Core Viewpoint - The price of TDI (Toluene Diisocyanate) has been continuously rising, with a cumulative increase of 40.94% since the beginning of the second half of the year, attributed to a significant reduction in production capacity [1] Industry Summary - As of August 18, the benchmark price of TDI reached 16,066.67 CNY per ton [1] - The East China TDI market is currently stable, characterized by a strong willingness to maintain prices from the supply side and a tight supply situation [1] - The TDI market is expected to continue a strong consolidation trend in the short term [1] Company Summary - There are four main publicly listed companies in the A-share market with TDI-related production capacity: Wanhua Chemical, Cangzhou Dahua, Beihua Chemical, and Hanjin Technology [1] - Wanhua Chemical is identified as the domestic leader in TDI production [1]

Group 1 - The article highlights the evolution of "Zhengzhou Price" as a globally recognized benchmark for cross-border trade, particularly in the context of China's commodity futures market opening up to international participants since 2018 [1][4][5] - The PTA industry in China has transformed from a reliance on foreign technology to becoming a competitive global player, with production capacity increasing from over 49 million tons in 2020 to over 86 million tons in 2024, and net exports rising by 1813% from 230,000 tons to 4.4 million tons [2][3] - The introduction of PTA futures has allowed for a more transparent pricing mechanism, replacing traditional pricing models that lacked real-time references and were prone to inaccuracies [2][4] Group 2 - The Zhengzhou Commodity Exchange (ZCE) has successfully integrated international trading participants into its PTA futures market, establishing it as a key pricing reference for domestic and foreign negotiations [4][5] - The shift from fixed pricing to a futures-based pricing model has improved price transparency and reduced negotiation times from an average of 10 days to just 1 day for certain commodities [7][8] - The influence of "Zhengzhou Price" has expanded beyond regional references to become a global pricing benchmark, with significant adoption in international markets, including a 35% weight in local export quotes from the St. Petersburg Exchange [7][8]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the report. 2. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and it is expected that the monetary policy will remain loose. Treasury bond futures are expected to have no trend - based market, and a cautious attitude should be maintained [6]. - The long - term performance of Chinese equity assets is optimistic, and it is advisable to consider going long on stock index futures [9]. - The long - term bull market trend of precious metals is expected to continue, and it is advisable to consider going long on gold futures [12]. - For steel products such as rebar, hot - rolled coil, iron ore, etc., investors can pay attention to buying opportunities during pull - backs and manage positions carefully [14][15]. - Crude oil prices are expected to be weak, and it is advisable to temporarily observe the main crude oil contract [22][23]. - For fuel oil, it is advisable to shrink the spread between high - and low - sulfur fuel oil [26]. - For synthetic rubber, wait for it to stabilize and participate in the rebound [28]. - For natural rubber, consider going long after a pull - back [31]. - PVC will continue to fluctuate at the bottom [32]. - Urea will fluctuate in the short - term and is expected to be bullish in the medium - term [35]. - PX will fluctuate and adjust in the short - term, and interval trading can be considered [36]. - PTA may have a pull - back adjustment in the short - term, and interval trading can be considered [37]. - Ethylene glycol may be suppressed by short - term supply increases, and interval trading is advisable, paying attention to port inventory and import changes [38]. - Short - fiber may fluctuate with costs in the short - term, and attention should be paid to cost changes and macro - policy adjustments [39]. - Bottle - grade chips are expected to fluctuate with the cost side [41]. - For soda ash, pay attention to controlling positions due to the increase in supply and weak demand [42]. - For glass, go short in the short - term, and pay attention to controlling positions due to capital - side disturbances before contract roll - over [43]. - For caustic soda, the price is expected to stabilize, and attention should be paid to the impact of imported ore on consumption and prices [45]. - For pulp, the supply contraction expectation dominates, but the demand improvement is of uncertain sustainability, and there is a game between high inventory and macro - sentiment [47]. - For lithium carbonate, the trading logic has shifted, and it is advisable for non - participating investors to operate with a light position and control risks [49]. - For copper, pay attention to buying opportunities for the main Shanghai copper contract [52][53]. - Tin and nickel prices are expected to fluctuate [54][55]. - For soybean oil and soybean meal, consider exiting long positions at stage highs and then look for long - entry opportunities after adjustment [57]. - For palm oil, consider reducing long positions and holding them lightly [60]. - For rapeseed meal and rapeseed oil, consider reducing long positions and holding them [62]. - Cotton prices are expected to be strong in the short - term [65]. - Sugar is recommended to be observed, showing interval - based fluctuations [69][70]. - Apple futures are expected to be affected by increased production [71]. - For live pigs, consider a reverse - spread strategy [74]. - For eggs, consider gradually taking profits on the 9 - 10 reverse spread [77]. - Corn prices have support at lower levels in the short - term and pressure at higher levels, and corn starch follows the corn market [79][80]. - Log prices are expected to be supported by bullish sentiment in the short - term [83]. 3. Summaries According to Relevant Catalogs Treasury Bonds - The previous trading day, most treasury bond futures closed down. The central bank conducted 238 billion yuan of 7 - day reverse repurchase operations, with a net injection of 116 billion yuan. The macro - economic recovery momentum needs to be strengthened, and treasury bond futures are expected to have no trend - based market [5][6]. Stock Index Futures - The previous trading day, stock index futures showed mixed performance. The central bank will implement a moderately loose monetary policy. The long - term performance of Chinese equity assets is optimistic, and it is advisable to consider going long [8][9]. Precious Metals - The previous trading day, gold and silver futures closed down. The US retail sales data was stable, and the "anti - globalization" and "de - dollarization" trends are beneficial to gold. The long - term bull market trend of precious metals is expected to continue, and it is advisable to consider going long on gold futures [10][12]. Rebar and Hot - Rolled Coil - The previous trading day, rebar and hot - rolled coil futures slightly declined. Policy changes dominate the market in the short - term, and the prices are expected to be determined by supply - demand fundamentals in the medium - term. The real estate downturn suppresses rebar prices, and investors can pay attention to buying opportunities during pull - backs [14]. Iron Ore - The previous trading day, iron ore futures slightly pulled back. Policy is the dominant factor, and iron ore prices follow coking coal. The high demand for hot metal supports prices, but the supply has increased. The short - term supply - demand pattern is strong, and investors can pay attention to buying opportunities during pull - backs [15]. Coking Coal and Coke - The previous trading day, coking coal and coke futures fluctuated and sorted. Policy affects supply, and prices may continue to adjust in the short - term. Investors can pay attention to buying opportunities during pull - backs [17]. Ferroalloys - The previous trading day, manganese silicon and silicon iron futures declined. Manganese ore supply and prices have changed, and the cost of ferroalloys has increased. The supply is excessive, and investors can consider long - entry opportunities at low levels [19][20]. Crude Oil - The previous trading day, INE crude oil fluctuated upwards and was blocked by the 5 - day moving average. The "Double - Putin" talks and CFTC data indicate that crude oil prices are expected to be weak, and it is advisable to temporarily observe [21][22]. Fuel Oil - The previous trading day, fuel oil fluctuated downwards. The Asian high - sulfur fuel oil market shows signs of improvement, but the supply in Singapore is still excessive. It is advisable to shrink the spread between high - and low - sulfur fuel oil [24][25]. Synthetic Rubber - The previous trading day, synthetic rubber futures rose. Losses have increased, supply has decreased, and the market sentiment is positive. Wait for it to stabilize and participate in the rebound [27]. Natural Rubber - The previous trading day, natural rubber futures rose. The macro - market sentiment has warmed up, and supply - side disruptions continue. Consider going long after a pull - back [29][31]. PVC - The previous trading day, PVC futures declined. The supply exceeds demand, but the downward space is limited. It will continue to fluctuate at the bottom [32]. Urea - The previous trading day, urea futures closed flat. The short - term fundamentals change little, and it will fluctuate. It is expected to be bullish in the medium - term [33][35]. PX - The previous trading day, PX futures rose. The supply has increased, and the cost support is weak. It will fluctuate and adjust in the short - term, and interval trading can be considered [36]. PTA - The previous trading day, PTA futures rose. The supply has slightly increased, demand has slightly improved, and the cost support is weak. It may have a pull - back adjustment in the short - term, and interval trading can be considered [37]. Ethylene Glycol - The previous trading day, ethylene glycol futures declined. The supply has increased, and the port inventory has accumulated. It may be suppressed by short - term supply increases, and interval trading is advisable [38]. Short - Fiber - The previous trading day, short - fiber futures rose. The supply is at a relatively high level, demand has improved, and the supply - demand contradiction is not significant. It may fluctuate with costs in the short - term [39]. Bottle - Grade Chips - The previous trading day, bottle - grade chips futures rose. The supply has decreased due to maintenance, and demand has recovered. It is expected to fluctuate with the cost side [40][41]. Soda Ash - The previous trading day, soda ash futures rose. Supply has increased, demand is weak, and the price is expected to decline. Pay attention to controlling positions [42]. Glass - The previous trading day, glass futures declined. The inventory reduction speed has slowed down, and demand is weak. Go short in the short - term, and pay attention to controlling positions due to capital - side disturbances [43]. Caustic Soda - The previous trading day, caustic soda futures declined. Supply has little change, and inventory has decreased. The use of imported ore may affect consumption and prices, and the price is expected to stabilize [44][45]. Pulp - The previous trading day, pulp futures rose slightly. The supply contraction expectation dominates, but the demand improvement is of uncertain sustainability. The inventory is high, and the price rebound space is limited [46][47]. Lithium Carbonate - The previous trading day, lithium carbonate futures rose. The trading logic has shifted, and it is advisable for non - participating investors to operate with a light position and control risks [48][49]. Copper - The previous trading day, Shanghai copper slightly fluctuated. The copper concentrate is in short supply, and the Fed's interest - rate cut expectation and smooth Sino - US trade negotiations support copper prices. Pay attention to buying opportunities [51][52]. Tin - The previous trading day, Shanghai tin fluctuated. The ore supply is tight, and the market expects the tin ore to resume production in the fourth quarter. The supply is still in short supply, and the price is expected to fluctuate [54]. Nickel - The previous trading day, Shanghai nickel rose. The ore price has weakened, the inventory has increased, and the demand is weak. The primary nickel is in an oversupply situation, and the price is expected to fluctuate [55]. Soybean Oil and Soybean Meal - The previous trading day, soybean oil and soybean meal futures declined. The USDA report lowered the US soybean planting area. The domestic soybean supply is loose, and the import cost has increased. Consider exiting long positions at stage highs and then look for long - entry opportunities after adjustment [56][57]. Palm Oil - Malaysian palm oil rose. The export volume in the first half of August increased. The domestic palm oil inventory has accumulated. Consider reducing long positions and holding them lightly [58][59]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed futures rose. China imposed anti - dumping duties on Canadian rapeseed. The domestic rapeseed supply may be tight in the short - term. Consider reducing long positions and holding them [61][62]. Cotton - The previous trading day, domestic cotton futures fluctuated. The US and global cotton supply - demand reports were favorable. The domestic cotton inventory has decreased, and textile exports have declined. The price is expected to be strong in the short - term [63][65]. Sugar - The previous trading day, domestic sugar futures rebounded slightly. The Brazilian sugar production has accelerated, and Thailand and India are expected to have a bumper harvest. The domestic inventory is low, but imports will be high before October. It is recommended to observe [67][69]. Apple - The previous trading day, apple futures fluctuated. The expected apple production increase has been confirmed. The inventory has decreased, and the price of early - maturing apples has declined [71]. Live Pigs - The previous trading day, the national average live - pig price declined. The supply in the north has increased, and the price is expected to be observed. The supply in the south is stable. The supply will increase in August, and it is advisable to consider a reverse - spread strategy [73][74]. Eggs - The previous trading day, the egg price rose slightly. The cost is high, and the inventory has increased. The supply in August is expected to increase, and consider gradually taking profits on the 9 - 10 reverse spread [75][77]. Corn and Corn Starch - The previous trading day, corn and corn starch futures declined. The domestic corn supply - demand is approaching balance, and the inventory pressure has decreased. The new - season corn is expected to have a bumper harvest, and the price has pressure. Corn starch follows the corn market [78][80]. Logs - The previous trading day, log futures rose. The expected arrival of New Zealand logs has decreased, and the inventory has declined. The trading volume has increased, and the price is expected to be supported by bullish sentiment in the short - term [81][83].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - PX presents a short - term volatile market with increased supply and decreased demand, but terminal demand improvement may limit the downside space of the single - side price [1][6] - PTA is in a situation of weak reality and strong expectation, and the 9 - 1 month - spread reverse arbitrage is recommended, with the single - side turning into a volatile market pattern [1][7] - MEG is in a range - bound market, with the 9 - 1 month - spread operating in the range of - 50 to 0 and 1 - 5 reverse arbitrage, and attention should be paid to the improvement of terminal demand [1][7] Summary According to Relevant Catalogs Market Dynamics - PX: On August 15, the PX price rebounded slightly, with the valuation at 827 dollars/ton, up 3 dollars from the 14th. South Korea's PX exports in July decreased by 2% month - on - month to 407,545 tons due to tariff uncertainties and weak demand from downstream PTA producers. Exports to the US dropped by 52% in July compared to June, while exports to China increased by 10% month - on - month to 373,458 tons [3][4] - PTA: On August 15, the PTA spot price rose to 4,660 yuan/ton [4] - MEG: Two MEG plants in East China with a total capacity of 1.9 million tons/year have been restarted [4] - Polyester: On August 15, the sales of polyester yarn in Jiangsu and Zhejiang were generally weak, with an average sales rate of around 40%. The sales of direct - spun polyester staple fiber improved moderately, with an average sales rate of 62% [5] Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 0, indicating a neutral view [6] Views and Suggestions - PX: The demand is improving, and the downside space of the single - side price may be limited. The domestic supply is abundant, while the supply in Japan and South Korea has a co - existence of restarts and overhauls, with little impact on production. Although PX supply increases and demand decreases, the improvement in terminal demand may limit the single - side decline [6] - PTA: The demand improves month - on - month, and the single - side turns into a volatile market. The 9 - 1 month - spread reverse arbitrage is maintained. The polyester operating rate is increasing, and the supply side is relatively stable [7] - MEG: Supply and demand both increase, and the single - side of ethylene glycol is in a volatile market. The 9 - 1 month - spread operates in the range of - 50 to 0, and 1 - 5 reverse arbitrage is recommended. The overall supply is at a high level, and the inventory is accumulating again [7][8]

Core Insights - Navigator Holdings Inc. indicates that Europe is rapidly becoming a major importer of U.S. ethylene as local production capacity declines [1] - In July, 75% of Europe's maritime ethylene demand was sourced from the U.S., marking a historical high [1] - The trend of increasing U.S. ethylene imports is expected to continue, particularly highlighted by Italy's cessation of local ethylene production [1] Group 1 - Oeyvind Lindeman notes that importing U.S. ethylene is a more favorable option for Europe to fill the domestic production gap [1] - Italy's ethylene production has ceased, leading to a significant increase in U.S. ethylene imports, especially since April [1] - Versalis in Italy shut down its Brindisi steam cracker in March and plans to close the Priolo cracker by the end of 2025 [1] Group 2 - U.S. ethane exports have rebounded following the lifting of export license restrictions by the U.S. government on July 2 [1] - China has emerged as the largest buyer of U.S. ethane, with exports to China nearly halting during the license restriction period from May to June, but reaching a new high in July [1] - The demand for flexible ethane transport vessels has surged, coinciding with the operational launch of a new ethane export terminal in Beaumont, Texas, by Enterprise [1]

Core Viewpoint - The article emphasizes the increasing international influence of the "Zhengzhou Price" in the global commodity market, particularly through the opening of China's futures market and the introduction of foreign participants in various futures contracts, enhancing price transparency and risk management for domestic and international enterprises [1][21][25]. Group 1: Development of Zhengzhou Futures Market - Since 2018, the Zhengzhou Commodity Exchange (ZCE) has made significant strides in internationalizing its futures market, particularly with PTA futures, which has become a key pricing reference for cross-border trade [5][21]. - The introduction of foreign participants has led to the establishment of a more transparent pricing mechanism, allowing companies to lock in prices and manage risks more effectively [6][10][12]. - The ZCE's initiatives, such as the introduction of bonded delivery and export-type delivery systems, have facilitated smoother cross-border transactions and enhanced the efficiency of international trade [9][23]. Group 2: Impact on Industries - The PTA industry in China has transformed from a reliance on foreign technology to becoming a globally competitive sector, with annual production capacity projected to increase from over 49 million tons in 2020 to 86 million tons by 2024 [3][4]. - The "Zhengzhou Price" has gained recognition among global traders, with significant percentages of international trade in commodities like palm oil and peanuts now referencing Zhengzhou futures prices [7][8]. - The shift from fixed pricing models to futures-based pricing has improved price transparency and reduced negotiation times in international contracts [7][8][18]. Group 3: Future Prospects - The ZCE aims to expand its international influence by introducing more futures products and enhancing its delivery mechanisms, which will further integrate the Chinese futures market into the global trading system [15][26]. - The ongoing development of the "Zhengzhou Plan" is seen as a pathway for establishing a new global pricing paradigm, leveraging China's position as a major consumer and trader of various commodities [21][22]. - The collaboration between domestic and international enterprises is expected to deepen, with the futures market serving as a critical tool for risk management and price discovery in the evolving global trade landscape [25][30].

Core Viewpoint - The "Zhengzhou Price" has gained international recognition and serves as a benchmark for cross-border trade, particularly in the PTA (Purified Terephthalic Acid) market, following the introduction of foreign traders to the futures market in 2018 [1][5][6]. Industry Development - The PTA industry in China has evolved from reliance on foreign technology to becoming a globally competitive sector, with annual production capacity increasing from over 49 million tons in 2020 to 86 million tons in 2024, and net exports rising from 230,000 tons to 4.4 million tons, a growth of 1813% [3][9]. - The introduction of PTA futures has allowed for a more transparent pricing mechanism, moving away from traditional pricing models that lacked real-time references and were prone to inaccuracies [4][5]. Market Dynamics - The "Zhengzhou Price" has become a crucial reference for negotiations between domestic and foreign companies, enhancing China's influence in the global market [5][6]. - The shift from fixed pricing to a futures-based pricing model has improved price transparency and reduced negotiation times from an average of 10 days to 1 day [8]. International Impact - The influence of "Zhengzhou Price" has expanded beyond regional references to become a global pricing benchmark, with significant adoption in international trade for commodities like vegetable oil and meal [7][8]. - The correlation between Zhengzhou futures prices and international benchmarks has increased, indicating a growing acceptance of Chinese pricing in global markets [8][9]. Future Outlook - The continued expansion of futures products and their international influence is expected to enhance the depth and breadth of "Zhengzhou Price" services globally, aligning with China's commitment to openness in its financial markets [9].

Core Viewpoint - The recent surge in prices of various chemical and industrial products, including lithium hexafluorophosphate, indicates a potential recovery in the market, raising questions about the drivers of this price increase, its sustainability, and the impact on industry performance and competition [1] Price Trends and Drivers - As of August 15, the average price of domestic lithium hexafluorophosphate reached 55,200 yuan per ton, an increase of over 10% since the end of July [2] - Although this price is significantly lower than the historical peak of 590,000 yuan per ton in 2022, it has sparked discussions about a possible turning point in the industry cycle [2] - The recent rebound in battery-grade lithium carbonate prices, which rose from under 60,000 yuan per ton to 82,700 yuan per ton (a nearly 40% increase), is a direct driver of the price increase for lithium hexafluorophosphate [2] Demand and Supply Dynamics - The growth in downstream demand, particularly from new energy storage installations, has supported the price of lithium hexafluorophosphate, with a reported 29% increase in installed capacity compared to the end of 2024 [2] - In July, the demand for lithium hexafluorophosphate reached 22,500 tons, while supply was slightly higher at 22,800 tons, indicating a tightening market [2] - The current nominal monthly production capacity for lithium hexafluorophosphate is 36,600 tons, with effective capacity at 24,500 tons, and demand is expected to exceed 24,600 tons starting in September [3] Industry Outlook - Following a significant price drop to 47,000 yuan per ton in the second quarter of this year, the industry faced widespread losses, leading some companies to reduce or halt production [3] - Market sentiment is cautiously optimistic, with expectations for a slight price increase, potentially reaching 60,000 yuan per ton in the short term, although the extent of price increases may be limited due to rising raw material costs [3]

Core Viewpoint - Covestro has signed an agreement to acquire Vencorex, a subsidiary of PTTGC, which includes production bases in Thailand and the USA, expected to be completed by the end of 2025, indicating confidence in the coatings and adhesives business despite recent performance pressures [2][5] Group 1: Acquisition Details - The acquisition involves Vencorex's production capacities of 79,000 tons/year of HDI monomer and 24,000 tons/year of HDI derivatives in France, along with 12,000 tons/year in both the USA and Thailand [2] - Vencorex is undergoing judicial reorganization due to challenges from the European energy crisis following the Russia-Ukraine conflict [2] Group 2: Competitive Landscape - Wanhua Chemical has also proposed to acquire Vencorex's specialty isocyanate business in France, with a transaction value of approximately €1.2 million and a commitment to invest €19 million by 2027 [4] - The acquisition of Vencorex by both Covestro and Wanhua indicates a strategic division of the company between the two chemical giants, with Wanhua focusing on Europe and Covestro on Asia [5] Group 3: Market Capacity and Trends - Wanhua Chemical's total HDI capacity is projected to reach 200,000 tons/year, while Covestro's capacity stands at 190,000 tons/year [6] - Emerging players like Meirui New Materials have rapidly ascended to become the third-largest in the HDI sector, with a capacity of 100,000 tons/year and plans for an additional 200,000 tons [6] - HDI is a critical component in polyurethane coatings, adhesives, and sealants, with significant applications in the automotive sector, which is the largest market [6]

Report Summary Industry Investment Ratings - PX: Unilateral trend is weakly bearish [7] - PTA: Unilateral trend is weakly bearish [7] - MEG: Unilateral trend is weakly bearish and in a weak oscillation [7] Core Views - PX: From late August, pay attention to the recovery of terminal orders, and PXN has short - term support [7] - PTA: Hold the mid - term strategy of going long on MEG and short on PTA. With low processing fees, focus on unplanned production cuts and the positive spread of September - January contracts. Supply decreases while demand increases as polyester operating rate rises to 89.4% [7] - MEG: Hold the mid - term strategy of going long on MEG and short on PTA. Keep the September - January spread in the range of - 50 to 0; pay attention to the reverse spread of January - May contracts. The sharp decline in coal prices yesterday had a negative impact on the chemical sector [7] Market Dynamics - **PX**: On August 14, the price of PX decreased. One October Asian spot was traded at $824. The end - of - session physical goods had no negotiation for September, and October was negotiated at $820/825, with an asking price of $825 for November. The PX price was affected by the weak sentiment in the broader commodity market despite the rise of crude oil and naphtha [3] - **PTA**: Some PTA producers are turning from loss to profit, and the tight supply of PX has slightly eased. This week, the 1.5 - million - ton Taihua and 2.25 - million - ton Yisheng plants stopped, while the 2.5 - million - ton Weilian Chemical and 2.2 - million - ton Jiaxing Petrochemical plants restarted. As of Thursday, the PTA load was 76.4%, and the operating rate was around 82.3% [4] - **MEG**: Two MEG plants in East China with a total annual capacity of 1.9 million tons stopped for 1 - 2 days due to an accident. As of August 14, the overall operating load of ethylene glycol in mainland China was 66.39% (down 2.01% from the previous period), and the operating load of ethylene glycol produced by the oxalic acid catalytic hydrogenation method (syngas) was 80.47% (up 5.34% from the previous period) [4][5] - **Polyester**: A 300,000 - ton polyester plant in Huzhou has restarted, mainly producing polyester filament. As of Thursday, the overall theoretical operating load of domestic polyester industrial yarn has recovered to about 71%. The overall polyester load has increased, and as of Thursday, the polyester load in mainland China was around 89.4%. The sales of polyester filament in Jiangsu and Zhejiang on the 14th were weak overall, with an average sales rate of 30% - 40%. The sales of direct - spun polyester staple fiber on the 14th were average, with an average sales rate of 49% [5][6] Price and Spread Data | Futures | Yesterday's Closing Price | Change | Change Rate | Month Spread | Yesterday's Closing Price | Previous Day's Closing Price | Change | | --- | --- | --- | --- | --- | --- | --- | --- | | PX Main | 6614 | - 26 | - 2.51% | PX9 - 1 | 72 | 80 | - 8 | | PTA Main | 4666 | - 39 | - 0.55% | PTA9 - 1 | - 26 | - 34 | 8 | | MEG Main | 4367 | - 76 | - 0.89% | MEG9 - 1 | - 47 | - 50 | 3 | | PF Main | 6338 | - 4 | - 1.18% | PF9 - 1 | - 74 | - 82 | 8 | | SC Main | 485.5 | - 4 | - 0.82% | SC9 - 10 | - 3.6 | - 1.1 | - 2.5 | | Spot | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX CFR China ($/ton) | 824 | 831 | - 7 | | PTA East China (yuan/ton) | 4646 | 4692 | - 46 | | MEG Spot | 4465 | 4488 | - 23 | | Naphtha MOPJ | 571 | 563.5 | 7.5 | | Dated Brent ($/barrel) | 68.28 | 66.91 | 1.38 | | Spot Processing Fee | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX - Naphtha Spread | 261.17 | 268.67 | - 7.5 | | PTA Processing Fee | 187.85 | 162.08 | 25.77 | | Short - Fiber Processing Fee | 161.38 | 137.24 | 24.14 | | Bottle - Chip Processing Fee | 42.77 | 19.7 | 23.07 | | MOPJ Naphtha - Dubai Crude Spread | - 6.01 | - 6.01 | 0 | [2]