Group 1: Report Industry Investment Rating - No relevant information found Group 2: Core Viewpoints of the Report - Gasoline crack spreads are declining, but PX prices are strong, supporting the PX - naphtha spread. Despite no significant fundamental changes, PTA units maintain high - load operation, and PX consumption remains stable. Korean manufacturers plan to cut STDP operation and shut down relevant units in the second half of December due to the widened PX - mixed xylene spread. PX costs are high while PTA profits are under pressure, but integrated enterprises' economic benefits improve. New polyester installations keep the polyester load high, increasing PTA consumption and market inventory intention, and strengthening the basis. Although domestic demand is seasonally weak, polyester factories have low inventories and low willingness to cut production, and the cancellation of India's BIS certification may drive export growth [2] Group 3: Summary by Related Catalogs Price and Market Conditions - PTA spot price increased from 5015 to 5050, MEG inner - market price rose from 3573 to 3653, and PTA closing price went up from 5094 to 5152. The price of 1.4D direct - spun polyester staple fiber increased from 6550 to 6575. Polyester bottle - chip prices in the Jiangsu and Zhejiang markets rose, with the average price up 30 yuan/ton. Cotton 328 price increased from 14910 to 15000 [2] Market Transaction - In the short - fiber market, downstream purchasing is cautious, and the market is mainly bought by futures - spot traders with scarce transactions. In the bottle - chip market, the trading atmosphere is cautious, and downstream terminals are on the sidelines [2] Industry Operation Indicators - The direct - spun short - fiber load increased from 88.37% to 89.32%, and the polyester short - fiber production and sales rate decreased from 80.00% to 56.00%. The polyester yarn startup rate and the recycled cotton - type load index remained unchanged [2][3] Profit and Cost - The polyester short - fiber cash flow increased from 240 to 246, the bottle - chip spot processing fee decreased from 527 to 469, the T32S pure - polyester yarn processing fee decreased from 3800 to 3775, and the polyester - cotton yarn profit decreased from 1321 to 1271. The cash flow of 6 - 15D hollow short - fiber decreased from 465 to 408 [2]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - Gasoline crack spreads have declined, but PX prices are strong, supporting the PX - naphtha spread. Despite no significant fundamental changes in supply disruptions or sudden demand increases, PTA plants maintain high - load operation, and PX consumption remains stable. The PX - mixed xylene spread has widened to $120, leading Korean manufacturers to cut STDP operations and plan to shut down relevant facilities in the second half of December. PX cost is high while PTA profit is under pressure, but integrated enterprises have improved economic benefits due to raw material self - sufficiency. New polyester plant startups keep polyester load at a high level, PTA consumption remains high, and market hoarding willingness increases, causing the basis to strengthen rapidly. Although domestic demand is seasonally weak, polyester factories have medium - to - low inventories, so the willingness to cut production is low. The cancellation of India's BIS certification is expected to drive export growth [2]. 3. Summary by Related Indicators 3.1 Price Changes - PTA spot price remained unchanged at 4620 from 2025/12/15 to 2025/12/16 [2]. - MEG inner - market price decreased by 12 to 3634 [2]. - PTA closing price increased by 40 to 4668 [2]. - MEG closing price increased by 40 to 3700 [2]. - 1.4D direct - spinning polyester staple fiber price remained unchanged at 6325 [2]. - Short - fiber basis remained unchanged at 130 [2]. - 1 - 2 spread increased by 4 to 16 [2]. - Polyester staple fiber cash flow increased by 6 to 246 [2]. - 1.4D imitation large - fiber price remained unchanged at 5300 [2]. - The price difference between 1.4D direct - spinning and imitation large - fiber remained unchanged at 1025 [2]. - East China water - grade bottle chips price decreased by 18 to 5653 [2]. - Hot - filling polyester bottle chips price decreased by 18 to 5653 [2]. - Carbonated - grade polyester bottle chips price decreased by 18 to 5753 [2]. - Outer - market water - grade bottle chips price remained unchanged at 750 [2]. - Bottle - chip spot processing fee decreased by 14 to 486 [2]. - T32S pure polyester yarn price remained unchanged at 10270 [2]. - T32S pure polyester yarn processing fee remained unchanged at 3945 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 16290 [2]. - Cotton 328 price increased by 25 to 14715 [2]. - Polyester - cotton yarn profit decreased by 9 to 1534 [2]. - Primary three - dimensional hollow (silicone - containing) price decreased by 30 to 7000 [2]. - Hollow staple fiber 6 - 15D cash flow decreased by 26 to 633 [2]. - Primary low - melting - point staple fiber price increased by 1 to 7606 [2]. 3.2 Load and Production - Sales Rates - Direct - spinning staple fiber load (weekly) increased by 0.95% to 89.32% [3]. - Polyester staple fiber production - sales rate increased by 23.00% to 79.00% [3]. - Polyester yarn startup rate (weekly) remained unchanged at 66.00% [3]. - Regenerated cotton - type load index (weekly) remained unchanged at 51.10% [3].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - Gasoline crack spreads have declined, and gasoline blending performance has weakened. The economic performance of the PX industry chain has significantly diverged. On one hand, the PX - naphtha spread has widened to $252, reflecting raw material cost pressure. On the other hand, the price of by - product benzene has dropped significantly, causing the PX - benzene spread to only slightly increase to $210, which weakens the overall profit of integrated aromatics units. PX costs are high while PTA profits are under pressure, but integrated enterprises have significantly improved economic efficiency due to their raw material self - sufficiency advantage. New polyester plant startups have pushed polyester operating rates to remain high, and PTA consumption has approached the historical high set in May. Although the domestic demand is seasonally weak, polyester factories have low to medium inventory levels, so their willingness to cut production is low. Additionally, the cancellation of India's BIS certification is expected to drive export growth, providing additional support for demand. The costs of bottle chips and short fibers follow suit [2]. 3. Key Data Summaries Price Changes - PTA spot price decreased from 4670 to 4650, a change of - 20 [2]. - MEG domestic price decreased from 3759 to 3699, a change of - 60 [2]. - PTA closing price increased from 4678 to 4694, a change of 16 [2]. - MEG closing price decreased from 3723 to 3701, a change of - 22 [2]. - 1.4D direct - spun polyester staple fiber price decreased from 6390 to 6355, a change of - 35 [2]. - Short - fiber basis increased from 73 to 90, a change of 17 [2]. - 12 - 1 spread decreased from 108 to 90, a change of 18 [2]. - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2]. - 1.4D imitation large - chemical fiber price remained unchanged at 5350 [2]. - The price difference between 1.4D direct - spun and imitation large - chemical fiber decreased from 1040 to 1005, a change of - 35 [2]. - East China water bottle chip price decreased from 5709 to 5702, a change of - 7 [2]. - Hot - filling polyester bottle chip price decreased from 5709 to 5702, a change of - 7 [2]. - Carbonated - grade polyester bottle chip price decreased from 5809 to 5802, a change of - 7 [2]. - Outer - market water bottle chip price decreased from 760 to 755, a change of - 5 [2]. - Bottle chip spot processing fee increased from 457 to 487, a change of 30 [2]. - T32S pure polyester yarn price remained unchanged at 10280 [2]. - T32S pure polyester yarn processing fee increased from 3890 to 3925, a change of 35 [2]. - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2]. - Cotton 328 price remained unchanged at 14580 [2]. - Polyester - cotton yarn profit increased from 1552 to 1575, a change of 23 [2]. - Primary three - dimensional hollow (with silicon) price remained unchanged at 7085 [2]. - Hollow short - fiber 6 - 15D cash flow increased from 633 to 670, a change of 37 [2]. - Primary low - melting - point short - fiber price remained unchanged at 7680 [2]. Operating Rate and Sales - to - Production Ratio - Direct - spun short - fiber operating rate (weekly) increased from 88.37% to 89.32%, a change of 0.95% [3]. - Polyester staple fiber sales - to - production ratio increased from 48.00% to 50.00%, a change of 2.00% [3]. - Polyester yarn startup rate (weekly) remained unchanged at 66.00% [3]. - Recycled cotton - type load index (weekly) remained unchanged at 51.10% [3].

瓶片短纤数据日报 | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2025/12/3 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2025/12/1 | 2025/12/2 | 变动值 | | | PTA现货价格 | 4710 | 4720 | 10 | | | | | | | 现货资讯: | | MEG内盘价格 | 3901 | 3882 | -19 | 短纤:涤纶短纤主力期货涨28至6304。现货市 | | PTA收盘价 | 4762 | 4752 | -10 | 场:涤纶短纤生产工厂价格僵持运行,贸易商价 | | MEG收盘价 | 3882 | 3877 | -5 | 格横盘震荡,下游刚需采购,工厂产销一般。 | | 1.4D直纺涤短 | 6415 | 6416 | 1 | 1.56dtex*38mm半光本白(1.4D)涤纶短纤华东市 | | | | | | 场价格在6180-6500现款现汇含税自提,华北市 | | 短纤基差 | 64 | 65 | 1 | 场价格在63 ...

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The polyester market is expected to be volatile and slightly stronger due to the anticipated supply gap of PX. The PX price is supported by gasoline blending value and the stable recovery of the by - product benzene price. The PTA supply is slightly tightened, and the polyester industry's operating rate remains stable above 90%. The export prospects of polyester products are optimistic due to positive trade policy adjustments in some overseas countries [4]. 3. Summary According to Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: The gasoline cracking profit has declined, and the gasoline blending performance has weakened. The PX market is firm under multiple factors, with the PX - naphtha spread expanding to $256, while the PX - mixed xylene spread is under pressure, slightly above $100, limiting the space for increasing PX production to improve efficiency [4]. - **Demand**: The PTA supply is slightly tightened, and the polyester industry's operating rate remains stable above 90%. The export inquiries of polyester products have increased significantly, and the domestic polyester export prospects are still optimistic [4]. - **Inventory**: The PTA port inventory decreased by 30,000 tons this week, and the market is slightly destocking [4]. - **Basis**: The PTA basis continues to strengthen, and the PTA profit remains at a low level [4]. - **Profit**: The PX - naphtha spread reaches $250, and the PTA processing fee remains at a low level of around $200 [4]. - **Valuation**: The PTA price is at a relatively low - to - neutral level. With the decline in the reformer unit profit, the absolute PTA price rebounds under the tight PX situation [4]. - **Macro Policy**: The macro - policy factor is neutral. Trump announced that the US will take land - based actions against so - called Venezuelan "drug traffickers" [4]. - **Investment Viewpoint**: There is no obvious driving force, and the market is expected to be mainly stronger [4]. - **Trading Strategy**: For unilateral trading, it's advisable to wait and watch, and pay attention to geopolitical risks [4]. 3.2 Oil Product Fundamentals Overview - **Crude Oil**: Trump claimed to launch a strike against Venezuela, and Russia will discuss the plan details of the Geneva negotiation with the US next week [6][9]. - **Gasoline**: The US gasoline demand is seasonally weakening, and the gasoline cracking profit is also weakening. Overseas refined oil markets show weakening demand and significant regional differences. North American refinery operating rates have risen to 90%, higher than the five - year average. European gasoline spot prices are under pressure, and regional supply may increase as European refineries gradually resume work [10][17][25]. 3.3 Aromatic Hydrocarbon Fundamentals Overview - **Supply and Market Expectation**: The PX supply is shrinking, and the strong market expectation affects the market. The domestic reformer oil supply is continuously tight, and the loads of refineries in Asia are also decreasing, but some are expected to resume production by the end of November [28][45]. - **Arbitrage Space**: The cross - regional arbitrage space for aromatic hydrocarbons has opened [38]. - **Profit and Production Adjustment**: The profit of selective disproportionation has recovered, but the disproportionation profit is suppressed by pure benzene. Some large - scale aromatic hydrocarbon units have reduced or shut down production due to poor economics. The PX - naphtha spread is maintained at $245/ton, and the PX - mixed xylene spread has narrowed to $105/ton [46][52][59]. - **Price and Demand**: The PX price is stable but tight. The demand is generally healthy, especially the PTA export has new opportunities. The PX price trend is strong, which is significantly beneficial to the PTA market [59][66]. 3.4 Polyester Fundamentals Overview - **Ethylene Glycol**: The ethylene glycol port inventory is at 730,000 tons. With the continuous decline in coal prices, the ethylene glycol price lacks effective support. New device production increases supply pressure, but the increase in polyester export inquiries is expected to support downstream demand [81]. - **Gasoline**: The Asian gasoline profit remains strong [83]. - **Polyester**: The polyester industry maintains a high load, and the weaving load is optimistic. The export demand may boost the market [91][93].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - PTA market: The intraday crude oil market showed weak oscillations. The gasoline cracking spread in the US narrowed, and the price of MX in the US declined. The positive impact of the gasoline blending logic on the PTA market ended, leading to a drop in the PTA market. However, the PX market remained firm under the influence of multiple factors. The increase in PX price was mainly driven by the support of gasoline blending value and the stabilization and recovery of the by - product benzene price. The export prospects of PTA improved due to India's cancellation of the BIS certification restriction on PTA imports, boosting the PX procurement sentiment. Currently, the PTA supply has slightly tightened, while the polyester industry's operating rate has remained stable, and the overall load has remained above 90%. The export prospects of domestic polyester are still optimistic [2]. - MEG market: The inventory of ethylene glycol ports in East China increased significantly compared to last week, with an increase of 120,000 tons. The ethylene price could not support the strengthening of the ethylene glycol price. The commissioning of new plants continued to put pressure on the ethylene glycol price, and the spot shortage caused by low inventory was mainly reflected in the basis. The decline in coal prices reduced the price support for ethylene glycol. The subsequent export demand for textile and clothing and the downstream weaving load may remain optimistic [2]. 3. Summary by Relevant Catalogs 3.1 Market Quotes - **Crude Oil and PTA - Crude Oil**: The price of INE crude oil rose from 445.0 yuan/barrel on November 26, 2025, to 447.6 yuan/barrel on November 27, 2025, an increase of 2.6 yuan/barrel. The PTA - SC spread decreased from 1450.1 yuan/ton to 1379.2 yuan/ton, a decrease of 70.89 yuan/ton. The PTA/SC ratio decreased from 1.4484 to 1.4240, a decrease of 0.0244 [2]. - **PX**: The CFR China PX price decreased from 829 to 826, a decrease of 3. The PX - naphtha spread remained unchanged at 268 [2]. - **PTA**: The PTA main futures price decreased from 4684 yuan/ton to 4632 yuan/ton, a decrease of 52.0 yuan/ton. The PTA spot price decreased from 4635 yuan/ton to 4610 yuan/ton, a decrease of 25.0 yuan/ton. The spot processing fee decreased from 204.2 yuan/ton to 196.3 yuan/ton, a decrease of 7.9 yuan/ton. The on - disk processing fee decreased from 253.2 yuan/ton to 218.3 yuan/ton, a decrease of 34.9 yuan/ton. The main basis decreased from (31) to (36), a decrease of 5.0. The number of PTA warehouse receipts increased from 121,036 to 123,197, an increase of 2,161 [2]. - **MEG**: The MEG main futures price decreased from 3896 yuan/ton to 3873 yuan/ton, a decrease of 23.0 yuan/ton. The MEG - naphtha spread decreased from (140.68) to (140.87), a decrease of 0.2. The MEG domestic price decreased from 3904 to 3900, a decrease of 4.0. The main basis decreased from 33 to 5, a decrease of 28.0 [2]. 3.2 Industrial Chain Operating Conditions - **PX Operating Rate**: Remained unchanged at 86.48% [2]. - **PTA Operating Rate**: Increased from 73.44% to 74.77%, an increase of 1.33% [2]. - **MEG Operating Rate**: Increased from 61.48% to 63.48%, an increase of 2.00% [2]. - **Polyester Load**: Remained unchanged at 89.19% [2]. 3.3 Polyester Product Situation - **Polyester Filament**: The price of POY150D/48F remained unchanged at 6490, and the POY cash flow increased from (31) to (8), an increase of 23.0. The price of FDY150D/96F decreased from 6760 to 6755, a decrease of 5.0, and the FDY cash flow increased from (261) to (243), an increase of 18.0. The price of DTY150D/48F remained unchanged at 7855, and the DTY cash flow increased from 134 to 157, an increase of 23.0. The filament production and sales rate decreased from 54% to 45%, a decrease of 9% [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spun polyester staple fiber decreased from 6380 to 6365, a decrease of 15. The polyester staple fiber cash flow increased from 209 to 217, an increase of 8.0. The staple fiber production and sales rate decreased from 53% to 41%, a decrease of 12% [2]. - **Polyester Chip**: The price of semi - bright chips remained unchanged at 5550, and the chip cash flow increased from (71) to (48), an increase of 23.0. The chip production and sales rate decreased from 72% to 56%, a decrease of 16% [2]. 3.4 Device Maintenance - A 2.5 - million - ton PTA device in East China is currently restarting and is expected to produce products soon. The device was shut down for maintenance around November 17 [2].