and Zhejiang decreased [73]. - **Inventory**: PTA supply is expected to increase, and the near - term supply - demand remains tight, while the long - term inventory accumulation expectation is strong. The MEG inventory at the main East China ports decreased compared with September 15 but increased compared with September 11 [73].

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - PTA prices declined and the basis weakened due to weak crude oil market, concerns about PX unit maintenance delays, and sufficient spot supply. Meanwhile, the decline in prices was beneficial for downstream cost reduction. The domestic PTA production increased as PTA units gradually resumed operation, leading to a rapid decline in the PTA basis and market pressure. The increase in OPEC+ oil production caused a significant drop in crude oil prices, and the spread between PX and naphtha narrowed. With weaker sales, rising inventories, and the approaching off - season, PTA showed weakness [2]. - The ethylene glycol futures fluctuated weakly, and the spot market price followed the low - level operation with a slight increase in the basis. The ethylene glycol inventory at East China ports continued to decline, and the port was expected to continue destocking. However, domestic device commissioning and the return of coal - based ethylene glycol devices put continuous pressure on the ethylene glycol price [2]. - The overall polyester inventory was in good condition, and the downstream weaving load increased [2]. Summaries According to Relevant Catalogs Market Data - **Crude Oil**: The INE crude oil price dropped from 491.8 yuan/barrel on September 18, 2025, to 487.0 yuan/barrel on September 19, 2025, a decrease of 4.80 yuan/barrel [2]. - **PTA**: The PTA - SC spread decreased from 1092.0 yuan/ton to 1064.9 yuan/ton; the PTA/SC ratio decreased from 1.3056 to 1.3009. The PTA主力期价 dropped from 4666 yuan/ton to 4604 yuan/ton, and the spot price fell from 4630 yuan/ton to 4555 yuan/ton. The spot processing fee decreased from 151.8 yuan/ton to 148.2 yuan/ton, and the futures processing fee decreased from 227.8 yuan/ton to 222.2 yuan/ton. The basis decreased from 77 to 82 [2]. - **PX**: The CFR China PX price decreased from 827 to 816, and the PX - naphtha spread increased from 218 to 219 [2]. - **MEG**: The MEG主力期价 dropped from 4268 yuan/ton to 4257 yuan/ton, and the MEG - naphtha spread increased from - 121.50 yuan/ton to - 120.69 yuan/ton. The MEG domestic price decreased from 4362 to 4351, and the basis decreased from 85 to 80 [2]. Industry Chain Start - up Conditions - The PX start - up rate remained at 85.57%, the PTA start - up rate remained at 78.25%, the MEG start - up rate increased from 61.32% to 62.20%, and the polyester load remained at 89.00% [2]. Product Prices and Cash Flows - **Polyester Filament**: The prices of POY150D/48F, FDY150D/96F, and DTY150D/48F decreased by 25, 65, and 45 respectively. The cash flows of POY, FDY, and DTY increased by 43, 3, and 23 respectively. The polyester filament sales rate increased from 40% to 43% [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spun polyester staple fiber decreased by 50, the cash flow increased by 18, and the sales rate decreased from 61% to 51% [2]. - **Polyester Chip**: The price of semi - bright chips decreased by 30, the cash flow increased by 38, and the sales rate decreased from 69% to 52% [2]. Device Maintenance Dynamics - A 2.5 - million - ton PTA unit in East China restarted last weekend after shutting down for maintenance around August 26 [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The macro - sentiment is weak due to the Fed's 25 - basis - point interest rate cut, increased risks of employment decline and inflation rise, and the geopolitical situation in the Middle East is heating up, causing oil prices to fluctuate at a high level. The prices of PX, PTA, MEG, PF, and PR in the polyester industry chain are all expected to show a volatile trend. The supply and demand of each product have different changes, and their prices are greatly affected by oil prices and the macro - situation [8]. 3. Summary According to the Directory 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies - **PX&PTA**: PX and PTA have both supply and demand decreasing. PX has some device maintenance and production plans adjustment, and PTA's processing fee is compressed. The price is affected by oil prices and the macro - situation, with a trading strategy of unilateral oscillation, and arbitrage and options on the sidelines [8]. - **MEG**: Supply decreases and demand increases this week, and the supply is expected to increase in the future. The port inventory is low, and the short - term price is expected to oscillate. The trading strategy is unilateral oscillation, and arbitrage and options on the sidelines [8]. - **PF**: Short - fiber factory inventory decreases, and the processing fee strengthens slightly. The downstream is in a loss state, and the price follows the raw material trend. The trading strategy is unilateral oscillation, and arbitrage and options on the sidelines [8]. - **PR**: The market trading atmosphere is dull, the factory starts to decline, and the processing fee strengthens slightly. The supply is still relatively abundant, and the demand is transitioning from peak to off - peak season. The trading strategy is unilateral oscillation, and arbitrage and options on the sidelines [8]. 3.2 Chapter 2: Core Logic Analysis 3.2.1 Polyester - The polyester production and sales are weak this week, the start - up rate decreases, and the processing fee strengthens slightly. The traditional peak season has limited order volume, and the inventory reduction is slow. Different polyester products have different profit situations [11]. 3.2.2 PX - The spot floating price, basis, and monthly spread of PX continue to weaken. The start - up rate is still at a high level, and the profit of long - and short - process devices is slightly compressed [29][31][36]. 3.2.3 PTA - PTA has both supply and demand decreasing, and the processing fee is further compressed. The start - up rate is expected to rise first and then fall due to device maintenance and production plans [38][40]. 3.2.4 MEG - The basis and monthly spread of MEG weaken. The supply is expected to increase due to device maintenance restarts and new device commissions, and the short - term price is expected to oscillate [42][43][51]. 3.3 Chapter 3: Weekly Data Tracking 3.3.1 PX - **Price**: It shows the price trends of PX and related products in the industrial chain [55]. - **Variety Spread & Profit**: It presents the spreads and profits between PX and other varieties [60]. - **Disproportionation and Oil - Blending Spread & Profit**: It shows the spreads and profits related to PX disproportionation and oil - blending [64]. - **Regional Spread & Profit**: It shows the spreads and profits between different regions of PX [66][67]. - **Supply and Demand**: It shows the supply and demand situation of PX, including load and start - up rate [71]. 3.3.2 PTA - **Price**: It shows the price trends of PTA and related products, as well as basis and monthly spreads [73][76]. - **Profit**: It shows the profit situation of PTA under different raw material bases [78]. - **Supply and Demand**: It shows the load and start - up rate of PTA and polyester [82]. - **Inventory**: It shows the inventory situation of PTA in different links [84]. 3.3.3 MEG - **Price**: It shows the price trends of MEG and related raw materials [86]. - **Spread**: It shows various spreads of MEG, including internal - external spreads and regional spreads [88]. - **Profit**: It shows the profit situation of MEG under different production processes [97]. - **Supply and Demand**: It shows the load and start - up rate of MEG and the inventory situation in the main port [103][105]. 3.3.4 Polyester - **Profit**: It shows the profit situation of different polyester products [108]. - **Supply**: It shows the load of different polyester products [110]. - **Inventory**: It shows the inventory situation of different polyester products [112]. - **Demand**: It shows the demand situation of polyester from different aspects such as downstream start - up rates, export data, and domestic consumption data [115][124][125].