Group 1: Report Overview - The report is a polyester data weekly report from Guotai Junan Futures, dated April 27, 2025 [1][2] - The core view is not to chase high prices and pay attention to position control before the holiday [3] Group 2: PX Analysis Valuation - PX valuation structure changed from C to B, with the near - end strengthening under the de - stocking pattern and the month - spread rebounding due to tariff relaxation [16] - PXN rebounded from a low level, and the internal and external price difference declined while the aromatic hydrocarbon price rebounded [18][24] - The octane number remained stable, and the MX export demand was strong. The MX isomerization unit was in loss during the oil product demand peak season [31][43] - The US exempted tariffs on MX, but high tariffs on pure benzene, PX, and toluene remained. Attention should be paid to the export rush demand during the exemption period [53] Supply and Demand - Zhejiang Petrochemical's PX unit restarted after maintenance. In March, China's PX output was 3.25 million tons, and the weekly operating rate was 73.2% (+0.2%) [59] - Many domestic and overseas PX units had maintenance plans. The Asian PX operating rate dropped to 68.6% [3][70] - The US increased tariffs on Japan and South Korea, which might affect PX logistics. In March 2025, PX imports reached 847,000 tons [69][70] Inventory - In March, the monthly PX inventory was 4.68 million tons, and the balance sheet showed a de - stocking of about 200,000 - 300,000 tons in April [75] Group 3: PTA Analysis Valuation - Morgan Qiankun's PTA short - position remained. The total net short position of Morgan Qiankun's seat was 225,000 lots (+20,000 lots) this week [81][83] - Due to concentrated PTA factory maintenance, the basis and month - spread jumped. The processing fee rebounded month - on - month [85][97] Supply and Demand - The PTA operating rate rebounded this week and will decline next week. In 2025, the cumulative PTA output from January to March was 17.71 million tons, a year - on - year increase of 2.5% [98][102] - PTA exports remained at about 300,000 tons per month, and the inventory decreased to 2.69 million tons (-210,000 tons) [105][119] Group 4: Ethylene Glycol (MEG) Analysis Capacity - From 2023 - 2025, there were new domestic MEG units. In 2025, the new MEG capacity growth rate was 6%, with limited increments [129][132] Valuation - The MEG single - side price rebounded from the bottom. The 05 - contract long - position took delivery, and the basis long - spread positions were cut in a concentrated manner [133] - Ethylene oxide entered the peak season, and its price was seasonally stronger than that of MEG. The ethane tariff exemption would lead to a resurgence in supply [137][140] Supply and Demand - The coal - based MEG unit load increased significantly, and the operating rate will decline in May. This week, the MEG load was 68.4% (+3.1%), and the coal - based load was 63.8% (+14%) [145][146] - Due to relaxed tariff policies, MEG imports continued to rise in April and May. The port de - stocking was not significant [149][168] Group 5: Polyester Analysis Operating Rate - The polyester operating rate was 93.9% (+0.5%). The bottle - chip load increased to 90.8%, the filament load decreased to 82.8% (-3.1%), and the short - fiber load increased to 91.3% (+2.4%) [172][177] Output - From January to March, the weekly average polyester output was 1.43 million tons, a year - on - year increase of 10.8% [178]