音紧像胶呈报 图1 研究中心能化团队 2025/12/05 P 不 A = 合 用 P POY 1 仓单+有 石脑油日 PX CFR PTA内盘现 PTA平衡 PTA加 PTA负 石脑油裂 聚酯毛利 50D/4 PX加工美 TA基美 日期 原油 产销 工差 台湾 न्ह 解价差 效预报 K 荷 负荷 8F rest 2025/11/ 6465 0.70 63.2 572 836 4635 108.74 264.0 136 52 78.2 73.7 125525 -40 28 2025/1 104.46 63.2 568 849 4710 6460 281.0 143 -24 78.4 73.7 128729 -35 0.50 2/01 l RiH 2025/1 62.5 4720 6485 -1 -35 0.50 567 851 109.49 284.0 142 78.4 73.7 131983 2/02 2025/1 62.7 562 848 4700 102.63 73.7 133321 6485 286.0 143 30 78.9 -35 0.40 2/03 2025/1 图H 560 4690 102 ...

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, maintain high maintenance, downstream has no obvious pressure, India revokes BIS certification, TA inventory accumulation slope is not high, far - month production is limited, PX pattern is good, focus on buying low for positive spread and expanding processing fees opportunities [2] - For MEG, supply reduction and high polyester operation may slow down inventory accumulation, coal - made profit is low, valuation compression space is limited, focus on short - term selling put options; long - term pattern is weak due to new device launch and warehouse receipt pressure [4] - For polyester staple fiber, short - term inventory pressure is limited due to high export, but long - term pattern may weaken as downstream enters off - season and new devices are approaching, current processing fee is neutral, focus on warehouse receipt situation [4] - For natural rubber and 20 - grade rubber, national explicit inventory is stable and at a low level, Thai cup - lump price is stable with rainfall affecting tapping, strategy is to wait and see [4] PTA - PTA spot average daily trading basis for 2601 is - 34, Honggang's 2.5 million - ton device restarts [2] - Near - end TA device restarts, operation rate rises, polyester load slightly increases, inventory decreases, basis strengthens, spot processing fee weakens; PX domestic operation rate drops, overseas devices reduce load, PXN strengthens, disproportionation benefit is weak, isomerization benefit is stable, US - Asia aromatic hydrocarbon spread shrinks [2] MEG - MEG spot basis for 01 is around - 2, Shenghong's 900,000 - ton device restarts [4] - Near - end domestic coal - chemical devices restart, operation rate rises, overseas devices are under maintenance, port inventory is stable at the beginning of the week with low arrival forecast, basis weakens, coal - made profit improves slightly [4] Polyester Staple Fiber - Spot price is around 6347, market basis for 01 is around - 100, no device maintenance information [4] - Near - end device operation is stable, operation rate is 97.5%, sales improve slightly, inventory decreases. Downstream yarn operation rate is stable, raw material inventory decreases and finished product inventory increases, profit is maintained [4] Natural Rubber and 20 - grade Rubber - There are daily and weekly changes in various prices such as spot prices of Thai standard and mixed rubber, Shanghai full - latex, etc. [4] - There are also changes in spreads and processing profits, and the Shanghai Futures Exchange RU warehouse receipt remains unchanged at 41,400 [4] Styrene - There are daily changes in prices of ethylene, pure benzene, styrene and its downstream products such as PS, ABS [7] - There are also changes in Asian spreads and domestic profits of styrene, EPS, PS, ABS [7]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - For PTA, with some near - end devices restarting,开工 rising, polyester load slightly increasing, inventory decreasing, and basis strengthening, while PX domestic operation decreasing and overseas devices reducing load, there are opportunities for long - short spreads and expanding processing fees. [1] - For MEG, with domestic coal - chemical devices restarting, overseas devices under maintenance, and port inventory stabilizing, there are short - term selling put opportunities, but the long - term pattern is expected to be weak. [1] - For polyester staple fiber, the near - end operation is stable, with inventory pressure limited in the short term due to high export growth, but the pattern may weaken in the long term, and attention should be paid to the warehouse receipt situation. [1] - For natural rubber and 20 - number rubber, with national explicit inventory stable and Thai cup - lump price stable, the strategy is to wait and see. [1] Summary by Product PTA - **Price and Margin Changes**: From 2025/11/25 to 2025/12/01, PTA spot price increased by 75, polyester margin decreased by 76, and PTA load increased by 0.2. [1] - **Device Changes**: Honggang's 2.5 million - ton device restarted. [1] - **Market Outlook**: TA will maintain a high - maintenance state, with limited inventory accumulation slope, and there are opportunities for long - short spreads and expanding processing fees. [1] MEG - **Price and Margin Changes**: From 2025/11/25 to 2025/12/01, MEG outer - market price increased by 1, and coal - made profit increased by 19. [1] - **Device Changes**: Shenghong's 900,000 - ton device restarted. [1] - **Market Outlook**: The inventory accumulation speed is expected to slow down, and there are short - term selling put opportunities, but the long - term pattern is weak. [1] Polyester Staple Fiber - **Price and Margin Changes**: From 2025/11/25 to 2025/12/01, the price of 1.4D cotton - type staple fiber increased by 25, and short - fiber profit decreased by 25. [1] - **Device Status**: The near - end device operation is stable, with an operation rate of 97.5%. [1] - **Market Outlook**: Short - term inventory pressure is limited, but the pattern may weaken in the long term, and attention should be paid to the warehouse receipt situation. [1] Natural Rubber and 20 - Number Rubber - **Price Changes**: From 2025/11/25 to 2025/12/01, the price of US - dollar Thai standard spot remained unchanged, and the price of Shanghai full - latex increased by 90. [1] - **Market Outlook**: With national explicit inventory stable and Thai cup - lump price stable, the strategy is to wait and see. [1] Styrene - **Price and Margin Changes**: From 2025/11/25 to 2025/12/01, the price of ethylene (CFR Northeast Asia) remained unchanged, and styrene domestic profit remained at - 138. [4]

Group 1: Report General Information - Report Title: Aromatics and Rubber Morning Report [2] - Report Date: December 1, 2025 [2] - Research Team: Energy and Chemicals Team of the Research Center [2] Group 2: PTA Analysis Market Data - From November 24 - 28, 2025, crude oil remained stable at 63.3, while PTA spot price was 4610, and POY 150D/48F was 6490. Naphtha cracking spread was 101.72, PX processing margin was 260, PTA processing margin was 162, and polyester gross profit was 92. PTA balance load was 78.2, and PTA load was 71.0. The change in仓单+有效预报was 324, and TA basis declined by 10, with sales-to-production ratio remaining unchanged [3]. - PTA's average daily trading basis was 2601(-36), and Honggang's 2.5 million - ton plant restarted [3]. Weekly View - Near - term TA: Some plants restarted, with开工 rate rising, polyester load slightly increasing, inventory decreasing, basis strengthening, and spot processing fee weakening. PX domestic开工 rate declined, some overseas plants reduced production, PXN strengthened, disproportionation efficiency was weak, and isomerization efficiency was stable. The US - Asia aromatics spread shrank [3]. - Future outlook: TA will maintain high - maintenance status, downstream (especially filaments and staple fibers) shows no obvious pressure. With India revoking BIS certification, TA inventory accumulation rate is low, far - month production capacity addition is limited, and PX situation is good. Attention should be paid to opportunities for long - short arbitrage at low prices and expanding processing fees [3]. Group 3: MEG Analysis Market Data - From November 24 - 28, 2025, Northeast Asian ethylene was 730. MEG's external price was 461, internal price was 3900, East China price was 3900, far - month price was 3907. MEG coal - based profit was - 478, internal cash flow (ethylene) was - 668, total load was 70.8, coal - based MEG load was 66.5, and port inventory was 73.2 [3]. - MEG's basis was around 01(+5), and Shenghong's 900,000 - ton plant restarted [3]. Weekly View - Near - term: There was concentrated restart of domestic coal - chemical plants,开工 rate increased, some overseas plants were under maintenance, port inventory was stable at the beginning of the week, and the forecast of weekly arrivals was low. Basis weakened, and coal - based efficiency improved slightly [3]. - Future outlook: With supply reduction and high polyester开工 rate, inventory accumulation speed is expected to slow down. Coal - based efficiency is at a low level, and the comparison with other olefins has weakened. The room for further compression of the current valuation is limited. Attention should be paid to short - term put - selling opportunities. In the long term, with new plant launches and warehouse receipts suppressing the market structure, the overall situation is expected to be weak [3]. Group 4: Polyester Staple Fiber Analysis Market Data - From November 24 - 28, 2025, the price of 1.4D cotton - type staple fiber was 6365, low - melting staple fiber was 7580, and other product prices remained stable. The开工 rate of virgin staple fiber was 98, recycled cotton - type was 51, and yarn - making开工 rate was 66. Short - fiber profit was 99, pure polyester yarn profit was 35, cotton - polyester staple fiber spread was 8115, and viscose - polyester staple fiber spread was 6485 [3]. - The spot price was around 6312, and the market basis was around 01 - 90 [3]. Weekly View - Near - term: Plant operation was stable,开工 rate was maintained at 97.5%, sales - to - production ratio improved slightly, and inventory decreased. On the demand side, the开工 rate of polyester yarn remained stable, raw material inventory decreased, and finished - product inventory increased, with efficiency maintained [3]. - Future outlook: Short - fiber demand remains basically the same as before. Although the efficiency and开工 rate of polyester yarn have not improved significantly, short - fiber exports maintain high growth, and short - term inventory pressure is limited. In the far - month, downstream enters the off - season, and with new plant launches approaching, the situation may weaken. The current processing fee is relatively neutral, and attention should be paid to warehouse receipt conditions [3]. Group 5: Natural Rubber and 20 - grade Rubber Analysis Market Data - From November 24 - 28, 2025, the price of US - dollar Thai standard rubber increased by 5 to 1830, Thai mixed rubber increased by 10 to 1825, RMB mixed rubber increased by 70 to 14630, Shanghai full - latex increased by 170 to 14710, and Shanghai 3L remained unchanged at 15200 [6]. - The weekly change in the difference between mixed rubber and RU main contract was - 100, between US - dollar Thai standard rubber and NR main contract was - 11, between RU09 and RU01 was 0, and between RU main contract and NR main contract was 180. The上期所RU仓单 remained unchanged at 41400 [6]. Main Contradictions - National explicit inventory is stable, and the absolute level is not high [6]. - Thai cup - lump rubber price is stable, and rainfall affects rubber tapping [6]. Strategy - Adopt a wait - and - see strategy [6]. Group 6: Styrene Analysis Market Data - From November 24 - 28, 2025, ethylene (CFR Northeast Asia) was 730, pure benzene (CFR China) increased from 664 to 665, pure benzene (East China) increased by 35 to 5355, and styrene (CFR China) increased by 5 to 820 [10]. - The daily change in PS (East China transparent benzene) was 0, ABS (0215A) was 0, Asian spread was 0, pure benzene - naphtha spread was 0, styrene domestic profit decreased by 50 to 25, EPS domestic profit decreased by 50, and PS and ABS domestic profits remained unchanged at - 926 [10].

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - For PTA, with some TA devices under maintenance in the near - term,开工 declines, polyester load drops, inventory accumulates, and the basis remains weak. However, considering high maintenance, no obvious pressure on downstream, India's revocation of BIS certification, limited far - month production, and a good PX pattern, opportunities for long - short spreads and expanding processing fees should be noted [3]. - For MEG, short - term inventory accumulation is expected to continue. But due to low coal - based efficiency after the strengthening of coal prices, there may be a partial reduction in supply. In the long - term, the overall pattern is expected to weaken due to new device launches and warehouse receipt pressure [3]. - For polyester staple fiber, although the efficiency and operation of the polyester yarn end have not improved significantly, staple fiber exports maintain high growth, and short - term new capacity launches are relatively limited. Opportunities for expanding processing fees and warehouse receipt situations should be noted [3]. - For natural rubber, with stable national explicit inventory and the price of Thai cup rubber stable while rainfall affects tapping, the strategy is to wait and see [6]. 3. Summary by Product PTA - **Price and Index Changes**: From November 14 - 20, 2025, crude oil decreased by 0.1, PTA spot decreased by 10, polyester profit increased by 20, and inventory (warehouse receipts + valid forecasts) increased by 4,608. The average daily transaction basis of PTA spot was 2601(-70) [3]. - **Device Changes**: Yisheng Ningbo's 2.2 million - ton device was under maintenance [3]. - **Outlook**: TA will maintain a high - maintenance state. With no obvious pressure on downstream products and India's revocation of BIS certification, the inventory accumulation slope is not high. There are opportunities for long - short spreads and expanding processing fees [3]. MEG - **Price and Index Changes**: From November 14 - 20, 2025, the Northeast Asian ethylene price remained unchanged, the MEG outer - market price decreased by 4, the MEG inner - market price decreased by 34, and the coal - based MEG profit decreased by 34 [3]. - **Device Changes**: Hongsifang's 300,000 - ton device was under maintenance, Huayi's 200,000 - ton device was under maintenance, and Zhenhai's 800,000 - ton device restarted [3]. - **Outlook**: Short - term inventory accumulation is expected to continue. But considering the low efficiency of coal - based production, the supply may be reduced. In the long - term, the pattern will weaken due to new device launches and warehouse receipt pressure [3]. Polyester Staple Fiber - **Price and Index Changes**: From November 14 - 20, 2025, the price of 1.4D cotton - type staple fiber remained stable, and the profit of staple fiber increased by 20 [3]. - **Device Operation**: The near - term device operation was stable, with an operation rate of 97.5%. The polyester yarn end's operation rate was stable, raw material inventory decreased, and finished - product inventory decreased [3]. - **Outlook**: High - growth exports prevent obvious inventory accumulation. With limited short - term new capacity launches, opportunities for expanding processing fees and warehouse receipt situations should be noted [3]. Natural Rubber - **Price Changes**: From November 14 - 20, 2025, the price of US - dollar Thai standard decreased by 20, the price of Shanghai full - latex decreased by 190, and the price of RU main contract decreased by 190 [6]. - **Key Indicators**: The national explicit inventory was stable, the price of Thai cup rubber was stable, and rainfall affected tapping [6]. - **Strategy**: Wait and see [6]. Styrene - **Price Changes**: From November 14 - 20, 2025, the price of ethylene (CFR Northeast Asia) remained unchanged, the price of pure benzene (CFR China) remained unchanged, and the price of styrene (CFR China) increased by 5 [9]. - **Profit Changes**: The domestic profit of styrene decreased, and the domestic profits of EPS, PS, and ABS remained unchanged from November 14 - 20, 2025 [9].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For PTA, with some near - end TA device maintenance,开工 decreasing, polyester load dropping, and inventory accumulating, the basis is weak but the spot processing fee improves slightly. PX has a good pattern, and opportunities for long - short spreads and expanding processing fees should be noted [3]. - For MEG, short - term inventory accumulation is expected to continue, but the supply may decrease due to low profitability. In the long term, the overall pattern may weaken due to new device launches and warehouse receipt pressure [3]. - For polyester staple fiber, although the performance of the yarn end is not significantly improved, the high export growth of staple fiber results in no obvious inventory accumulation. Opportunities for expanding processing fees and the situation of warehouse receipts should be noted [3]. - For natural rubber, with stable national explicit inventory and rainfall affecting rubber tapping in Thailand, the strategy is to wait and see [6]. 3. Summary by Product PTA - **Price and Margin Changes**: From November 13 - 19, 2025, the price of crude oil decreased by 1.4, PTA internal - market spot price increased by 30, and polyester margin decreased by 15. The PTA balance load and PTA load remained unchanged at 77.5 and 75.7 respectively, and the warehouse receipt + effective forecast increased by 2604 [3]. - **Device Changes**: Yisheng Ningbo's 2.2 million - ton device was under maintenance [3]. - **Outlook**: TA will maintain a high - maintenance state, and with no obvious pressure from downstream products and the revocation of BIS certification by India, the inventory accumulation slope is not high. There are limited new investments in the far - month, and PX has a good pattern [3]. MEG - **Price and Margin Changes**: From November 13 - 19, 2025, the MEG external - market price decreased by 4, the MEG internal - market price decreased by 33, and the MEG coal - making profit decreased by 33. The MEG total load and coal - made MEG load remained unchanged at 71.6 and 68.0 respectively, and the MEG port inventory remained at 73.2 [3]. - **Device Changes**: Hongsifang's 300,000 - ton device, Huayi's 200,000 - ton device were under maintenance, and Zhenhai's 800,000 - ton device restarted [3]. - **Outlook**: Short - term inventory accumulation is expected to continue, but the supply may decrease due to low profitability. In the long term, the overall pattern may weaken due to new device launches and warehouse receipt pressure [3]. Polyester Staple Fiber - **Price and Margin Changes**: From November 13 - 19, 2025, the price of 1.4D cotton - type staple fiber increased by 20, and the short - fiber profit increased by 6 while the pure - polyester yarn profit decreased by 20 [3]. - **Device Status**: Near - end devices ran smoothly, and the operating rate was maintained at 97.5%. The production and sales were weak, and the inventory increased month - on - month [3]. - **Outlook**: Although the performance of the yarn end is not significantly improved, the high export growth of staple fiber results in no obvious inventory accumulation. There are relatively limited new capacity investments in the short term [3]. Natural Rubber - **Price Changes**: From November 13 - 19, 2025, the price of RU main contract increased by 145, and the price of NR main contract increased by 135. The weekly changes of the mixed - RU main contract, US - dollar Thai standard - NR main contract, etc. also showed certain fluctuations [6]. - **Main Contradictions**: The national explicit inventory is stable, and the absolute level is not high. The price of Thai cup - lump rubber is stable, and rainfall affects rubber tapping [6]. - **Strategy**: Wait and see [6]. Styrene - **Price Changes**: From November 13 - 19, 2025, the price of styrene (CFR China) increased by 8, and the price of styrene (Jiangsu) increased by 60. The price of PS (East China transparent benzene) increased by 50, while the price of ABS (0215A) decreased by 50 [10]. - **Margin Changes**: The domestic profit of styrene decreased by 85, and the domestic profit of EPS decreased by 34 [10].

Report Overview - The report provides daily and weekly data on various chemical products including PTA, MEG, polyester staple fiber, natural rubber, 20 - number rubber, and styrene, along with weekly and daily views on each product [2][3][6] PTA Key Data - On July 30, 2025, PTA spot成交 had an average daily basis of 2509(-11). The Yisheng New Material's 7.2 - billion - ton plant reduced its load to 80 - 90% [2] Core View - Near - term TA operation remained stable, polyester load slightly recovered, inventory continued to accumulate, and the basis weakened under active sales by major suppliers, with spot processing fees dropping again. PX domestic operation decreased slightly, overseas load was stable, PXN strengthened significantly, disproportionation and isomerization benefits remained, and the aromatics spread between the US and Asia shrank. TA will remain in a state of inventory accumulation but the absolute inventory level is not high, and spot processing fees are compressed to a low level. Polyester operation is expected to stabilize and has upward potential. Attention should be paid to short - term low - level positive arbitrage opportunities. The overall de - stocking trend of PX has not reversed, and there is still a guarantee for the lower limit of valuation [2] MEG Key Data - As of July 30, 2025, the basis of MEG spot was around 09(+64) [3] Core View - Near - term domestic coal - based MEG increased operation, Saudi Arabian plants restarted overseas, and port inventory is expected to accumulate due to more arrivals during the week. Downstream inventory levels increased, the basis remained the same, and the spread of benefits widened further. In the short term, port inventory is expected to remain low with little pressure to accumulate. The far - month has inventory accumulation expectations due to overseas plant restarts and further increase in coal - based load, but the valuation is greatly affected by the subsequent evolution of the cost side, and it is expected to fluctuate widely. Attention should be paid to the restart progress of satellite plants [3] Polyester Staple Fiber Key Data - As of July 30, 2025, the spot price was around 6619, and the market basis was around 08 - 70 [3] Core View - Near - term Sichuan Jixing restarted, and Times Hollow Fiber reduced production. Operation increased slightly to 90.6%, sales improved slightly, and inventory decreased slightly. On the demand side, the operation of polyester yarn remained stable, raw material inventory increased slightly, finished - product inventory continued to accumulate, and benefits further declined, showing a weak performance. In the future, the inventory pressure of staple fiber is acceptable, the supply of standard products has not decreased significantly but also has no increase. Domestic demand is weak while export growth is high, and processing fees are gradually entering a low - level range but there is no obvious upward driver. Attention should be paid to the subsequent operation status of polyester yarn [3] Natural Rubber & 20 - Number Rubber Key Data - As of July 30, 2025, the daily change in the price of Thai RSS3 was 0, and the weekly change was - 15. The daily change in the price of Thai STR20 was 0, and the weekly change was - 15 [3] Core View - The main contradiction is that the national explicit inventory remained stable with a low absolute level but no seasonal de - stocking, and the price of Thai cup lump rubber rebounded due to rainfall affecting tapping. The strategy is to wait and see [3] Styrene Key Data - On July 30, 2025, the daily change in the price of ethylene (CFR Northeast Asia) was 0, the daily change in the price of pure benzene (CFR China) was 0, and the daily change in the price of styrene (CFR China) was 5 [6] Core View - No specific view was provided in the report for styrene, only price data were presented [6]

Report Industry Investment Rating - No information provided Core Viewpoints - For PTA, it maintains a state of inventory accumulation, with the spot processing fee dropping again. PX still has a guarantee for its lower valuation limit, and one can focus on the phased opportunity of going long in a contango market when the price is low [2][14]. - For MEG, the short - term port inventory is expected to remain low, and the long - term has an inventory accumulation expectation under the restart of overseas plants and the increase of coal - based load, showing a wide - range oscillation. One should focus on the restart progress of satellite plants [8]. - For polyester staple fiber, the inventory pressure is acceptable, but there is no obvious upward driving force. One should focus on the subsequent start - up status of polyester yarn [8]. - For natural rubber and 20 - gauge rubber, the national explicit inventory remains stable with a relatively low absolute level, and the Thai cup - lump rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [8]. Summary by Related Catalogs PTA - From July 21 to July 25, 2025, the price of crude oil decreased by 0.8, the price of naphtha increased by 5, the price of PX CFR Taiwan increased by 18, the PTA internal - market spot price increased by 80, and the PTA processing difference remained unchanged. The PTA balance load increased by 0.2, and the TA basis decreased by 5 [14]. - Near - term TA start - up remains stable, polyester load rises slightly, inventory continues to accumulate, and the basis weakens under the active shipment of mainstream suppliers, with the spot processing fee dropping again [14]. MEG - From July 21 to July 25, 2025, the MEG external - market price increased by 5, the MEG internal - market price increased by 52, the MEG coal - based profit increased by 39.68, and the MEG internal - market cash flow (ethylene) increased by 50. There were several domestic plant restarts and load increases [8]. - Near - term domestic coal - based start - up rises, overseas Saudi plants restart, and port inventory is expected to accumulate. In the short term, the port inventory is expected to remain low, and the long - term has an inventory accumulation expectation, showing a wide - range oscillation [8]. Polyester Staple Fiber - From July 21 to July 25, 2025, the price of 1.4D cotton - type staple fiber increased by 55, and the short - fiber profit decreased by 30. The start - up increased slightly to 90.6%, sales improved slightly, and inventory decreased slightly [8]. - The demand side shows that the start - up of polyester yarn remains stable, raw material inventory increases slightly, finished - product inventory accumulates, and the profit further decreases [8]. Natural Rubber and 20 - Gauge Rubber - From July 21 to July 25, 2025, the price of US - dollar Thai standard rubber increased by 35, the price of US - dollar Thai mixed rubber increased by 25, and the price of Shanghai full - latex rubber increased by 340 [8]. - The national explicit inventory remains stable with a relatively low absolute level, and the Thai cup - lump rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [8]. Styrene - From July 21 to July 25, 2025, the price of pure benzene (East China) increased by 115, the price of benzene - ethylene (CFR China) increased by 15, and the price of PS (East China transparent benzene) increased by 50 [11].

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].