Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views of the Report - PX is in a high - level volatile market with falling oil prices. The strategy is to go long on PX and short on PTA, and conduct positive spreads on dips [1][2][8]. - For PTA, conduct positive spreads on dips. Although polyester filament manufacturers plan to cut production of loss - making products, the PTA operating rate reached a new high this week, and subsequent polyester inventory should be monitored [8]. - For MEG, supply is further shrinking. The price of ethylene glycol continues to be strong unilaterally due to unexpected supply shortages amplifying the spread fluctuations [8]. Summary by Relevant Catalogs Fundamental Tracking - **Price Data**: On May 15, 2025, PX, PTA, MEG, PF, and SC had daily changes of - 1.7%, - 1.6%, - 1.0%, - 1.6%, and - 1.4% respectively compared to the previous day [3]. - **Monthly Spreads**: On May 15, 2025, the daily changes of PX (9 - 1), PTA (9 - 1), MEG (9 - 1), PF(7 - 8), and PX - EB07 were - 2, - 4, - 19, 4, and - 106 respectively [3]. - **Inter - variety Spreads**: On May 15, 2025, the daily changes of PTA09 - 0.65PX09, PTA09 - MEG09, PTA07 - PF07, PF07 processing margin, and PTA09 - LU09 were 1, - 31, - 40, 50, and - 11 respectively [3]. - **Basis and Other Data**: On May 15, 2025, the daily changes of PX basis, PTA basis, MEG basis, PF basis, and PX - naphtha spread were - 20, - 60, - 18, 98, and 1 respectively. The daily changes of PTA, ethylene glycol, short - fiber, PX, and SC warehouse receipts were - 5,136, 660, unchanged, unchanged, and unchanged respectively [3]. Market Overview - **PX**: On May 15, the PX price fell. The 6 - month Asian spot had 3 transactions at 860, 856, 856, and the 7 - month Asian spot had 3 transactions at 848, 850, 851. The PX valuation was 854 dollars/ton, a decrease of 16 dollars from the 14th [5]. - **PTA**: This week, the 300 - million - ton Jiayuan plant resumed, the 2.5 - million - ton Shandong Weilian plant increased its load, and the PTA load of some plants recovered. By Thursday, the PTA load increased to 76.9%, and the current PTA operating rate is around 82.7%. Several PTA plants have restart or load - increasing plans [5][6]. - **MEG**: As of May 15, the overall operating load of ethylene glycol in mainland China was 60.51% (down 8.48% from the previous period), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 60.04% (down 6.71% from the previous period) [6]. - **Polyester**: The overall polyester load continued to increase this week. As of Thursday, the polyester load in mainland China was around 95.3%. A 40 - million - ton new polyester plant in Tongxiang started operation. However, a 25 - million - ton polyester plant in Ningbo will reduce its load by 30% next week. The sales of direct - spun polyester staple fiber and polyester yarn in Jiangsu and Zhejiang on the 15th were generally light [6][7].