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整体“上紧下松”格局维持不变 PTA期货大幅走低
Jin Tou Wang· 2025-09-04 07:11
Group 1 - PTA futures have significantly declined, with the main contract reported at 4656.00 CNY/ton, a decrease of 2.06% [1] - As of September 3, 2025, the average processing range for PTA in China is 189.82 CNY/ton, reflecting a month-on-month decrease of 21.32% and a year-on-year decrease of 40.68% [2] - The current PTA production capacity utilization rate is 70.86%, down 5.36% from the previous week, with domestic PTA output at 1.3129 million tons, a decrease of 100,000 tons from the previous week [3] Group 2 - According to Nanhua Futures, the overall sentiment in commodities is weak, with high oil prices retreating and PX-TA prices following suit. The structural contradictions between PX and TA are expected to dominate the market, maintaining a "tight up and loose down" pattern [4] - Hualian Futures notes that supply pressure has eased due to significant maintenance at large facilities in South and East China, while polyester operating rates remain stable. However, the replenishment of polyester filament shows moderate performance, focusing on consuming existing raw material inventories [4]
PTA:9月PTA供需矛盾不大 驱动有限
Jin Tou Wang· 2025-09-02 03:30
Supply and Demand - As of August 29, PTA operating rate is at 70.4%, a decrease of 2.5% [3] - As of August 29, polyester operating rate has increased to 90.3%, an increase of 0.3% [3] - Downstream polyester production has seen a decline due to lack of orders and high temperatures, with inventory levels being acceptable but overall stock being high [3] Price and Profitability - On September 1, PTA spot processing fee is around 170 CNY/ton, while TA2511 and TA2601 futures processing fees are 317 CNY/ton and 313 CNY/ton respectively [2] - The main spot trading range is between 4710 and 4735 CNY, with some transactions at a basis of 40 to 48 [1] Market Outlook - The low processing margin has led to increased unplanned maintenance of PTA facilities in August and September, improving supply-demand expectations, although the execution of maintenance is not meeting expectations [4] - There is still a demand expectation for September and October, with polyester and terminal loads recovering compared to previous periods, providing some support to demand [4] - Short-term strategies suggest focusing on support around 4700 CNY, with a short-term bullish outlook [4]
宏源期货品种策略日报:油脂油料-20250828
Hong Yuan Qi Huo· 2025-08-28 01:27
Report Industry Investment Rating - Not provided in the content Core Viewpoints - The pricing logic is still cost - driven. It is expected that PX, PTA, and PR will operate weakly (PX view score: - 1, PTA view score: - 1, PR view score: - 1) [2] - The terminal demand is still weakly recovering, but the downstream bullish expectation is rising. The polyester inventory is shifting downward, and the PTA will move in a volatile manner with cost as the dominant factor [2] Summary by Related Catalogs Price Information - **Crude Oil**: On August 27, 2025, the futures settlement price (continuous) of WTI crude oil was $64.15 per barrel, up 1.42% from the previous value; that of Brent crude oil was $68.05 per barrel, up 1.23% [1] - **Upstream Products**: The spot price (mid - price) of naphtha: CFR Japan on August 27, 2025, was $590.38 per ton, down 1.60%. The spot price (mid - price) of xylene (isomeric grade): FOB South Korea on August 26, 2025, was $694.50 per ton, up 0.58% [1] - **PX**: The spot price of p - xylene PX: CFR China's main port on August 27, 2025, was $854 per ton, down 1.16%. The CZCE PX main contract closing price was 6940 yuan per ton, down 0.77% [1] - **PTA**: The CZCE TA main contract closing price on August 27, 2025, was 4824 yuan per ton, down 0.94%. The spot price of PTA in the domestic market was 4877 yuan per ton, up 0.06% [1] - **PR**: The CZCE PR main contract closing price on August 27, 2025, was 5994 yuan per ton, down 0.66%. The market price (mainstream price) of polyester bottle chips in the East China market was 5920 yuan per ton, down 0.50% [1] - **Downstream Products**: The CCFEI price index of polyester staple fiber on August 27, 2025, was 6580 yuan per ton, down 0.08%. The CCFEI price index of polyester chips was 5930 yuan per ton, down 0.50% [2] Spread Information - The PXN spread on August 27, 2025, was $263.63 per ton, down 0.14%. The PX - MX spread was $159.50 per ton, down 8.07% [1] - The basis of PTA on August 27, 2025, was 13 yuan per ton, up 18 yuan from the previous value. The basis of PX was - 97 yuan per ton, up 54 yuan [1] - The basis of PR in the East China market on August 27, 2025, was - 74 yuan per ton, up 10 yuan. The basis in the South China market was - 4 yuan per ton, up 10 yuan [1] Operating Rate and Sales - to - Production Ratio - The operating rate of the polyester industry chain: PX on August 27, 2025, was 80.38%, unchanged. The PTA industry chain load rate of PTA factories was 72.16%, unchanged [1] - The sales - to - production ratio of polyester filament on August 27, 2025, was 40.00%, down 10.15 percentage points. The sales - to - production ratio of polyester staple fiber was 39.12%, down 1.90 percentage points [1] Device Information - A 2.2 - million - ton PTA device of Jiaxing Petrochemical restarted on August 22. Two 5 - million - ton PTA devices of Hengli Huizhou unexpectedly shut down from August 21 to August 23, and the restart time is to be determined [2] Important Information - After the US imposed a 50% tax rate on India, the market was bearish on crude oil demand. The API inventory data showed that US crude oil stocks increased more than expected, and the lower - than - expected demand pressured oil prices to give back previous gains [2] - The domestic device changes were small, mainly with an increase in load fluctuations. Overseas, the load increase was relatively obvious, mainly due to the restart of Rabigh and Thai Petroleum devices [2] - The current PX inventory is at a historical low, so the bottom support is relatively stable. Whether the PX profit can continue to rise depends on whether there are more unexpected factors [2]
PTA:供需预期好转但成本端走势偏弱 短期PTA震荡偏弱
Jin Tou Wang· 2025-08-15 02:04
Supply and Demand - As of August 14, PTA operating rates are at 76.4%, an increase of 1.7% due to the restart of facilities from Weilian Chemical (2.5 million tons) and Jiaxing Petrochemical (2.2 million tons) [3] - Polyester operating rates have slightly increased to 89.4%, up by 0.6%, with local improvements in Jiangsu and Zhejiang regarding terminal operating rates and shipment volumes [3] - New orders for grey fabric show mixed results, with some local "hot-selling" products performing well, while overall procurement remains average [3] Pricing and Profitability - On August 14, PTA spot processing fees are around 212 RMB/ton, with processing fees for TA2509 and TA2601 futures at 258 RMB/ton and 331 RMB/ton respectively [2] - The spot market for PTA is experiencing a general trading atmosphere, with prices ranging from 4620 to 4680 RMB, and a main spot basis around 09-14 [1][4] Market Outlook - The PTA supply-demand situation is expected to improve due to increased maintenance plans amid low processing margins, but medium-term expectations remain weak with the new PTA facility from Helen Petrochemical coming online [4] - Overall, PTA prices are anticipated to remain weak due to supply-demand concerns and crude oil trends, although the low processing fees and limited pressure from raw material PX may limit downward movement [4] - Strategies include monitoring support around 4600 RMB for TA01 and considering high-level hedging for TA1-5, while focusing on expanding low processing fees around 250 RMB [4]
PTA:低加工费但成本端支撑有限 短期PTA震荡对待
Jin Tou Wang· 2025-08-08 02:12
Supply and Demand - As of August 7, PTA supply has improved with the restart of 150,000 tons and 120,000 tons facilities by Taiwan Chemical, while Jiaxing Petrochemical's 220 tons facility is under scheduled maintenance. Yisheng Materials' 720,000 tons facility has restored its load, and INEOS's 235,000 tons facility is operating at reduced capacity. Overall, PTA load has recovered to 76.2%, an increase of 3.6% [3] - On the demand side, new facilities that started at the end of July and previously shut down facilities have increased production. Additionally, some factories in long and short fiber sectors have slightly increased their load, with polyester's overall load rising to approximately 88.8%, an increase of 0.7%. However, the order atmosphere for grey cloth remains weak, and the market's inventory turnover is slow, limiting overall operating rates [3] Profitability - As of August 7, PTA's spot processing fee is around 166 yuan per ton, while the processing fee for TA2509 futures is 263 yuan per ton [2] Market Outlook - Despite a recent improvement in PTA supply and demand in August, the outlook remains weak due to the commissioning of new PTA facilities by Hailun Petrochemical and a continued weak order situation at the terminal. The PTA basis is expected to operate weakly. Overall, with a weak supply-demand outlook and limited support from crude oil, the rebound potential for PTA is insufficient. However, there is still some short-term support due to the overall improvement in domestic commodity sentiment and low PTA processing fees [4] - The strategy suggests a short-term trading range for TA between 4600-4800, with a recommendation for TA1-5 to hedge against high prices and to expand PTA processing fees at low levels around 250 [4]
PTA:8月6日加工费与基差情况及行情展望
Sou Hu Cai Jing· 2025-08-07 02:47
Core Viewpoint - The PTA market experienced fluctuations on August 6, influenced by multiple factors including a reduction in production by INEOS and a recovery in commodity sentiment, leading to a rapid rise in PTA futures followed by a volatile increase in prices [1] Group 1: Market Dynamics - On August 6, the PTA futures market saw a quick rise and subsequent fluctuations due to positive market sentiment and production cuts by INEOS [1] - The spot market showed a favorable trading atmosphere with a weak basis, and some polyester factories placed orders [1] - Main suppliers sold August cargoes with varying transaction discounts, with price negotiations ranging between 4650 - 4720 [1] Group 2: Production and Capacity - As of August 1, PTA operating rates decreased to 72.6%, while polyester operating rates slightly fell to around 88.1% [1] - The PTA processing fee reached approximately 130 CNY/ton, while the TA2509 futures processing fee was 274 CNY/ton [1] - The low processing fees have led to increased maintenance of PTA facilities in August, alongside production cuts by INEOS and a rebound in oil prices supporting market conditions [1] Group 3: Supply and Demand Outlook - Despite improvements in supply and demand in August, the commissioning of a new facility by Helun Petrochemical and weak terminal orders suggest a pessimistic medium-term supply-demand outlook [1] - The short-term PTA market may be affected by weak supply-demand expectations and a significant drop in overnight oil prices, although domestic commodity sentiment provides some support [1] - PTA futures are expected to fluctuate between 4600 - 4800, with strategies to hedge against high prices and low processing fees being considered [1]
PTA:低加工费但成本端有所企稳 短期PTA震荡对待
Jin Tou Wang· 2025-08-07 02:04
Market Overview - On August 6, the market was boosted by the news of INEOS reducing production, alongside a recovery in commodity sentiment, leading to a rapid increase in PTA futures prices, which ultimately closed with gains [1] - The trading atmosphere in the spot market was relatively positive, with a weak basis for spot prices and limited offers from polyester factories [1] Pricing and Supply - Main suppliers offered August cargoes, with transactions for early August at a discount of 20-25 against September futures, and later in August at a discount of 15-20, with price discussions around 4650-4720 [1] - As of August 1, PTA operating rates decreased to 72.6%, down by 7.3%, while polyester operating rates slightly fell to 88.1%, down by 0.6% [3] Profitability - As of August 6, the PTA spot processing fee was around 130 yuan/ton, while the processing fee for TA2509 futures was 274 yuan/ton [2] Demand and Inventory - On August 6, the price of polyester staple fiber remained stable, with local sales volume increasing, and current inventory levels at fiber factories were manageable [3] - The terminal operating rates are expected to remain steady as the market awaits the peak season in September and October [3] Future Outlook - Despite a better-than-expected supply-demand situation for PTA in August, the market outlook remains weak due to the upcoming commissioning of new PTA facilities and continued weak demand for new orders [4] - The overall sentiment in the domestic commodity market has improved, providing some short-term support, but the PTA market is expected to face downward pressure from weak supply-demand expectations and recent declines in oil prices [4] - Short-term price range for PTA is anticipated to be between 4600-4800, with low processing fees suggesting potential for expansion [4]
PTA:宏观情绪偏强提振下 PTA短期受到支撑
Jin Tou Wang· 2025-07-22 03:39
Supply and Demand - As of July 18, PTA operating rates remain stable at 79.7% with no significant changes in production [3] - Polyester operating rates have slightly decreased to approximately 88.3%, down by 0.5% [3] - Demand for polyester continues to be weak due to the off-season and high temperatures, leading to increased inventory pressure in factories [3] - The cash flow for polyester yarn is limited, with only POY showing slight profitability while FDY is experiencing overall losses [3] Market Outlook - PTA operating rates are maintained around 80%, with expectations for new PTA production from Sanfangxiang (600370) [4] - Weak terminal demand is leading to further expectations of production cuts in downstream polyester [4] - Despite weak supply and demand expectations for PTA, the overall sentiment in the domestic commodity market is relatively strong, providing some support for PTA prices [4] - Short-term trading strategy for TA is expected to fluctuate between 4600-4800, with bearish sentiment above 4800 [4] Cost Analysis - As of July 21, PTA spot processing fees are around 239 CNY/ton, while the processing fee for TA2509 is 285 CNY/ton [2]
PTA港口库存回升 盘面已经在测试4600-4700支撑
Jin Tou Wang· 2025-07-09 06:14
Market Overview - The PTA spot market showed improved trading sentiment compared to the previous day, with increased bids from polyester factories and a continued weak basis, leading to an expanded decline in the afternoon [1] - Main suppliers reported sales, with transactions this week and next week in the range of 4780 to 4820 yuan/ton, while the mainstream spot basis is at 09+91 [1] - As of July 8, the Zhengzhou Commodity Exchange had 45,812 PTA futures warehouse receipts, an increase of 9,384 from the previous trading day [1] Inventory and Supply Chain - This week, PTA factory inventory stands at 3.95 days, a decrease of 0.14 days from last week and 0.29 days from the same period last year [1] - Polyester factory PTA raw material inventory is at 7.1 days, down 0.35 days from last week and 1.08 days from the same period last year [1] Institutional Insights - Donghai Futures noted that while the PTA basis continues to weaken, there has been a partial recovery in transactions, with liquidity issues easing significantly [2] - The port inventory has increased, and with the cancellation of warehouse receipts and increased factory stocking, the upward impact of spot prices on the futures market has become limited [2] - Dadi Futures indicated that the polyester industry chain remains stable upstream, while expectations of declining downstream loads suggest profits will further shift downstream [2] - The oil price remains strong, and with downstream production cuts, the strategy of shorting PX/PTA based on Brent price differentials continues, although the potential for significant movement is limited [2] - As the peak season approaches in late August, there may be opportunities for PTA large manufacturers to adjust loads to expand profits, with current PTA processing fees being neutral [2]
芳烃橡胶早报-20250702
Yong An Qi Huo· 2025-07-02 01:22
Report Industry Investment Rating No relevant information provided. Core Views - For PTA, the near - end supply decreased slightly this week, polyester开工 fell, inventory remained stable, basis weakened, and spot processing fees declined. PX domestic maintenance was implemented, overseas had unexpected shutdowns, PXN strengthened, and the disproportionation and isomerization benefits improved. Downstream profits improved, and the further compression space of TA processing fees was limited. The absolute price was expected to remain strong supported by PX [1]. - For MEG, the near - end domestic oil - based maintenance was implemented, the start - up rate decreased, Iranian plants were restarting, port inventory decreased due to less arrival and improved shipment, downstream inventory levels increased, basis weakened, and coal - based benefits slightly shrank. In the future, as Iranian and ethane supplies did not decrease and domestic production start - up increased, it would gradually enter the inventory accumulation stage. With low actual inventory and not low valuation, it was expected to be range - bound, and attention should be paid to the change of warehouse receipts [5]. - For polyester staple fiber, the near - end production reduction and maintenance led to a decline in the start - up rate to 93.8%, sales weakened, and inventory slightly accumulated. On the demand side, the start - up rate of polyester yarn remained stable, raw material inventory remained stable, finished product inventory continued to accumulate, and benefits slightly improved. Exports maintained a high growth rate. There were also production reduction plans in the future, but the implementation of the plans needed further follow - up. Processing fees were expected to remain weak [5]. - For natural rubber, the national explicit inventory remained stable at a relatively low level, but there was no seasonal decline. The price of Thai cup rubber rebounded, and rainfall affected rubber tapping [5]. Summary by Related Catalogs PTA - **Price and Index Data**: On July 1, 2025, PTA spot price was 6990, PX CFR was 77.17, etc. The average daily basis of spot transactions for 2509 was +167 [1]. - **Device Changes**: Yisheng New Materials increased its load for 3.6 million tons, Shandong Weilian shut down for maintenance for 2.5 million tons, and Hengli Dalian restarted for 2.2 million tons [1]. MEG - **Price and Index Data**: On July 1, 2025, MEG outer - market price was 850, inner - market price was 4328, etc. The basis for 09 was around +68 [5]. - **Device Changes**: Shaanxi Yueneng's 400,000 - ton single - line was under maintenance [5]. Polyester Staple Fiber - **Price and Index Data**: On July 1, 2025, the spot price was around 6752, and the market basis for 08 was around +100 [5]. - **Device Changes**: Zhuocheng reduced production, and Jixing shut down for maintenance, with the start - up rate dropping to 93.8% [5]. Natural Rubber - **Price and Index Data**: On July 1, 2025, the price of Thai cup rubber was 48.0, the price of Thai glue was 1725, etc. [5] - **Main Contradictions**: National explicit inventory remained stable at a low level, Thai cup rubber price rebounded, and rainfall affected rubber tapping [5] Benzene and Its Derivatives - **Price and Index Data**: On July 1, 2025, ethylene (CFR Northeast Asia) was 850, pure benzene (CFR China) was 739, etc. [9] - **Profit Data**: On July 1, 2025, PS domestic profit was - 249, ABS domestic profit was - 926, etc. [9]