Group 1: Report's Core View - Demand decline may cause polyester raw material prices to continue facing downward pressure [1] - If supply increases continuously while demand fails to rise steadily, polyester industry chain prices may continue to decline; if demand improves significantly, the prices may stabilize and rebound [4] Group 2: Daily Market Summary PTA & PX - On September 22, the PX main contract closed at 6,592.0 yuan/ton, down 0.03% from the previous trading day, with a basis of -17.0 yuan/ton; the PTA main contract closed at 4,586.0 yuan/ton, down 0.39% from the previous trading day, with a basis of -26.0 yuan/ton [2] - On September 22, the Brent crude oil main contract closed at 66.05 dollars/barrel, and WTI closed at 62.36 dollars/barrel [2] - On September 22, the total transaction volume of China Textile City was 727.0 million meters, with a 15 - day average transaction of 760.53 million meters [2] - Due to insufficient information on PX and PTA device operation rates and changes, it's hard to judge future price trends from the supply side [2] - The lower total transaction volume in China Textile City than the 15 - day average indicates a decline in textile market demand, which may reduce the demand for PTA and indirectly affect PX demand, putting downward pressure on their prices [2] Polyester - On September 22, the short - fiber main contract closed at 6,274.0 yuan/ton, down 0.16% from the previous trading day. The spot price in the East China market was 6,425.0 yuan/ton, unchanged from the previous trading day, with a basis of 151.0 yuan/ton [4] - From September 12 - 22, the trading volume (MA15) of China Textile City fluctuated between 692.8 million meters and 760.53 million meters, indicating unstable demand [4] - On September 18, the inventory days of polyester staple fiber were 4.9589473684 days, polyester filament (POY) 20.3972200772 days, polyester filament (FDY) 22.187065637 days, and polyester filament (DTY) 28.4208494208 days [4] Group 3: Industrial Chain Price Monitoring PX - On September 22, the main contract price of PX futures was 6,592 yuan/ton, down 0.03% from September 19; the trading volume decreased by 28.37%, and the open interest decreased by 4.88% [5] - The CFR price at the main Chinese port and the FOB price in South Korea of PX spot remained unchanged from September 19 [5] - The PX basis increased by 10.53% from September 19 [5] PTA - On September 22, the main contract price of PTA futures was 4,586 yuan/ton, down 0.39% from September 19; the trading volume decreased by 23.41%, and the open interest increased by 3.74% [5] - The CFR price at the main Chinese port of PTA spot remained unchanged from September 19 [5] - The PTA basis increased by 40.91% from September 19; the 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread changed by 4.55%, 5.88%, and - 5.13% respectively [5] - The PTA import profit increased by 0.21% from September 19 [5] Short - fiber - On September 22, the main contract price of short - fiber futures was 6,274 yuan/ton, down 0.16% from September 19; the trading volume decreased by 7.11%, and the open interest increased by 1.92% [5] - The spot price in the East China market of short - fiber remained unchanged from September 19 [5] - The PF basis increased by 7.09% from September 19; the 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread changed by 18.75%, 47.50%, and - 31.82% respectively [5] Other Products - The prices of Brent crude oil, WTI, CFR Japanese naphtha, ethylene glycol, polyester chips, polyester POY, polyester DTY, and polyester FDY remained unchanged from September 19; the price of polyester bottle chips decreased by 0.52% [5] - The processing spreads of naphtha, PX, polyester chips, polyester short - fiber, polyester POY, polyester DTY, and polyester FDY remained unchanged from September 19; the PTA processing spread increased by 0.93%, and the polyester bottle - chip processing spread decreased by 7.57% [6] - On September 22, the total trading volume of China Textile City decreased by 24.43% from September 19; the trading volumes of long - fiber and short - fiber fabrics decreased by 23.00% and 29.29% respectively [6] - The load rates of PTA factories, polyester factories, and Jiangsu and Zhejiang looms remained unchanged from September 19 [6] - From September 11 to 18, the inventory days of polyester staple fiber decreased by 0.28%, while those of polyester filament (POY), (FDY), and (DTY) increased by 6.74%, 4.35%, and 1.29% respectively [6] Group 4: Industry Dynamics and Interpretations Macroeconomic Dynamics - On September 22, Citigroup expected the gold bull market to continue in the short term and raised the 3 - month target price to 3,800 dollars/ounce [7] - On September 22, the Chief Justice of the United States asked Federal Reserve Governor Cook to respond to Trump by September 25 [7] - On September 22, Federal Reserve Governor Milan thought that interest rates would continue to be cut in the next few months and would try to persuade other policymakers to cut rates faster; Minneapolis Fed President Kashkari believed that two more rate cuts this year were appropriate [7] - On September 22, the European Commission passed the 19th sanctions package against Russia, lowering the crude oil price cap to 47.6 dollars per barrel and proposing to ban the import of Russian LNG on January 1, 2027, one year earlier than the original plan [7] - On September 22, European Central Bank President Lagarde said that the ECB had reached its inflation target but uncertainties remained; ECB Governing Council members Scicluna and Stournaras believed that the current interest rate level was appropriate [7] - On September 22, the People's Bank of China adjusted the 14 - day reverse repurchase operation in the open market to fixed - quantity, interest - rate tender, and multiple - price winning bids starting from the 19th [7] - On September 19, the Hong Kong police arrested 13 people in a gold theft case and recovered all the stolen gold worth 50 million Hong Kong dollars [7] Supply and Demand - Demand - On September 22, the total trading volume of China Textile City was 727.0 million meters, a month - on - month decrease of 24.43%, with 586.0 million meters of long - fiber fabric trading volume and 140.0 million meters of short - fiber fabric trading volume [8] Group 5: Industrial Chain Data Charts - The report includes charts on PX and PTA futures, spot prices, basis, capacity utilization, futures spreads, processing profits, industry load rates, polyester product sales and inventory days, and China Textile City trading volume moving average [9][11][13]