性及完整性做任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目标 财务状况或需要,投资者需自行判断本报告中的任何意见或建议是否符合其特定状况,报 投资,责任自负。本报告仅向特定客户推送,未经国贸期货授权许可,任何引用、转载以 方传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任 险,入市需谨慎。 ITG国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 lle 41 客 官 方 网 站 服 热线 la 风 400-8888-598 www.itf.com.cn 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 2026/1/23 | | --- | --- | --- | --- | --- | | | | | 能源化工研究中心 陈胜 | 从业资格号:F3066728 | | 指标 | 2026/1/21 | 2026/1/22 | 变动值 | | | PTA现货价格 | 5085 | 5155 | 70 | | | MEG内盘价格 | 3570 | ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - PX market sentiment is supported by the expectation of tight supply in Q1 2026, with the PX - naphtha spread widening to $360 and the PX - mixed xylene spread rising to $244, which encourages PX producers to actively purchase MX for conversion [2] - Demand remains robust, with domestic PTA maintaining high operation rates, benefiting from stable domestic demand and the resumption of exports to India since the end of November [2] - High gasoline spreads support aromatics. New polyester installations drive high polyester load, keeping PTA consumption high and increasing market hoarding willingness, leading to a rapid strengthening of the basis [2] - Polyester demand weakens seasonally in China, but polyester factory production cuts are insufficient to form a negative feedback. Amid the enthusiasm in the commodity market, PTA prices are significantly boosted, and the costs of bottle chips and short fibers follow suit [2] Group 3: Summary of Index Data PTA and MEG Prices - PTA spot price increased from 5050 to 5175, a rise of 125; PTA closing price rose from 5152 to 5280, an increase of 128 [2] - MEG domestic price increased from 3653 to 3666, a rise of 13; MEG closing price rose from 3818 to 3846, an increase of 28 [2] Short Fiber Data - 1.4D direct - spun polyester staple fiber price increased from 6575 to 6690, a rise of 115; short - fiber basis increased from 100 to 114, an increase of 14 [2] - 2 - 3 spread decreased from 6 to 0, a decline of 6; polyester staple fiber cash flow increased from 240 to 246, an increase of 6 [2] - 1.4D direct - spun and imitation large - chemical fiber price spread increased from 1300 to 1415, a rise of 115 [2] - Direct - spun short - fiber load (weekly) increased from 88.37% to 89.32%, a rise of 0.95%; polyester staple fiber production and sales increased from 56.00% to 90.00%, a rise of 34.00% [2][3] - Polyester yarn startup rate (weekly) remained unchanged at 66.00%; recycled cotton - type load index (weekly) remained unchanged at 51.10% [3] Bottle Chip Data - Polyester bottle chip prices in the Jiangsu - Zhejiang market increased, with the average price rising by 95 yuan/ton; prices of various types of bottle chips (including water bottle chips, hot - filled polyester bottle chips, etc.) all increased by 80 [2] - Outer - market water bottle chip price increased from 795 to 805, a rise of 10; bottle chip spot processing fee decreased from 469 to 438, a decline of 31 [2] Other Product Data - T32S pure polyester yarn price increased from 10350 to 10360, a rise of 10; T32S pure polyester yarn processing fee decreased from 3775 to 3670, a decline of 105 [2] - Polyester - cotton yarn 65/35 45S price increased from 16300 to 16350, a rise of 50; polyester - cotton yarn profit decreased from 1271 to 1137, a decline of 134 [2] - Cotton 328 price increased from 15000 to 15285, a rise of 285 [2] - Primary three - dimensional hollow (with silicon) price increased from 7150 to 7215, a rise of 65; hollow short - fiber 6 - 15D cash flow decreased from 408 to 362, a decline of 46 [2] - Primary low - melting - point short - fiber price increased from 7690 to 7775, a rise of 85 [2]

Report Industry Investment Rating - Not provided in the content Core View - Gasoline cracking profit has declined, and gasoline blending performance has weakened. The PX market is firm under multiple factors. The increase in PX price is mainly driven by gasoline blending value support and the stabilization and recovery of by - product benzene price. The PX - naphtha spread has further widened to $256, while the PX - mixed xylene spread is still under pressure, only slightly higher than $100, which restricts the space for increasing efficiency by increasing PX production. Domestic refinery unit maintenance rumors are positive for PX, and some South Korean producers are even considering taking offline toluene - route PX units in December. Domestic PTA manufacturers benefit from India's cancellation of PTA import BIS certification restrictions, and the improved export prospects boost PX procurement sentiment. The strong PX price is significantly beneficial to the PTA market. Currently, the PTA supply side is slightly tightened, while the polyester industry's operating rate remains stable, with the overall load above 90%. Benefiting from the positive adjustment of trade policies in some overseas countries, the export inquiries of polyester products have increased significantly, and the domestic polyester export prospects are optimistic. The costs of bottle chips and short fibers follow suit [2]. Data Summary Price and Price Difference - PTA spot price increased from 4710 to 4720, with a change of 10; MEG domestic price decreased from 3901 to 3882, with a change of - 19; PTA closing price decreased from 4762 to 4752, with a change of - 10; MEG closing price decreased from 3882 to 3877, with a change of - 5; 1.4D direct - spun polyester staple fiber price increased from 6415 to 6416, with a change of 1; short - fiber basis increased from 64 to 65, with a change of 1; 12 - 1 spread decreased from 104 to 94, with a change of - 10; 1.4D direct - spun and imitation large - chemical fiber price difference increased from 1040 to 1041, with a change of 1; East China water bottle chip price increased from 5757 to 5763, with a change of 6; hot - filling polyester bottle chip price increased from 5757 to 5763, with a change of 6; carbonated - grade polyester bottle chip price increased from 5857 to 5863, with a change of 6; T32S pure polyester yarn price remained at 10300, with a change of 0; T32S pure polyester yarn processing fee increased from 3882 to 3884, with a change of 2; polyester - cotton yarn 65/35 45S price remained at 16300, with a change of 0; cotton 328 price increased from 14570 to 14590, with a change of 20; polyester - cotton yarn profit decreased from 1539 to 1531, with a change of - 8; primary three - dimensional hollow (with silicon) price increased from 7090 to 7125, with a change of 35; hollow short - fiber 6 - 15D cash flow increased from 556 to 589, with a change of 33; primary low - melting - point short - fiber price increased from 7675 to 7680, with a change of 5 [2]. Market Conditions - Short fiber: The price of polyester staple fiber production plants remained stagnant, the price of traders fluctuated horizontally, downstream demand was for rigid procurement, and factory sales were average. The price of 1.56dtex * 38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6180 - 6500 yuan for cash - on - delivery, tax - included self - pick - up; in the North China market, it was 6300 - 6620 yuan for cash - on - delivery, tax - included delivery; in the Fujian market, it was 6220 - 6400 yuan for cash - on - delivery, tax - included delivery. - Bottle chips: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5750 - 5880 yuan/ton, with the average price remaining the same as the previous working day. PTA and bottle - chip futures fluctuated narrowly, most supply - side offers remained unchanged, market transactions were limited, downstream terminals were cautious in following up, the market trading atmosphere was relatively light, and the market negotiation focus was temporarily stable [2]. Operating Rate and Sales - The direct - spun short - fiber load (weekly) increased from 88.37% to 89.32%, with a change of 0.95%; polyester staple fiber sales remained at 50.00%, with a change of 0.00%; polyester yarn startup rate (weekly) remained at 66.00%, with a change of 0.00%; recycled cotton - type load index (weekly) remained at 51.10%, with a change of 0.00% [2][3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pricing logic of PX, PTA, and PR is still cost - driven. With the weakening cost support due to the decline in crude oil prices, and the downstream peak season not yet showing signs of starting, the market is expected to repair the previous decline. PX, PTA, and PR are all expected to operate in a volatile manner [2]. 3. Summary by Directory Price Information - **Crude Oil**: On September 4, 2025, the futures settlement price (continuous) of WTI crude oil was $63.48 per barrel, down 0.77% from the previous value; that of Brent crude oil was $66.99 per barrel, down 0.90% [1]. - **Naphtha and Xylene**: The spot price (mid - price) of naphtha CFR Japan was $592.50 per ton, down 2.07%; the spot price (mid - price) of xylene (isomeric grade) FOB Korea was $687.00 per ton, down 0.07% [1]. - **PX**: The spot price of PX CFR China Main Port was $828.00 per ton on September 4, 2025, down 1.70%. The CZCE PX main - contract closing price was 6680 yuan per ton, down 1.91% [1]. - **PTA**: The CZCE TA main - contract closing price was 4656 yuan per ton on September 4, 2025, down 1.61%. The spot price of domestic PTA was 4623 yuan per ton, down 2.06% [1]. - **PR**: The CZCE PR main - contract closing price was 5820 yuan per ton on September 4, 2025, down 1.22%. The market price (mainstream price) of polyester bottle chips in the East China market was 5790 yuan per ton, down 1.19% [1]. Spread Information - **PXN Spread**: On September 4, 2025, it was $235.50 per ton, down 0.77% [1]. - **PX - MX Spread**: It was $141.00 per ton on September 4, 2025, down 8.93% [1]. - **Near - Far Month Spread and Basis**: For PTA, the near - far month spread was - 82 yuan per ton on September 4, 2025, a decrease of 20 yuan; the basis was - 41 yuan per ton, a decrease of 9 yuan. For PX, the basis was 57 yuan per ton, an increase of 130 yuan. For PR, the basis in the East China market was - 30 yuan per ton, an increase of 2 yuan; the basis in the South China market was 40 yuan per ton, a decrease of 8 yuan [1]. Operating Conditions - **PX**: The operating rate of the PX in the polyester industry chain remained at 82.59% on September 4, 2025 [1]. - **PTA**: The PTA industry chain load rate of PTA factories was 74.26%, that of polyester factories was 88.16% (up 0.17% from the previous value), that of bottle - chip factories was 73.27%, and that of Jiangsu and Zhejiang looms was 64.56% (up 2.53% from the previous value) [1]. Production and Sales Information - **Polyester Filament**: The production - sales rate of polyester filament was 42.67% on September 4, 2025, down 8.16% from the previous value [1]. - **Polyester Staple Fiber**: The production - sales rate of polyester staple fiber was 39.84% on September 4, 2025, down 1.35% from the previous value [1]. - **Polyester Chip**: The production - sales rate of polyester chips was 48.49% on September 4, 2025, up 3.01% from the previous value [1]. Device Information - A 2.2 - million - ton PTA device of Jiaxing Petrochemical restarted on August 22. Two 5 - million - ton PTA devices of Hengli Huizhou unexpectedly shut down from August 21 to August 23, and the restart time is to be determined [2]. - Two 800,000 - ton PX devices in South China are postponed to restart next week, and the shutdown and maintenance plan of a 700,000 - ton PX device in the Northeast has not been implemented [2]. Important News - OPEC+ may consider further increasing oil production in the Sunday meeting to regain market share, leading to weakened supply expectations and a sharp drop in oil prices. The PX price decline has widened due to the significant drop in raw material prices and weak market sentiment [2]. - The decline in the crude oil market has weakened the cost support for PTA. With sufficient PTA supply and weak downstream production - sales, the PTA market has declined, and the basis has weakened [2]. - The polyester bottle - chip market has a relatively stable supply, and downstream terminal demand is for replenishing stocks on a just - in - time basis, with acceptable trading sentiment [2].