Report Overview - The report provides daily and weekly data on various chemical products including PTA, MEG, polyester staple fiber, natural rubber, 20 - number rubber, and styrene, along with weekly and daily views on each product [2][3][6] PTA Key Data - On July 30, 2025, PTA spot成交 had an average daily basis of 2509(-11). The Yisheng New Material's 7.2 - billion - ton plant reduced its load to 80 - 90% [2] Core View - Near - term TA operation remained stable, polyester load slightly recovered, inventory continued to accumulate, and the basis weakened under active sales by major suppliers, with spot processing fees dropping again. PX domestic operation decreased slightly, overseas load was stable, PXN strengthened significantly, disproportionation and isomerization benefits remained, and the aromatics spread between the US and Asia shrank. TA will remain in a state of inventory accumulation but the absolute inventory level is not high, and spot processing fees are compressed to a low level. Polyester operation is expected to stabilize and has upward potential. Attention should be paid to short - term low - level positive arbitrage opportunities. The overall de - stocking trend of PX has not reversed, and there is still a guarantee for the lower limit of valuation [2] MEG Key Data - As of July 30, 2025, the basis of MEG spot was around 09(+64) [3] Core View - Near - term domestic coal - based MEG increased operation, Saudi Arabian plants restarted overseas, and port inventory is expected to accumulate due to more arrivals during the week. Downstream inventory levels increased, the basis remained the same, and the spread of benefits widened further. In the short term, port inventory is expected to remain low with little pressure to accumulate. The far - month has inventory accumulation expectations due to overseas plant restarts and further increase in coal - based load, but the valuation is greatly affected by the subsequent evolution of the cost side, and it is expected to fluctuate widely. Attention should be paid to the restart progress of satellite plants [3] Polyester Staple Fiber Key Data - As of July 30, 2025, the spot price was around 6619, and the market basis was around 08 - 70 [3] Core View - Near - term Sichuan Jixing restarted, and Times Hollow Fiber reduced production. Operation increased slightly to 90.6%, sales improved slightly, and inventory decreased slightly. On the demand side, the operation of polyester yarn remained stable, raw material inventory increased slightly, finished - product inventory continued to accumulate, and benefits further declined, showing a weak performance. In the future, the inventory pressure of staple fiber is acceptable, the supply of standard products has not decreased significantly but also has no increase. Domestic demand is weak while export growth is high, and processing fees are gradually entering a low - level range but there is no obvious upward driver. Attention should be paid to the subsequent operation status of polyester yarn [3] Natural Rubber & 20 - Number Rubber Key Data - As of July 30, 2025, the daily change in the price of Thai RSS3 was 0, and the weekly change was - 15. The daily change in the price of Thai STR20 was 0, and the weekly change was - 15 [3] Core View - The main contradiction is that the national explicit inventory remained stable with a low absolute level but no seasonal de - stocking, and the price of Thai cup lump rubber rebounded due to rainfall affecting tapping. The strategy is to wait and see [3] Styrene Key Data - On July 30, 2025, the daily change in the price of ethylene (CFR Northeast Asia) was 0, the daily change in the price of pure benzene (CFR China) was 0, and the daily change in the price of styrene (CFR China) was 5 [6] Core View - No specific view was provided in the report for styrene, only price data were presented [6]

Report Industry Investment Rating - No information provided Core Viewpoints - For PTA, it maintains a state of inventory accumulation, with the spot processing fee dropping again. PX still has a guarantee for its lower valuation limit, and one can focus on the phased opportunity of going long in a contango market when the price is low [2][14]. - For MEG, the short - term port inventory is expected to remain low, and the long - term has an inventory accumulation expectation under the restart of overseas plants and the increase of coal - based load, showing a wide - range oscillation. One should focus on the restart progress of satellite plants [8]. - For polyester staple fiber, the inventory pressure is acceptable, but there is no obvious upward driving force. One should focus on the subsequent start - up status of polyester yarn [8]. - For natural rubber and 20 - gauge rubber, the national explicit inventory remains stable with a relatively low absolute level, and the Thai cup - lump rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [8]. Summary by Related Catalogs PTA - From July 21 to July 25, 2025, the price of crude oil decreased by 0.8, the price of naphtha increased by 5, the price of PX CFR Taiwan increased by 18, the PTA internal - market spot price increased by 80, and the PTA processing difference remained unchanged. The PTA balance load increased by 0.2, and the TA basis decreased by 5 [14]. - Near - term TA start - up remains stable, polyester load rises slightly, inventory continues to accumulate, and the basis weakens under the active shipment of mainstream suppliers, with the spot processing fee dropping again [14]. MEG - From July 21 to July 25, 2025, the MEG external - market price increased by 5, the MEG internal - market price increased by 52, the MEG coal - based profit increased by 39.68, and the MEG internal - market cash flow (ethylene) increased by 50. There were several domestic plant restarts and load increases [8]. - Near - term domestic coal - based start - up rises, overseas Saudi plants restart, and port inventory is expected to accumulate. In the short term, the port inventory is expected to remain low, and the long - term has an inventory accumulation expectation, showing a wide - range oscillation [8]. Polyester Staple Fiber - From July 21 to July 25, 2025, the price of 1.4D cotton - type staple fiber increased by 55, and the short - fiber profit decreased by 30. The start - up increased slightly to 90.6%, sales improved slightly, and inventory decreased slightly [8]. - The demand side shows that the start - up of polyester yarn remains stable, raw material inventory increases slightly, finished - product inventory accumulates, and the profit further decreases [8]. Natural Rubber and 20 - Gauge Rubber - From July 21 to July 25, 2025, the price of US - dollar Thai standard rubber increased by 35, the price of US - dollar Thai mixed rubber increased by 25, and the price of Shanghai full - latex rubber increased by 340 [8]. - The national explicit inventory remains stable with a relatively low absolute level, and the Thai cup - lump rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [8]. Styrene - From July 21 to July 25, 2025, the price of pure benzene (East China) increased by 115, the price of benzene - ethylene (CFR China) increased by 15, and the price of PS (East China transparent benzene) increased by 50 [11].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - PTA: TA has entered the inventory accumulation stage, but the absolute inventory level is not high, and the slope depends on the weakening degree of the polyester off - season. The spot processing fee has been compressed to a relatively low level. With the low raw material inventory in the filament downstream and continuous destocking of bottle chips, the polyester start - up is expected to gradually stabilize. There is an opportunity to expand the far - month processing fee at low prices. The overall destocking trend of PX has not reversed, and the lower limit of valuation is still guaranteed [2]. - MEG: The unexpected domestic reduction of EG has increased, and overseas Saudi Arabian plants have shut down again. With the decline in phased arrivals, port inventories are expected to continue to decline. The current good situation is expected to be maintained in the short term, and the far - month valuation will rise accordingly. It is expected to be in a volatile state. Attention should be paid to the restart progress of satellite and Saudi plants [4]. - Polyester Staple Fiber: The start - up of staple fiber has decreased, and sales have weakened slightly. Inventory has decreased month - on - month. The demand side is weak, but exports are growing at a high speed. The current processing fee is relatively neutral, and it is expected to be in a volatile state. Attention should be paid to the change of warehouse receipts [4]. - Natural Rubber & 20 - number Rubber: The national explicit inventory remains stable at a relatively low absolute level, but there is no seasonal destocking. The price of Thai cup rubber has rebounded due to rainfall affecting tapping. The recommended strategy is to wait and see [4]. - Styrene: The daily prices of related products such as styrene have changed. The overall situation needs further observation based on price and profit changes [4]. 3. Summaries According to Relevant Catalogs PTA - **Price and Index Changes**: From July 15 - 21, 2025, the price of PTA internal - market spot increased by 5, the PTA processing fee decreased by 8, and the polyester gross profit increased by 3. The PTA balance load and PTA load remained unchanged at 81.3 and 79.7 respectively. The number of warehouse receipts + valid forecasts decreased by 25, and the TA basis decreased by 0.30 [2]. - **Device Changes**: No PTA device changes were reported [2]. - **Weekly Outlook**: Proximal TA's weekly start - up was basically stable, polyester load continued to decline, and inventory increased slightly. The basis rebounded after the weakening of liquidity impact, and the spot processing fee was slightly repaired. In the future, TA is in the inventory - accumulation stage, and attention should be paid to the opportunity of expanding the far - month processing fee at low prices [2]. MEG - **Price and Index Changes**: From July 15 - 21, 2025, the MEG external - market price increased by 3, the MEG internal - market price increased by 37, and the MEG coal - based profit increased by 37. The MEG total load and coal - based MEG load remained unchanged at 66.2 and 70.2 respectively, and the MEG port inventory remained unchanged at 53.3 [4]. - **Device Changes**: The 260,000 - ton plant of Inner Mongolia Jinyuan restarted, and the 400,000 - ton plant of Shaanxi Yueneng increased its load [4]. - **Weekly Outlook**: Proximal EG's domestic unexpected reduction increased, overseas Saudi Arabian plants shut down again, and port inventories are expected to decline. The current good situation is expected to be maintained in the short term, and attention should be paid to the restart progress of satellite and Saudi plants [4]. Polyester Staple Fiber - **Price and Index Changes**: From July 15 - 21, 2025, the price of 1.4D cotton - type staple fiber increased by 40, and the short - fiber profit increased by 24. The pure - polyester yarn profit decreased by 70 [4]. - **Device Maintenance**: No device maintenance was reported [4]. - **Weekly Outlook**: Proximal new production cuts have led to a decline in start - up to 89.5%. Sales have weakened slightly month - on - month, and inventory has decreased month - on - month. The demand side is weak, but exports are growing at a high speed. The current processing fee is relatively neutral, and attention should be paid to the change of warehouse receipts [4]. Natural Rubber & 20 - number Rubber - **Price and Index Changes**: From July 15 - 21, 2025, the price of US - dollar Thai standard rubber increased by 50, and the price of Shanghai full - latex rubber increased by 535. The price difference between mixed rubber and RU main contract decreased by 155 [4]. - **Today's View**: The national explicit inventory remains stable, but there is no seasonal destocking. The price of Thai cup rubber has rebounded due to rainfall affecting tapping. The recommended strategy is to wait and see [4]. Styrene - **Price and Index Changes**: From July 15 - 21, 2025, the price of styrene (CFR China) increased by 10, and the styrene domestic profit decreased by 85 [4]. - **Daily Outlook**: The prices of related products such as styrene have changed, and the overall situation needs further observation based on price and profit changes [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - PTA is entering a inventory accumulation phase, with the spot processing fee significantly weakened. There may be opportunities to expand the processing fee [3]. - MEG is expected to be in a sideways trend. With the restart of domestic coal - based units and Saudi units, it is gradually entering an inventory accumulation phase. Attention should be paid to the change of warehouse receipts [9]. - The processing fee of polyester staple fiber is expected to move sideways. The supply has not significantly decreased or increased, with weak domestic demand and high export growth [9]. - For natural rubber and 20 - grade rubber, the strategy is to wait and see due to stable national explicit inventory and a rebound in the price of Thai cup - lump rubber affected by rainfall [9]. 3. Summary by Product PTA - **Price and Spread Changes**: From July 11 to July 17, the price of crude oil decreased by 6, PX CFR Taiwan decreased by 1, PTA internal spot price increased by 10, and the polyester gross profit decreased by 51. The PTA processing fee increased by 13, and the PXN spread decreased slightly [3]. - **Market Situation**: Near - term TA start - up increased slightly, polyester load decreased further, inventory continued to accumulate, the basis declined, and the spot processing fee weakened significantly. The domestic PX start - up was stable, with some overseas maintenance, and the PXN spread weakened slightly [3]. MEG - **Price and Spread Changes**: From July 11 to July 17, the MEG external price increased by 3, the internal price increased by 37, and the coal - based profit increased by 37. The internal cash flow (ethylene) increased by 41 [9]. - **Market Situation**: Near - term domestic coal - based restart drove the start - up to increase month - on - month. Saudi units were restarting, and port inventory was expected to accumulate next week. The basis was stable, and the benefit ratio was maintained. With the increase in domestic start - up, it is gradually entering an inventory accumulation phase [9]. Polyester Staple Fiber - **Price and Profit Changes**: From July 11 to July 17, the price of 1.4D cotton - type staple fiber decreased by 45, and the short - fiber profit decreased by 66 [9]. - **Market Situation**: The supply side saw a reduction in production by Ningbo Dafa, and the start - up decreased to 92.3%. The sales were stable month - on - month, and the inventory was basically maintained. The demand side's yarn start - up continued to decline, with raw material inventory decreasing and finished - product inventory increasing [9]. Natural Rubber and 20 - grade Rubber - **Price Changes**: From July 11 to July 17, the price of US - dollar Thai standard rubber increased by 20, and the price of RMB mixed rubber increased by 170. The RU main contract price increased by 165, and the NR main contract price increased by 95 [9]. - **Market Situation**: The national explicit inventory was stable, with an absolute level not high but no seasonal depletion. The price of Thai cup - lump rubber rebounded due to rainfall affecting tapping [9]. Styrene - **Price and Profit Changes**: From July 11 to July 17, the price of styrene (CFR China) decreased by 5, the price of PS (East China transparent benzene) decreased by 50, and the EPS domestic profit increased by 100 [12]. - **Market Situation**: The ethylene price remained stable, and the pure - benzene price changed slightly. The Asian spread of pure - benzene to naphtha was stable, and the styrene domestic profit was basically unchanged [12].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report Core Views - **PTA**: The near - term TA start - up has increased slightly, polyester load has declined further, inventory has continued to accumulate, the basis has declined, and spot processing fees have weakened significantly. Entering the inventory accumulation stage, the slope depends on the weakening degree of the polyester off - season. There may be a reduction in supply at the margin as the spot processing fee is extremely low. Pay attention to the opportunity to expand processing fees on dips [2]. - **MEG**: The near - term domestic coal - to - MEG restart has led to an increase in the start - up rate. With Saudi Arabian plants restarting, port inventory will accumulate next week. As Iranian and ethane supplies have not decreased, it will gradually enter the inventory accumulation stage. With low actual inventory and relatively high valuation, it is expected to be range - bound. Pay attention to changes in warehouse receipts [3]. - **Polyester Staple Fiber**: Near - term supply has decreased due to the production cut of Ningbo Dafa. Production and sales have remained stable, and inventory has basically remained unchanged. Demand from the polyester yarn end has continued to decline, with raw material inventory decreasing and finished product inventory increasing. Processing fees are expected to be range - bound as supply has neither decreased significantly nor increased [3]. - **Natural Rubber & 20 - number Rubber**: The national explicit inventory has remained stable at a relatively low level but has not decreased seasonally. The price of Thai cup rubber has rebounded due to rainfall affecting rubber tapping. The strategy is to wait and see [3]. - **Styrene**: No clear forward - looking view is provided in the data, only price changes are presented [6]. 3. Summary by Product PTA - **Price and Margin Changes**: From July 10 to July 16, the price of crude oil decreased by $0.2, PTA spot price decreased by $20, and PTA processing fee increased by $19. The basis of daily average transaction is 2509(+5) [2]. - **Device and Market Situation**: Near - term TA start - up has increased slightly, polyester load has declined, inventory has accumulated, and the basis has declined [2]. MEG - **Price and Margin Changes**: From July 10 to July 16, the MEG outer - market price decreased by $1, and the MEG coal - to - profit decreased by $8. The basis is around 09(+70) [3]. - **Device and Market Situation**: Near - term domestic coal - to - MEG restart has led to an increase in the start - up rate. Saudi Arabian plants are restarting, and port inventory will accumulate next week [3]. Polyester Staple Fiber - **Price and Margin Changes**: From July 10 to July 16, the price of 1.4D cotton - type staple fiber decreased by $35, and the short - fiber profit decreased by $30 [3]. - **Device and Market Situation**: Near - term supply has decreased due to the production cut of Ningbo Dafa. Production and sales have remained stable, and inventory has basically remained unchanged [3]. Natural Rubber & 20 - number Rubber - **Price Changes**: From July 10 to July 16, the price of US - dollar Thai standard rubber increased by $50, and the price of Shanghai full - latex increased by $455 [3]. - **Market Situation**: The national explicit inventory has remained stable, and Thai cup rubber price has rebounded due to rainfall affecting rubber tapping [3]. Styrene - **Price Changes**: From July 10 to July 16, the price of ethylene remained unchanged, the price of pure benzene decreased by $10, and the price of styrene decreased by $25 [6]. - **Profit Changes**: Styrene domestic profit remained at $4 on July 15 and 16, and EPS domestic profit decreased by $110 on July 16 compared to July 15 [6].

芳烃橡胶早报 研究中心能化团队 2025/07/11 P T A 日期 原油 石脑油 日本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 2025/0 7/04 68.3 579 840 4835 6885 78.11 261.0 256 139 82.8 78.2 33074 105 0.35 2025/0 7/07 69.6 577 842 4810 6770 66.98 265.0 213 52 82.8 78.2 36428 95 0.40 2025/0 7/08 70.2 587 847 4800 6760 72.30 260.0 175 50 82.8 78.2 45812 90 0.35 2025/0 7/09 70.2 598 850 4750 6700 83.76 252.0 107 33 82.8 78.2 46058 25 0.40 2025/0 7/10 68.6 591 852 4735 6645 87.87 261.0 83 -19 82. ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - For PTA, it has entered the inventory accumulation stage. The slope of inventory accumulation depends on the weakening degree of the polyester off - season. The short - term processing fee has limited room for further decline, and attention should be paid to the subsequent load reduction of filament [2]. - For MEG, it is gradually entering the inventory accumulation stage. Considering the low actual inventory and relatively high valuation, it is expected to be range - bound, and attention should be paid to the changes in warehouse receipts [2]. - For polyester staple fiber, the supply has not significantly decreased due to acceptable profitability and inventory pressure. However, due to weak domestic demand, the upside potential of valuation is limited, and attention should be paid to whether there will be further production cuts in the industry [2]. - For natural rubber and 20 - number rubber, the main contradictions are stable national visible inventory without seasonal depletion and the rebound of Thai cup - lump rubber price affected by rainfall. The recommended strategy is to wait and see [2]. 3. Summary by Product PTA - **Price and Margin Changes**: From July 3 to July 9, crude oil price remained unchanged at 70.2, naphtha increased by 11 to 598, PX CFR Taiwan increased by 3 to 850, PTA inner - market spot decreased by 50 to 4750, and polyester yarn POY 150D/48F decreased by 60 to 6700. The naphtha cracking spread increased by 11.46 to 83.76, PX processing margin decreased by 8 to 252, PTA processing margin decreased by 68 to 107, and polyester gross profit decreased by 17 to 33 [2]. - **Device Changes**: Hainan Yisheng's 2 million - ton device increased its load [2]. - **Market Situation**: Near - end TA operation rate was stable, polyester operation rate declined faster, inventory slightly accumulated, the basis weakened significantly, and spot processing fee decreased [2]. MEG - **Price and Margin Changes**: From July 3 to July 9, Northeast Asian ethylene remained at 820, MEG outer - market price remained at 509, MEG inner - market price increased by 2 to 4347, and MEG coal - based profit increased by 2 to 583 [2]. - **Device Changes**: Hainan Yisheng's 2 million - ton device increased its load [2]. - **Market Situation**: Near - end domestic coal - based plants had maintenance, the operation rate decreased slightly. Saudi plants had some accidents, port inventory decreased at the beginning of next week but was expected to accumulate again during the week. The basis was stable, and the profit - to - price ratio was maintained [2]. Polyester Staple Fiber - **Price and Profit Changes**: From July 3 to July 9, the price of 1.4D cotton - type staple fiber decreased by 5 to 6730, and short - fiber profit increased by 38 to 196 [2]. - **Device Changes**: No device maintenance information was provided [2]. - **Market Situation**: Near - end Jiangyin Huaxi reduced production, the operation rate dropped to 93.0%. Sales were stable compared to the previous period, and inventory slightly accumulated. On the demand side, the operation rate of polyester yarn decreased, raw material inventory decreased, and finished - product inventory continued to accumulate [2]. Natural Rubber & 20 - number Rubber - **Price Changes**: From July 3 to July 9, the price of US - dollar Thai standard rubber remained at 1705, the price of RMB mixed rubber increased by 20 to 13860, and the price of Shanghai full - latex increased by 60 to 13645 [2]. - **Market Situation**: The national visible inventory was stable, and the price of Thai cup - lump rubber rebounded due to rainfall affecting tapping [2]. Styrene - **Price Changes**: From July 3 to July 9, ethylene (CFR Northeast Asia) remained at 820, pure benzene (CFR China) remained at 731, and styrene (CFR China) increased by 5 to 910 [5]. - **Profit Changes**: Styrene domestic profit remained at 170, EPS domestic profit decreased by 80 to 60, and PS domestic profit decreased by 80 to - 314 [5].

| P T A | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 原油 | 石脑油 日本 | PX CFR 台湾 | PTA内盘现 货 | POY 1 50D/4 8F | 石脑油裂 解价差 | PX加工差 | PTA加 工差 | 聚酯毛利 | PTA平衡 负荷 | PTA负 荷 | 仓单+有 效预报 | TA基差 产销 | | | 2025/0 6/30 | 67.6 | 573 | 874 | 5030 | 7020 | 77.17 | 301.0 | 267 | 117 | 85.7 | 78.2 | 34434 | 240 | 0.35 | | 2025/0 7/01 | 67.1 | 571 | 861 | 4980 | 6990 | 78.11 | 290.0 | 287 | 132 | 85.7 | 78.2 | 34428 | 200 | 0.30 | | 2025/0 7/02 | 69 ...

芳烃橡胶早报 M E G 日期 东北亚乙烯 MEG外盘 价格 MEG内盘 价格 MEG华东 价格 MEG远月 价格 MEG煤制 利润 MEG内盘现金 流（乙烯） MEG总负 荷 煤制MEG 负荷 MEG港口 库存 非煤制负荷 2025/06/24 850 517 4480 4495 4483 560 -726 67.2 71.3 54.5 65 2025/06/25 850 515 4398 4415 4400 478 -808 67.2 71.3 54.5 65 2025/06/26 850 511 4379 4395 4385 459 -824 67.2 71.3 54.5 65 2025/06/27 850 508 4346 4360 4347 582 -858 67.2 71.3 54.5 65 2025/06/30 850 508 4334 4350 4334 570 -867 67.2 71.3 54.5 65 变化 0 0 -12 -10 -13.00 -12.00 -9 0 0 0 0 MEG现货成交 基差对09（+68）附近。 MEG装置变化 陕西榆能40万吨单线检修。 周度观点 近端国内油 ...

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, after the near - end TA maintenance, the start - up rate decreased, polyester start - up increased, inventory slightly decreased, basis strengthened again, and spot processing fees improved. In the future, TA inventory start - up will gradually return, and it will enter the inventory accumulation stage. The monthly spread driver may fluctuate greatly between PX inventory depletion and polyester benefit compression [1]. - For MEG, the near - end domestic maintenance continued to resume, the start - up rate continued to rise, Iranian devices stopped intensively, port inventory decreased slightly, and the basis weakened. In the future, the domestic supply will return, and the inventory accumulation amplitude is expected to be limited. It is expected to be in a volatile pattern [7]. - For polyester staple fiber, the start - up rate increased, production and sales remained stable, inventory slightly accumulated. The demand side was weak, but exports maintained a high growth rate. There are also production reduction plans in the future, and the processing fee is expected to remain weak [7]. - For natural rubber and 20 - number rubber, the national explicit inventory remained stable, the price of Thai cup rubber rebounded, and rainfall affected rubber tapping. The recommended strategy is to wait and see [7]. - For styrene, the prices of related products changed, and the domestic profits of some products also changed. A comprehensive analysis of these data is needed for investment decisions [7]. Summary by Product PTA - **Price and Spread Changes**: From June 20 to June 26, 2025, crude oil remained at 67.7, PTA inner - disk spot price decreased from 5275 to 5020, PTA processing difference decreased from 369 to 375, and polyester gross profit increased from - 34 to 256. The basis of daily average transaction was 2509(+254) [1]. - **Device Changes**: Yisheng New Materials with a capacity of 3.6 million tons reduced its load [1]. - **Market Situation**: After the near - end TA maintenance, the start - up rate decreased, polyester start - up increased, inventory slightly decreased, basis strengthened again, and spot processing fees improved. PX domestic start - up remained stable, overseas Middle - East devices had unexpected shutdowns, PXN and its structure strengthened again [1]. - **Future Outlook**: TA inventory start - up will gradually return, and it will enter the inventory accumulation stage. The monthly spread driver may fluctuate greatly between PX inventory depletion and polyester benefit compression [1]. MEG - **Price and Profit Changes**: From June 20 to June 26, 2025, Northeast Asia ethylene remained at 850, MEG inner - disk price decreased from 4594 to 4379, and MEG coal - made profit decreased from 681 to 459. The basis of spot transaction was around 09(+72) [7]. - **Device Changes**: Zhejiang Petrochemical's 800,000 - ton device was under maintenance [7]. - **Market Situation**: The near - end domestic maintenance continued to resume, the start - up rate continued to rise, Iranian devices stopped intensively, port inventory decreased slightly, downstream stocking levels increased slightly, the basis weakened, and coal - made benefits continued to expand [7]. - **Future Outlook**: The domestic supply will return, and the inventory accumulation amplitude is expected to be limited. It is expected to be in a volatile pattern, and attention should be paid to the change of warehouse receipts [7]. Polyester Staple Fiber - **Price and Profit Changes**: From June 20 to June 26, 2025, the price of 1.4D cotton - type staple fiber decreased from 6995 to 6855, and the short - fiber profit increased from - 70 to 79 [7]. - **Device Changes**: Not provided - **Market Situation**: Fujian Jinlun restarted, the start - up rate increased to 95.1%, production and sales remained stable, inventory slightly accumulated. The demand side was weak, but exports maintained a high growth rate [7]. - **Future Outlook**: There are also production reduction plans in the future, and the processing fee is expected to remain weak. Attention should be paid to the implementation of industry production reduction [7]. Natural Rubber and 20 - Number Rubber - **Price Changes**: From June 20 to June 26, 2025, the price of US - dollar Thai standard rubber increased from 1690 to 1700, and the price of Shanghai full - latex increased from 13500 to 13640 [7]. - **Market Situation**: The national explicit inventory remained stable, the price of Thai cup rubber rebounded, and rainfall affected rubber tapping [7]. - **Strategy**: Wait and see [7]. Styrene - **Price and Profit Changes**: From June 20 to June 26, 2025, the price of ethylene (CFR Northeast Asia) remained at 850, the price of pure benzene (CFR China) remained at 748, and the domestic profit of styrene decreased from 140 to 165 [7]. - **Market Situation**: The prices of related products changed, and the domestic profits of some products also changed [7].