投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 本报告中的信息均源于公开可获得的资料,国贸期货力求准确可靠,但不对上述信息的准确性及完整性做任何 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 断本报告中的任何意见或建议是否符合其特定状况,据此投资,责任自负。本报告仅向特定客户推 授授权许可,任何引用、转载以及向第三方传播的行为均构成对国贸期货的侵权 责任。期市有风险,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 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/12/12 | | | | 能源化工研究中心 | 陈胜 | 从业资格号:F3066728 | | | | 指标 | | 2025/12/10 2025/12/11 | 变动值 | 行情综述 | | | INE原油(元/桶) | 443.7 | 439.7 | -4. 00 | 成交情况: PT ...

Abstract 摘要 印度化工产业近年来不断发展，受到市场关注，我们推出印度化工崛起系列报告，本篇报告聚焦印度化工产业发展，探讨印度化工产业现状、未来发展的 优势以及挑战。 印度化工产业全球地位逐渐抬升。 近年来印度化工产业产值稳健增长，根据CEFIC，2023年度印度化工全球市场份额为2.6%，位列全球第六、亚洲第 四。印度化工产业沿海聚集，整体贸易逆差较大，优质子行业包括农用化学品、染料与颜料、氟化工、聚酯等，行业重点公司呈多样化，信实工业、UPL 等全球龙头公司分布在不同化工子行业。根据NITI Aayog，印度规划至2040年化工产值有望达万亿美元，全球占比达10%-12%。 内需市场、成本优势、政策鼓励铸就印度化工产业发展优势。 印度是全球第五大经济体、第一人口大国，经济增长、人口红利与城市化进程带来庞大且 快速增长的内需市场，其中医药、汽车、纺织服装等印度优势产业在全球占据较为重要地位，有利于拉动相关化工产业发展。此外，印度在劳动力、工业 水电、工程化等方面具备一定成本优势，叠加相对温和的税率和利率，使得印度的固定资产投资所产生的回报相对较高。而印度政府积极推进"Make in India"、" ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The PTA market: Crude oil failed to recover Tuesday's decline, downstream polyester filament promotions were ineffective, PTA daily average price fell, PTA was still in de - stocking, and PTA spot basis slightly rose. The PX - naphtha spread widened, but PX - benzene spread only slightly increased, and PTA profit was under pressure. However, integrated enterprises had improved economic benefits. Polyester new device production kept the polyester load high, and PTA consumption was close to the historical high in May. Although domestic demand was seasonally weak, low inventory in polyester factories and the cancellation of India's BIS certification might boost exports [2] - The MEG market: The East China MEG port inventory remained at 750,000 tons. With coal prices falling, MEG prices lacked support. New device production added to supply pressure, especially from coal - based MEG devices. Recently, increased polyester export inquiries were expected to boost textile and clothing export demand, supporting downstream weaving loads [2] 3. Summary by Relevant Catalogs 3.1 Market Data Changes - **Crude oil**: INE crude oil price dropped from 446.1 yuan/barrel on 2025/12/9 to 443.7 yuan/barrel on 2025/12/10, a decrease of 2.40 yuan/barrel [2] - **PTA**: PTA - SC decreased from 1402.1 yuan/ton to 1391.6 yuan/ton; PTA/SC ratio dropped from 1.4325 to 1.4316. PTA主力期价 fell from 4644 yuan/ton to 4616 yuan/ton; PTA现货价格 decreased from 4630 yuan/ton to 4605 yuan/ton. Spot processing fee dropped from 184.6 yuan/ton to 160.9 yuan/ton, and the disk processing fee decreased from 198.6 yuan/ton to 171.9 yuan/ton. PTA仓单数量 increased from 125,559 to 133,605 [2] - **MEG**: MEG主力期价 dropped from 3691 yuan/ton to 3682 yuan/ton; MEG - naphtha decreased from - 170.03 yuan/ton to - 170.22 yuan/ton. MEG内盘 rose from 3654 yuan/ton to 3674 yuan/ton [2] - **PX**: CFR中国PX remained at 832, and PX - naphtha spread increased from 261 to 269 [2] - **Polyester Products** - **Polyester filament**: POY150D/48F dropped from 6415 yuan/ton to 6345 yuan/ton; FDY150D/96F decreased from 6655 yuan/ton to 6620 yuan/ton; DTY150D/48F fell from 7755 yuan/ton to 7720 yuan/ton. POY现金流 decreased from - 18 to - 73; FDY现金流 decreased from - 278 to - 298; DTY现金流 decreased from 122 to 102. Long - filament sales increased from 38% to 60% [2] - **Polyester staple fiber**: 1.4D直纺涤短 dropped from 6350 yuan/ton to 6310 yuan/ton; 涤短现金流 decreased from 267 to 242. Short - fiber sales increased from 64% to 65% [2] - **Polyester chips**: 半光切片 dropped from 5525 yuan/ton to 5510 yuan/ton. 切片现金流 remained at - 8. 切片产销 increased from 61% to 62% [2] 3.2 Industry Chain Start - up Situation - PX开工率 remained at 86.48% - PTA开工率 remained at 74.77% - MEG开工率 decreased slightly from 59.99% to 59.98% - Polyester负荷 remained at 88.41% [2] 3.3 Device Maintenance Dynamics - A 2.5 - million - ton PTA device in East China is currently restarting and is expected to produce products soon. It was shut down for maintenance around November 17 [2]

Report Industry Investment Ratings - Urea: なな女 - Methanol: ☆☆☆ - Styrene: ★☆☆ - Polypropylene: ★☆☆ - Plastic: ★☆☆ - PVC: ☆☆☆ - Caustic Soda: ☆☆☆ - PX: ☆☆☆ - PTA: ☆☆☆ - Ethylene Glycol: なな女 - Short Fiber: ☆☆☆ - Glass: ななな - Soda Ash: ☆☆☆ - Bottle Chip: ☆☆☆ - Propylene: ☆☆☆ [1] Core Views - The overall chemical market shows a complex situation with different trends in various products. Some products are under downward pressure, while some have certain support factors. The market is affected by supply, demand, inventory, and raw material price fluctuations. [2][3][5] Summary by Relevant Catalogs Olefins - Polyolefins - Propylene futures declined due to increased supply and weakened downstream buying sentiment, but inventory control provided some support [2]. - Plastic and polypropylene futures fell. Polyethylene had weak spot prices due to sufficient supply and low downstream demand. Polypropylene faced increased production and limited demand, resulting in an imbalanced supply - demand situation [2]. Pure Benzene - Styrene - Pure benzene futures had low - level fluctuations, with falling spot prices and high port inventory, but future supply - demand pressure may ease. Consider long - short spreads on dips in the medium term [3]. - Styrene futures declined due to falling crude oil prices, weak pure benzene fundamentals, and expected increased supply [3]. Polyester - PX and PTA continued to fall due to lower oil prices. PX is expected to be strong in the medium term, and PTA's processing margin is expected to recover [5]. - Ethylene glycol had a slight rebound but still faced supply pressure, with long - term pressure from planned new production [5]. - Short fiber's load was high, with a slight inventory increase. Its long - term supply - demand pattern is good. Bottle chip demand weakened, with a weak processing margin and over - capacity pressure [5]. Coal Chemical Industry - Methanol futures prices fell, while the spot market was relatively stable. The market is expected to fluctuate weakly in the short term due to supply - demand factors [6]. - Urea futures were firm in a range. Although there was inventory reduction, high production and weakening market sentiment may lead to continued range - bound trading [6]. Chlor - Alkali Industry - PVC continued to decline due to weak demand and high inventory. It is expected to operate in a low - level range [7]. - Caustic soda was at a low level, with high inventory, increased production, and weak demand, leading to profit compression [7]. Soda Ash - Glass - Soda ash fell below 1100 yuan due to cost and supply pressure, with a high - inventory situation. It is in a long - term supply - surplus pattern [8]. - Glass continued to decline. Although there was inventory reduction, recent sales weakened, and long - term cold - repair may be forced by low profits [8].

Core Viewpoint - The PTA industry has evolved significantly, with the introduction of PTA futures in China's market providing essential tools for risk management and price stabilization, benefiting both upstream and downstream sectors of the polyester industry [1][2][7]. Group 1: Industry Evolution - The PTA industry has transitioned from a reliance on imports to becoming a net exporter, reflecting a shift from scarcity to abundance [2]. - The period from 2007 to 2010 was characterized as a "golden era" for the PTA industry, with high demand and profitability, which later faced challenges due to oversupply from new production facilities [2][3]. - The introduction of PTA futures in 2006 marked a new chapter for the industry, allowing companies to explore innovative trading models and risk management strategies [1][2]. Group 2: Risk Management and Trading Strategies - Companies like Yisheng Petrochemical have successfully utilized futures to lock in profits and manage inventory, particularly during off-peak seasons [3]. - The shift from a seller's market to a pricing model based on futures has transformed the trade pricing system within the industry [3]. - The use of cross-commodity operations, such as buying crude oil and PX futures while selling PTA futures, has enabled companies to secure profits amid low processing fees [4][5]. Group 3: Practical Applications of Futures - PTA futures have become an indispensable tool for price risk management across the polyester supply chain, with participation from a majority of PTA producers and nearly all major traders [4][5]. - Companies have optimized inventory management and reduced costs by adjusting inventory levels in response to market price fluctuations through the futures market [5]. - The ability to stabilize cash flow through hedging operations has provided a solid foundation for ongoing business development, even during market volatility [5][6]. Group 4: Industry and Futures Market Integration - The integration of futures into the polyester industry has created a symbiotic relationship, enhancing both market liquidity and the efficiency of price discovery [7][8]. - The launch of PX futures has further solidified the reliance of leading companies on futures for risk management, with firms like Rongsheng Petrochemical adopting these tools as essential components of their operations [7][8]. - The ongoing expansion of futures products related to the polyester supply chain is expected to enhance risk management capabilities and support high-quality industry development [8][9].

ITG 国贸期货 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号:Z0017251 | 2025/12/10 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/12/8 | 2025/12/9 | 变动值 | 行情综述 | | | INE原油(元/桶) | 457.6 | 446. 1 | -11.50 | 成交情况: PTA: 原油行情偏弱,对PTA成本支撑减弱,PTA行情小 | | SC | PTA-SC(元/陣) | 1368. 6 | 1402. 1 | 33. 57 | 跌。PTA仍然去库存,现货基差上涨。 | | | PTA/SC(比价) | 1. 4115 | 1. 4325 | 0. 0210 | | | | CFR中国PX | 841 | 832 | -9 | | | PX | PX-石脑油价差 | 278 | 261 | -17 | | | | PT ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall performance of the energy - chemical commodities market is weak, with most varieties showing an oscillating trend. Crude oil prices continue to decline due to increased expected global supply surplus and geopolitical factors; fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and PVC are all expected to maintain low - level oscillations [1][3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, oil prices dropped. WTI January contract closed down $0.63 to $58.25/barrel, a 1.07% decline; Brent February contract closed down $0.55 to $61.94/barrel, a 0.88% decline; SC2601 closed at 443.4 yuan/barrel, down 5.9 yuan/barrel, a 1.31% decline. EIA raised the forecast of US oil production in 2025 by 20,000 barrels per day, expecting a year - on - year increase of 380,000 barrels per day to an average of 13.61 million barrels per day, a record high. In 2026, the forecast was lowered by 50,000 barrels per day, expecting a year - on - year decrease of 80,000 barrels per day to 13.53 million barrels per day. The market is expected to be in a state of oscillation [1]. - **Fuel Oil**: On Tuesday, the main fuel oil contract FU2601 on the Shanghai Futures Exchange closed down 2.34% at 2,418 yuan/ton; the main low - sulfur fuel oil contract LU2602 closed down 1.7% at 3,014 yuan/ton. The Asian low - sulfur fuel oil market is under pressure due to factors such as replenishment of blending raw materials, increased inflow of arbitrage goods, and weak downstream demand. The Asian high - sulfur fuel oil market is also under pressure due to sufficient arrival of arbitrage vessels and high inventories at ports. It is expected to oscillate [3]. - **Asphalt**: On Tuesday, the main asphalt contract BU2602 on the Shanghai Futures Exchange closed down 0.41% at 2,943 yuan/ton. Refinery winter storage policies are gradually being implemented. It is estimated that the winter storage price will likely fall to a relatively low level in the past five years, between 2,800 - 2,900 yuan/ton. The price is expected to oscillate at a low level [3]. - **Polyester**: TA601 closed at 4,644 yuan/ton, down 1.07%; EG2601 closed at 3,691 yuan/ton, down 0.27%. PX futures main contract 601 closed at 6,780 yuan/ton, down 1.42%. The polyester market is expected to oscillate due to factors such as weak downstream demand and cost pressure [3]. - **Rubber**: On Tuesday, the main Shanghai rubber contract RU2601 fell 80 yuan/ton to 14,985 yuan/ton, NR main contract rose 15 yuan/ton to 12,080 yuan/ton, and butadiene rubber BR main contract fell 65 yuan/ton to 10,450 yuan/ton. Due to improved weather in overseas producing areas, falling raw material prices, and insufficient demand support, the futures price is under pressure and expected to oscillate [4]. - **Methanol**: On Tuesday, the Taicang spot price was 2,075 yuan/ton. Iranian device shutdowns will lead to a decline in arrivals from mid - December to January. Port inventories are expected to enter a destocking phase from mid - December this year to early January next year, but the significant destocking time may be postponed. Methanol prices are expected to maintain bottom - level oscillations [5]. - **Polyolefins**: On Tuesday, the mainstream price of East China drawn wire was 6,190 - 6,450 yuan/ton. Supply will remain high, while downstream orders and starts will weaken marginally. Polyolefins are expected to gradually shift to a situation of strong supply and weak demand, but due to low valuations, they are expected to oscillate at the bottom [5]. - **Polyvinyl Chloride (PVC)**: On Tuesday, the price of the East China PVC market was adjusted downward. Supply is expected to decline slightly this week, and domestic real - estate construction will gradually slow down, leading to a decline in the start - up rate of pipes and profiles. The PVC price is expected to oscillate at the bottom [6]. 3.2 Daily Data Monitoring - The report provides the basis data for multiple energy - chemical varieties on December 10, 2025, including spot prices, futures prices, basis, basis rates, price changes, and the quantile of the latest basis rate in historical data for varieties such as crude oil, liquefied petroleum gas, asphalt, high - sulfur fuel oil, low - sulfur fuel oil, methanol, etc. [7]. 3.3 Market News - EIA stated in its monthly short - term energy outlook report that the expected global supply surplus is increasing. US oil production in 2025 is expected to reach a record high, with an upward adjustment of 20,000 barrels per day, a year - on - year increase of 380,000 barrels per day to an average of 13.61 million barrels per day. In 2026, it is expected to decline by 80,000 barrels per day to 13.53 million barrels per day [9]. - After talks in London, Ukrainian President Zelensky will share a revised peace plan with the US. The G7 and the EU are discussing replacing the price cap on Russian oil exports with a comprehensive shipping service ban [9]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of the main contracts of multiple energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short - fiber, LLDPE, polypropylene, PVC, methanol, styrene, 20 - grade rubber, natural rubber, synthetic rubber, European line container shipping, and paraxylene [11][12][13][14][17][19][21][24][25][27]. - **4.2 Main Contract Basis**: It shows the basis charts of multiple energy - chemical varieties from 2021 to 2025, such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, LLDPE, natural rubber, 20 - grade rubber, paraxylene, synthetic rubber, and bottle chips [28][29][34][37][38][39]. - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of multiple energy - chemical varieties, including fuel oil (01 - 05, 05 - 09), asphalt (main and sub - main contracts), European line container shipping index monthly spread, PTA (01 - 05, 05 - 09), ethylene glycol (01 - 05, 05 - 09), PP (01 - 05, 05 - 09), LLDPE (01 - 05, 05 - 09), and natural rubber (01 - 05, 05 - 09) [41][43][47][50][52][54][56]. - **4.4 Inter - variety Spreads**: It includes the spread and ratio charts of multiple energy - chemical varieties, such as the internal - external spread of crude oil, the B - W spread of crude oil, the high - low sulfur spread of fuel oil, the fuel oil/asphalt ratio, the BU/SC ratio, the ethylene glycol - PTA spread, the PP - LLDPE spread, and the natural rubber - 20 - grade rubber spread [58][60][61][70]. - **4.5 Production Profits**: The report shows the production profit charts of LLDPE and PP [67]. 3.5 Team Member Introduction - **Zhong Meiyan**: Assistant Director of the Institute and Director of Energy - Chemicals, with a master's degree from Shanghai University of Finance and Economics. She has won multiple awards and has over a decade of experience in the futures derivatives market [72]. - **Du Bingqin**: Analyst for crude oil, natural gas, fuel oil, asphalt, and shipping, with a master's degree in applied economics from the University of Wisconsin - Madison. She has won many awards and has in - depth research on the energy industry [73]. - **Di Yilin**: Analyst for natural rubber and polyester, a finance master. She has won several awards and is mainly engaged in the research of related futures varieties [74]. - **Peng Haibo**: Analyst for methanol, propylene, pure benzene, PE, PP, and PVC, an engineering master and an intermediate economist. He has relevant work experience and has passed the CFA Level III exam [75].

在国民经济的庞大版图中，PTA产业紧密连接着石油化工与化纤纺织两大关键领域。从身上所穿的衣 物，到手中使用的饮料瓶，都离不开PTA的身影。然而，长期以来价格波动一直是困扰PTA产业企业的 难题。2006年12月，我国期货市场首个化工品种——PTA期货在郑商所挂牌上市，开启了PTA产业发展 的新篇章。如今，逸盛石化有限公司（下称逸盛石化）的车船板出口保税交割顺畅落地、浙江恒逸国际 贸易有限公司（下称恒逸国贸）的基差贸易平稳运行、荣盛石化股份有限公司（下称荣盛石化）的套保 策略精准对冲风险，这都是PTA产业积极探索期现融合的生动缩影。 积极探索：套保打开企业生存窗口 具体来看，在锁定利润方面，当PTA加工费低迷，行业面临困境时，企业通过"买入原油、PX期货，卖 出PTA期货"的跨品种操作，成功锁定产业链利润。特别是在当前PTA现货加工费较低的情况下，这种 套保操作能够有效弥补企业现货端的经营亏损，助力其抵御市场波动风险。 在库存管理方面，聚酯产业链相关企业借助期货市场实现了库存结构的优化。当市场价格波动时，企业 可以通过期货市场灵活调整库存水平，降低库存成本。在成本控制上，期货市场为企业提供了更多的采 购与销售选 ...

Report Industry Investment Ratings - Urea: Not clearly indicated [1] - Methanol: Not clearly indicated [1] - Pure Benzene: Not clearly indicated [1] - Styrene: Not clearly indicated [1] - Propylene: Not clearly indicated [1] - Plastic: ☆☆☆ (Three white stars, indicating a relatively balanced short - term trend and poor operability) [1] - PVC: ☆☆☆ (Three white stars) [1] - Caustic Soda: ☆☆☆ (Three white stars) [1] - PX: ☆☆☆ (Three white stars) [1] - PTA: ☆☆☆ (Three white stars) [1] - Ethylene Glycol: Not clearly indicated [1] - Short - fiber: ☆☆☆ (Three white stars) [1] - Glass: ☆☆☆ (Three white stars) [1] - Soda Ash: Not clearly indicated [1] - Bottle Chips: Not clearly indicated [1] Core Views - The overall chemical market is affected by factors such as oil prices, supply - demand relationships, and device operations. Different chemical products show different trends and investment opportunities [2][3][4] Summary by Relevant Catalogs Olefins - Polyolefins - Propylene futures had a narrow - range intraday consolidation. Production enterprises had smooth shipments, but the overall trading atmosphere was average. Downstream demand provided some support, but the upward momentum of prices was insufficient [2] - Plastic and polypropylene futures closed down. For polyethylene, supply was abundant, and downstream procurement was mainly for rigid needs. For polypropylene, supply pressure was controllable due to concentrated maintenance, but downstream demand showed signs of weakening [2] Pure Benzene - Styrene - The price of pure benzene futures closed below 5,500 yuan/ton again. The spot price in East China declined slightly. There was pressure in the short - term, but the supply - demand pressure might ease in the future. Consider long - short spreads on dips [3] - Styrene futures closed down slightly. The decline in crude oil prices made it difficult to drive the rise of styrene, but the supply - demand structure supported the price [3] Polyester - The decline in oil prices dragged down PX and PTA prices. The load of PX decreased slightly, and the output of PTA increased slightly. The supply - demand drive of the industry chain was limited [4] - Ethylene glycol rebounded rapidly in the late trading. The market faced inventory - building pressure due to increased supply and seasonal decline in demand. Short - term device shutdowns would relieve the supply pressure, but long - term pressure remained [4] - Short - fiber load ran at a high level, and inventory increased slightly. The long - term supply - demand pattern was relatively good. Bottle - chip demand weakened, and the long - term pressure was over - capacity [4] Coal Chemical Industry - Methanol futures prices fluctuated weakly. The port inventory was expected to remain high. The short - term supply - demand pattern was difficult to improve significantly, and it would mainly fluctuate weakly within a range [5] - Urea prices declined slightly. Last week, urea production enterprises destocked. The supply was still high, and the market sentiment cooled down. The market was expected to oscillate and correct [5] Chlor - alkali Industry - PVC continued to decline. The supply pressure might be relieved if enterprises were forced to overhaul. The export situation improved, but the domestic demand was weak. It was expected to operate in a low - level range [6] - Caustic soda continued to decline. The chlor - alkali integration still had profits, but the support for the liquid caustic soda price was limited. The industry faced high inventory pressure and would continue to compress profits [6]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - PTA: Gasoline cracking profit has declined, and the gasoline blending performance has weakened. The PX industry chain economy is significantly differentiated, with high PX costs and pressured PTA profits, but integrated enterprises have improved economic benefits. Polyester new device production keeps the polyester load high, and the demand is supported by factors such as low inventory in polyester factories and potential export growth due to the cancellation of India's BIS certification [2] - MEG: The East China ethylene glycol port inventory remains at 750,000 tons. With the continuous decline of coal prices, the ethylene glycol price lacks effective support. New device production increases market supply pressure, and the return of coal - based ethylene glycol devices adds more pressure [2] 3. Summary by Related Catalogs a. Market Data - INE crude oil price increased from 453.7 yuan/barrel on December 5, 2025, to 457.6 yuan/barrel on December 8, 2025, with a change of 3.90 yuan/barrel [2] - PTA - SC decreased from 1380.9 yuan/ton to 1368.6 yuan/ton, a change of - 12.34 yuan/ton; PTA/SC decreased from 1.4188 to 1.4115, a change of - 0.0073 [2] - CFR China PX increased from 838 to 841, a change of 3; PX - naphtha spread decreased by 1 [2] - PTA main futures price increased from 4678 yuan/ton to 4694 yuan/ton, a change of 16.0 yuan/ton; PTA spot price decreased from 4670 yuan/ton to 4650 yuan/ton, a change of - 20.0 yuan/ton [2] - PTA spot processing fee decreased from 174.1 yuan/ton to 157.1 yuan/ton, a change of - 17.0 yuan/ton; PTA disk processing fee decreased from 202.1 yuan/ton to 201.1 yuan/ton, a change of - 1.0 yuan/ton [2] - PTA main basis increased from (32) to (30), a change of 2.0; PTA warehouse receipt quantity decreased from 122175 to 121707, a change of - 468 [2] - MEG main futures price decreased from 3723 yuan/ton to 3701 yuan/ton, a change of - 22.0 yuan/ton; MEG - naphtha decreased from (162.44) to (162.63), a change of - 0.2 [2] - MEG domestic price decreased from 3759 yuan/ton to 3699 yuan/ton, a change of - 60.0 yuan/ton; MEG main basis remained unchanged at - 15 [2] b. Industry Chain Operating Conditions - PX operating rate remained at 86.48%; PTA operating rate remained at 74.77%; MEG operating rate decreased from 61.56% to 60.50%, a change of - 1.06% [2] - Polyester load decreased from 88.94% to 88.41%, a change of - 0.53% [2] c. Polyester Product Prices and Cash Flows - POY150D/48F price decreased from 6445 yuan/ton to 6415 yuan/ton, a change of - 30.0 yuan/ton; POY cash flow increased from (57) to (50), a change of 7.0 [2] - FDY150D/96F price decreased from 6710 yuan/ton to 6655 yuan/ton, a change of - 55.0 yuan/ton; FDY cash flow decreased from (292) to (310), a change of - 18.0 [2] - DTY150D/48F price decreased from 7795 yuan/ton to 7765 yuan/ton, a change of - 30.0 yuan/ton; DTY cash flow increased from 93 to 100, a change of 7.0 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6390 yuan/ton to 6355 yuan/ton, a change of - 35 yuan/ton; polyester staple fiber cash flow increased from 238 to 240, a change of 2.0 [2] - Semi - bright chip price decreased from 5565 yuan/ton to 5545 yuan/ton, a change of - 20.0 yuan/ton; chip cash flow increased from (37) to (20), a change of 17.0 [2] d. Sales Volume of Polyester Products - Polyester filament sales volume increased from 40% to 81%, a change of 41%; polyester staple fiber sales volume increased from 45% to 52%, a change of 7%; chip sales volume increased from 67% to 71%, a change of 4% [2] e. Device Maintenance - A 2.5 - million - ton PTA device in East China is restarting and is expected to produce products soon. It stopped for maintenance around November 17 [2]