聚酯瓶片(PR)

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PX&PTA&PR
Hong Yuan Qi Huo· 2025-09-24 01:39
Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report predicts that PX, PTA, and PR will operate in a volatile manner. There are concerns about supply - demand imbalances in the market, with factors like OPEC+增产, device maintenance, and changes in production and sales affecting the prices and market trends of these products [2] Summary According to Relevant Catalogs Price Information - **Upstream Crude Oil and Naphtha**: On September 23, 2025, WTI crude oil futures settled at $63.41 per barrel, up 1.81%; Brent crude oil futures settled at $67.63 per barrel, up 1.59%; the spot price of naphtha (CFR Japan) was $597.50 per ton, up 0.31% [1] - **PX Prices**: The spot price of PX (CFR China Main Port) was $803 per ton, down 0.66%. CZCE PX contracts also showed a decline, with the main - contract closing price at 6530 yuan/ton, down 0.94% [1] - **PTA Prices**: The CZCE TA main - contract closing price was 4556 yuan/ton, down 0.65%. The spot price of PTA in the domestic market was 4470 yuan/ton, down 1.11% [1] - **PR Prices**: The CZCE PR main - contract closing price was 5718 yuan/ton, down 0.49%. The mainstream market price of polyester bottle - chips in the East China market was 5710 yuan/ton, down 0.35% [1] Operating Conditions - For the PX industry, the operating rate on September 23, 2025, was 85.57%, unchanged from the previous value. The PTA factory load rate was 79.38%, up 2.56 percentage points [1] - The load rates of polyester factories, bottle - chip factories, and Jiangsu - Zhejiang looms remained unchanged at 89.00%, 74.19%, and 67.55% respectively. The production - sales rates of polyester products such as polyester filament, polyester staple fiber, and polyester chips all decreased [1] Device Information - A 700,000 - ton PX device in the Northeast has been under maintenance since September 18, with an expected maintenance period of about 45 days [2] Market Analysis - **PX**: OPEC+ is continuing to increase production, and Iraq and the Kurdish region have reached a preliminary agreement to restart the oil pipeline. The expected increase in crude oil supply of 230,000 barrels per day has intensified concerns about supply over - capacity. The global supply - surplus expectation for PX is strengthening, and its cost support is insufficient. There is an obvious increase in PX supply due to short - process capacity expansion and postponed device maintenance, while demand has decreased due to delayed new PTA device production and multiple PTA device maintenance [2] - **PTA**: With insufficient cost support, the TA2601 contract closed at 4556 yuan/ton. The global supply - surplus expectation is strengthening, and PTA operating conditions are a mix of start - up and load reduction. The market's bearish sentiment dominates, and the production and sales of polyester products are mediocre [2] - **PR**: The polyester bottle - chip market in Jiangsu and Zhejiang is trading at 5700 - 5820 yuan/ton. The prices of polyester raw materials PTA and bottle - chip futures are weakly volatile. The supply side has sufficient market supply, and downstream terminals are replenishing stocks at low prices, with a fair trading atmosphere [2]