Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The sentiment in the commodity market has declined. PX maintains fundamental resilience during its high - level correction. Due to the geopolitical risks in Iran, there are still risks in crude oil prices. The downstream PTA industry remains strong, with China's PTA production in January expected to reach a new high and no production cut plan for the Spring Festival. With no new PTA production capacity throughout the year, existing facilities will operate at full capacity to meet the growing polyester demand, providing a solid demand foundation for PX. The PX supply remains tight, with limited global effective capacity release. The PX - mixed xylene toluene spread remains around $150, and although the PX - naphtha spread has fallen to $335/ton, it is still at a healthy level. Domestic PTA maintains high - level operation, domestic demand has declined, and the production cuts of polyester factories have a limited negative feedback on PTA. Bottle chip profits are expanding, while short - fiber profits are declining [2] Group 3: Summary by Related Catalogs Price Changes - PTA spot price increased from 5140 to 5180, a change of 40; MEG inner - market price increased from 3623 to 3652, a change of 29; PTA closing price increased from 5230 to 5260, a change of 30; MEG closing price increased from 3733 to 3764, a change of 31; 1.4D direct - spun polyester staple fiber price increased from 6585 to 6590, a change of 5; short - fiber basis decreased from 52 to 16, a change of - 36; 3 - 4 spread increased from - 74 to - 66, a change of 8; polyester staple fiber cash flow increased from 240 to 246, a change of 6; 1.4D imitation large - chemical fiber price remained at 5300; the spread between 1.4D direct - spun and imitation large - chemical fiber increased from 1285 to 1290, a change of 5; East China water bottle chip price increased from 6270 to 6275, a change of 5; hot - filling polyester bottle chip price increased from 6270 to 6275, a change of 5; carbonated - grade polyester bottle chip price increased from 6370 to 6375, a change of 5; outer - market water bottle chip price increased from 840 to 845, a change of 5; bottle chip spot processing fee decreased from 662 to 623, a change of - 39; T32S pure polyester yarn price remained at 10700; T32S pure polyester yarn processing fee decreased from 4115 to 4110, a change of - 5; polyester - cotton yarn 65/35 45S price remained at 16800; cotton 328 price increased from 15710 to 15765, a change of 55; polyester - cotton yarn profit decreased from 1496 to 1472, a change of - 24; primary three - dimensional hollow (with silicon) price remained at 7290; hollow staple fiber 6 - 15D cash flow decreased from 482 to 438, a change of - 44; primary low - melting - point staple fiber price remained at 7895 [2] Market Conditions - Short - fiber: The main short - fiber futures rose 42 to 6654. In the spot market, the prices of polyester staple fiber production factories were mainly stagnant, the prices of traders fluctuated within a range, downstream demand was weak, and on - site transactions were sluggish. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6470 - 6700 yuan for cash on delivery, tax - included self - pick - up; in the North China market, it was 6590 - 6820 yuan for cash on delivery, tax - included delivery; in the Fujian market, it was 6550 - 6750 yuan for cash on delivery, tax - included delivery. Bottle chip: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 6280 - 6360 yuan/ton, with the average price rising 20 yuan/ton compared to the previous working day. The futures prices of PTA and bottle chips fluctuated warmly. Most supply - side offers were raised, the market's spot supply was tight, downstream terminal demand was relatively weak, and the market negotiation focus increased [2] Operating Rates and Sales Ratios - The direct - spun short - fiber load (weekly) increased from 86.77% to 88.84%, a change of 2.07%; the polyester staple fiber sales ratio decreased from 38.00% to 31.00%, a change of - 7.00%; the polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, a change of 0.32%; the recycled cotton - type load index (weekly) decreased from 55.44% to 54.81%, a change of - 0.63% [3]

Report Summary 1. Report's Industry Investment Rating - Not mentioned in the report. 2. Core Viewpoints - PTA: The sentiment in the commodity market has declined. PX maintains fundamental resilience during its high - level correction. The PTA industry remains strong, with expected record - high production in January 2024 in China, no Spring Festival production cut plans, and no new capacity throughout the year. PX supply is still tight, and the domestic PTA high - operation rate and the limited negative feedback from polyester factory production cuts support the market [3]. - MEG: After a long - term slump overseas, the reduction of ethylene glycol exports from the Middle East has boosted market confidence. The supply contraction due to production line conversion provides room for price increases [3]. 3. Summary by Relevant Catalogs 3.1 Market Data Changes - **Crude Oil and PTA - related**: INE crude oil price increased from 464.2 yuan/barrel on February 9, 2026, to 476.1 yuan/barrel on February 10, 2026, a rise of 11.9 yuan/barrel. PTA - SC decreased by 48.48 yuan/ton, and PTA/SC ratio decreased by 0.0275 [3]. - **PX**: CFR China PX price rose from 900 to 909, and the PX - naphtha spread increased from 297 to 311 [3]. - **PTA**: The PTA主力期价 increased from 5192 yuan/ton to 5230 yuan/ton, and the spot price rose from 5115 yuan/ton to 5140 yuan/ton. The spot processing fee decreased by 2.8 yuan/ton, and the disk processing fee decreased by 4.8 yuan/ton. The PTA仓单数量 increased by 2004 [3]. - **MEG**: The MEG主力期价 decreased from 3739 yuan/ton to 3733 yuan/ton, and MEG - naphtha remained unchanged. The MEG内盘 decreased from 3635 yuan/ton to 3623 yuan/ton, and the主力 basis decreased by 3 [3]. - **Polyester Products**: POY150D/48F price decreased by 25 yuan/ton, FDY150D/96F decreased by 10 yuan/ton, DTY150D/48F remained unchanged. The cash - flow of POY, FDY, DTY, polyester staple fiber, and polyester chips all decreased to varying degrees [3]. 3.2 Industry Chain Start - up Situation - PX start - up rate remained at 85.92%, PTA start - up rate remained at 76.73%, MEG start - up rate increased from 61.67% to 62.36%, and polyester load decreased from 77.49% to 77.26% [3]. 3.3 Production and Sales Situation - The long - filament production and sales rate increased from 12% to 13%, the short - fiber production and sales rate decreased from 41% to 39%, and the polyester chip production and sales rate increased from 22% to 23% [3]. 3.4 Device Maintenance Dynamics - A 250 - million - ton PTA device in East China is expected to stop production on February 10, 2026, and the specific restart time is undetermined [4].

投资咨询业务资格:证监许可【2012】31号 【一国贸易报 瓶片短纤数据日报 | | | | 国贸期货研究院 | 投资咨询号:Z0017251 2026/2/4 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2026/2/2 | 2026/2/3 | 变动值 | | | PTA现货价格 | 5095 | 5080 | -15 | 现货资讯: | | MEG内盘价格 | 3722 | 3670 | -52 | 短纤:短纤主力期货跌86到6500。现货市场:涤 | | | | | | 纶短纤生产工厂价格微跌,贸易商价格微调,下 | | PTA收盘价 | 5092 | 5150 | 58 | 游按需采买,场内成交一般。1.56dtex*38mm半 | | MEG收盘价 | 3767 | 3767 | 0 | 光本白(1. 4D)涤纶短纤华东市场价格在6410- | | 1.4D直纺涤短 | 6545 | 6555 | 10 | 6680现款现汇含税自提,华北市场价格在6530- | | | | | | ...