中化新网讯 9月9日，帝人株式会社旗下泰国子公司帝人聚酯(泰国)有限公司宣布，计划将其位于泰国空 銮的聚酯长丝产能提升至620吨/年。 目前，帝人子公司帝人前沿正针对性生产满足此类需求的纱线，但由于前端加工设备同时承担工业纤维 用回收聚酯长丝与其他工业材料用功能聚酯长丝的生产任务，产能提升面临瓶颈。泰国空銮工厂生产的 高强度回收聚酯长丝及功能性聚酯长丝计划销往日本及国际市场，作为帝人前沿集团的原料纱线和成 品。 此次扩产旨在应对回收聚酯长丝需求的显著增长，该需求主要由资源循环倡议及2023年欧盟《报废车辆 (ELV)法规提案》推动。新法规基于原有ELV指令和"3R(再利用、回收、再生)认证指令"，旨在强化回 收力度并减少废弃物。帝人指出，受此影响，市场对兼具高强度、阻燃性等增强功能的聚酯长丝需求持 续上升。 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 60.916 billion yuan, a year-on-year decrease of 16.36% [1] - Net profit attributable to shareholders was 386 million yuan, an increase of 21.24% year-on-year [1] - Non-recurring net profit was 271 million yuan, showing a significant growth of 166.21% year-on-year [1] - Operating cash flow reached 2.811 billion yuan, up 39.14% year-on-year [1] Group 2: Asset Overview - As of June 30, 2025, total assets amounted to 213.335 billion yuan, with net assets attributable to shareholders at 34.544 billion yuan [2] Group 3: Business Segments Performance - The petrochemical segment generated revenue of 44.202 billion yuan with a net profit of 257 million yuan, showing significant improvement [2] - The company’s EVA production capacity reached 900,000 tons, solidifying its leading position in the industry [2] - The polyester filament business operated steadily, although gross margins slightly narrowed [2] Group 4: Future Development Plans - The company aims to fully embrace artificial intelligence to enhance operational efficiency across production, supply chain, and environmental safety [3] - Continued focus on the "1+N" industrial strategy to drive innovation and high-end product development [3] - Plans to maintain healthy cash flow and manage capital expenditures effectively [4] Group 5: Shareholder Confidence - In May 2025, the controlling shareholder announced a share buyback plan totaling 2.02 billion yuan, with additional plans to increase holdings by 500 million to 1 billion yuan in June [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the off - season of demand and with low valuations, there is no need to chase short positions in the short term. For PX, supply continues to shrink, and the unilateral price rebounds. For PTA, the cost is supported, but the monthly spread is under pressure, with the unilateral price oscillating slightly stronger. For MEG, the unilateral price oscillates stably, and the strategy of going long on PTA and short on MEG should be closed [3][4]. 3. Summary by Relevant Catalogs 3.1 PX 3.1.1 Valuation and Profit - The volatility of the unilateral price comes from crude oil. In July, the supply - demand of PX remains tight, and it is advisable to go long on the monthly spread at low prices. The PXN strengthens, and the gasoline cracking spread also strengthens, improving the refinery's enthusiasm for starting operations. The toluene disproportionation profit continues to rise, while the toluene chemical economy weakens month - on - month, and the MX chemical economy rebounds month - on - month [18][22][30]. 3.1.2 Supply, Demand, and Inventory - The load of CICC Petrochemical decreases, and the PX load slightly drops. In July, attention should be paid to the maintenance plans of Tianjin Petrochemical and Zhejiang Petrochemical. In May, the domestic PX output increased to 2.97 million tons, and the weekly operating rate was 83.8% (- 1.8%). The apparent consumption in May was 3.55 million tons. In May, the import volume increased to 773,000 tons month - on - month. The Asian PX device operating rate this week was 74.3% (- 1.3%). In May, the Longzhong PX monthly inventory decreased to 4.51 million tons [53][55][62][79]. 3.2 PTA 3.2.1 Valuation and Profit - The TA device load increases, and the volume of credit warehouse receipts increases at high prices. The cost rises, the PX profit decreases, and the PTA profit remains at a low level. The 9 - 1 monthly spread around 200 yuan is recommended to be closed or appropriately reverse - arbitraged [89][96][95]. 3.2.2 Supply, Demand, and Inventory - The de - stocking intensity narrows, and this week may turn into a stocking pattern. In May, the PTA output was 5.91 million tons, a 1% increase month - on - month. The container freight rate drops, which is beneficial for exports. In May, the export volume was 270,000 tons, a significant decrease. The social inventory is 2.16 million tons (- 40,000 tons), the de - stocking slope slows down, and it will gradually turn into a stocking pattern in July [99][101][108][122]. 3.3 MEG 3.3.1 Valuation and Profit - With the return of Iranian supply and weakening demand, the monthly spread and basis drop significantly. The seasonal demand for ethylene oxide decreases, and attention should be paid to the conversion of production. The profits of coal - based, MTO, and ethylene - purchased MEG production decline from high levels, while the profit of naphtha - based MEG production recovers [130][134][136]. 3.3.2 Supply, Demand, and Inventory - The device operating rate drops. In May, the ethylene glycol import volume was 600,000 tons, and the import from the Middle East decreased. The impact of the Middle East geopolitical conflict on ethylene glycol imports may be reflected in August. The import profit decreases month - on - month, which may affect the June imports. The port continues to de - stock, and the import volume will continue to increase to 110,000 - 120,000 tons next week [144][146][151][156]. 3.4 Polyester 3.4.1 Valuation and Profit No relevant content provided. 3.4.2 Supply, Demand, and Inventory - The polyester operating rate is 91.2% (- 0.8%). Multiple polyester devices reduce production, and the overall load will drop to 89.3%. The polyester output increases by 8% year - on - year. This week, the sales are sluggish, and the downstream enters the off - season [160][163][166][168].

Group 1: Report Investment Rating - No investment rating information provided Group 2: Core Views - This week, the geopolitical conflict in the Middle East intensified, causing a significant increase in crude oil prices and a notable upward push on the cost side. Due to the war, some ethylene glycol plants in Iran temporarily shut down, leading to concerns about supply losses and a continuous upward trend in ethylene glycol prices [1]. - The overall operating load of ethylene glycol in mainland China is 70.33% (a 4.07% increase from last week), with the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) at 70.16% (a 1.73% increase from last week). Domestic supply is expected to increase as the maintenance period ends, and the load will return to a high level in July. Although Iranian ethylene glycol plants have temporarily shut down, inventory is still being shipped normally, with little impact on actual arrivals in July. The supply situation from August to September depends on the shutdown duration and shipping routes [1]. - The operating load of textile looms in Jiangsu and Zhejiang is 65.0% (a 2.0% decrease from last week), and the operating load of texturing machines is 77.0% (a 2.0% decrease from last week). The polyester operating rate is 92.00% (a 1.10% increase from last week), and the direct - spun filament load is 91.40% (a 1.20% increase from last week). The inventory days of POY, FDY, and DTY have all increased. The operating rate of polyester staple fiber plants is 95.1% (+3.0%), and the equity inventory days are 12.1 days (a 0.6 - day increase from last week). The operating rate of bottle - chip plants is 80.7% (a 0.9% increase from last week). Domestic and foreign sales are in the off - season, with terminal orders and operations declining. However, polyester performance is relatively good, and the load is firm. After the raw material price increase, filament inventory decreased due to concentrated restocking. This week, the filament and bottle - chip loads increased. High - price fluctuations may increase inventory pressure, and continued attention should be paid to polyester inventory changes. In the short term, the filament load is expected to remain stable. The inventory of staple fiber is not high, and the implementation of production cuts is uncertain. Regarding bottle chips, Wankai Yisheng plans to start maintenance at the beginning of July, and Huarun plans to start on June 22, involving a production capacity of 2.36 million tons. Attention should be paid to the actual implementation [2]. - According to CCF data released every Monday, the inventory of MEG at the main ports in East China is 616,000 tons (a decrease of 18,000 tons from last week); according to Longzhong data released every Thursday, the inventory is 537,000 tons (a decrease of 27,000 tons from last week). The planned arrivals at East China ports this week total 100,000 tons, which is neutral, and port inventory is expected to remain stable. Attention should be paid to changes in arrival schedules due to the shutdown of Iranian plants [3]. - On the supply side, domestic supply is gradually recovering. The supply - demand structure in June still shows a favorable inventory reduction, but after the warehouse receipts are cancelled and flow out, the available spot in the market will increase. The load will return to a high level in July. Overseas, although Iranian ethylene glycol plants have temporarily shut down, inventory is still being shipped normally, with little impact on actual arrivals in July. The supply situation from August to September depends on the shutdown duration and shipping routes. Later, the recovery of domestic production and the increase in Saudi supply will largely offset the impact of the shutdown of Iranian plants. On the demand side, the current situation is firm, but several major bottle - chip manufacturers have concentrated maintenance plans at the end of June and beginning of July, and the demand outlook is weak. Attention should be paid to the actual implementation [3]. - For trading strategies, the short - term outlook is bullish. Attention should be paid to further developments in the Middle East geopolitical conflict, and if the conflict eases, prices may fall. There are no cross - period or cross - variety strategies [4]. Group 3: Summary by Directory Price and Spread - This week, the geopolitical conflict in the Middle East intensified, causing a significant increase in crude oil prices and a notable upward push on the cost side. Due to the war, some ethylene glycol plants in Iran temporarily shut down, leading to concerns about supply losses and a continuous upward trend in ethylene glycol prices [1] Supply - The overall operating load of ethylene glycol in mainland China is 70.33% (a 4.07% increase from last week), with the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) at 70.16% (a 1.73% increase from last week). Domestic supply is expected to increase as the maintenance period ends, and the load will return to a high level in July. Although Iranian ethylene glycol plants have temporarily shut down, inventory is still being shipped normally, with little impact on actual arrivals in July. The supply situation from August to September depends on the shutdown duration and shipping routes [1] Demand - The operating load of textile looms in Jiangsu and Zhejiang is 65.0% (a 2.0% decrease from last week), and the operating load of texturing machines is 77.0% (a 2.0% decrease from last week). The polyester operating rate is 92.00% (a 1.10% increase from last week), and the direct - spun filament load is 91.40% (a 1.20% increase from last week). The inventory days of POY, FDY, and DTY have all increased. The operating rate of polyester staple fiber plants is 95.1% (+3.0%), and the equity inventory days are 12.1 days (a 0.6 - day increase from last week). The operating rate of bottle - chip plants is 80.7% (a 0.9% increase from last week). Domestic and foreign sales are in the off - season, with terminal orders and operations declining. However, polyester performance is relatively good, and the load is firm. After the raw material price increase, filament inventory decreased due to concentrated restocking. This week, the filament and bottle - chip loads increased. High - price fluctuations may increase inventory pressure, and continued attention should be paid to polyester inventory changes. In the short term, the filament load is expected to remain stable. The inventory of staple fiber is not high, and the implementation of production cuts is uncertain. Regarding bottle chips, Wankai Yisheng plans to start maintenance at the beginning of July, and Huarun plans to start on June 22, involving a production capacity of 2.36 million tons. Attention should be paid to the actual implementation [2] Inventory - According to CCF data released every Monday, the inventory of MEG at the main ports in East China is 616,000 tons (a decrease of 18,000 tons from last week); according to Longzhong data released every Thursday, the inventory is 537,000 tons (a decrease of 27,000 tons from last week). The planned arrivals at East China ports this week total 100,000 tons, which is neutral, and port inventory is expected to remain stable. Attention should be paid to changes in arrival schedules due to the shutdown of Iranian plants [3]

Core Viewpoint - Japan's chemical industry is undergoing significant restructuring, with major companies exiting low-margin businesses and focusing on high-value-added materials and sustainable practices to enhance competitiveness in a challenging market environment [1][5][6]. Group 1: Industry Position and Market Dynamics - Japan's new materials industry holds a leading position globally, particularly in semiconductor materials, specialty chemicals, and carbon fiber, with companies like Toray and Mitsubishi Chemical being key players [1]. - Recent trends show a withdrawal from certain sectors, with major companies like Kuraray and Mitsui Chemicals announcing production halts and business exits, indicating a strategic shift in response to market pressures [2][3]. Group 2: Strategic Adjustments and Future Focus - Companies are restructuring to focus on high-growth, high-margin sectors, with an emphasis on specialty chemicals and sustainable materials, as seen in Mitsui Chemical's plans for a global specialty chemicals business [5]. - The overarching strategy across major firms includes transitioning towards high-performance materials and green technologies, aligning with global trends in energy transition and environmental regulations [4][5][6]. Group 3: Challenges and Market Pressures - The Japanese chemical sector faces challenges such as declining domestic demand due to population decrease and economic downturn, alongside increased competition from rapidly developing Asian markets [3][4]. - The implementation of carbon border adjustment mechanisms and pressures from global carbon markets are further complicating the operational landscape for traditional chemical businesses [4].

Group 1: Report Investment Rating - No investment rating information provided Group 2: Core Viewpoints - The PTA market is active due to the suspension of US tariff measures and the support from major PTA suppliers. The supply of PX has started to increase, and the basis of PTA has weakened significantly. There is selling pressure in the market, and the positive spread has weakened. Polyester may experience a slight production cut. [2] - The inventory of ethylene glycol in East China ports remains at over 700,000 tons. The coal - based ethylene glycol device load increase puts pressure on the market, but coal prices have started to rise. The mainstream device load of ethylene glycol is about to be overhauled, and it will enter the de - stocking stage. [2] Group 3: Summary by Directory Market Quotes - INE crude oil price increased from 453.0 yuan/barrel on May 28, 2025, to 467.1 yuan/barrel on May 29, 2025, with an increase of 14.10 yuan/barrel. The PTA price in the East China market rose to 4951 yuan/ton, up 76 yuan/ton. The spot price of PTA increased from 4880 yuan/ton to 4950 yuan/ton, and the spot processing fee increased from 322.5 yuan/ton to 354.8 yuan/ton. [2] - The spot price of ethylene glycol in the Zhangjiagang market rose to 4512 - 4514 yuan/ton, up 28 yuan/ton from the previous working day. [2] Industrial Chain - PX: CFR China PX increased from 836 to 852, and the PX - naphtha spread increased from 269 to 290. [2] - PTA: The PTA main futures price increased from 4672 yuan/ton to 4814 yuan/ton. The on - disk processing fee increased from 134.5 yuan/ton to 188.8 yuan/ton. [2] - MEG: The MEG main futures price increased from 4311 yuan/ton to 4359 yuan/ton, and the MEG - naphtha spread changed from (83.63) to (82.82). [2] Product Situation - Polyester filament: The prices of POY, FDY, and DTY had different changes, and the cash flows of POY, FDY, and DTY all decreased. The filament production and sales rate decreased from 72% to 56%. [2] - Polyester staple fiber: The price of 1.4D direct - spun polyester staple fiber increased from 6590 to 6625, and the cash flow decreased from 12 to (9). The short - fiber production and sales rate increased from 52% to 93%. [2] - Polyester chips: The price of semi - bright chips increased from 5850 to 5905, and the chip cash flow decreased from (178) to (179). The chip production and sales rate increased from 36% to 163%. [2] Device Maintenance - Three major polyester filament manufacturers decided to immediately implement production cuts for loss - making products and plan the next - step production cut plan, which will be implemented in the short term. [2]

Report Industry Investment Rating - Short - term PX/PTA/PF/PR rating: Neutral [4] Core View - On Wednesday, major polyester filament manufacturers increased production cuts, and the prices of the industrial chain fluctuated weakly. The market is currently focused on the Iran - US nuclear talks and the OPEC+ eight - country ministerial meeting on June 1st, with no news to guide the oil price, which is in a consolidation phase. The gasoline cracking has rebounded recently, but the seasonal performance is still weaker than in the previous two years. The aromatics blending demand this year is not worth much expectation. The domestic and international intermittent blending demand can be basically met by naphtha, limiting the enthusiasm of aromatics to enter the gasoline pool. The supply of PX has recovered, but the spot market is still tight. The PTA price has rebounded, and some device overhauls have been postponed. The polyester demand is strong in the short term but may weaken in mid - to - late June [1][2][3]. Summary According to Related Catalogs I. Price and Basis - The report shows the TA main contract, basis, and inter - period spread trends, PX main contract trends, basis, and inter - period spread, PTA East China spot basis, and short - fiber 1.56D*38mm semi - dull natural white basis [8][9][11] II. Upstream Profits and Spreads - It includes PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][19] III. International Spreads and Import - Export Profits - The report presents the toluene US - Asia spread, toluene South Korea FOB - Japan naphtha CFR, and PTA export profit [24][26] IV. Upstream PX and PTA Startup - Information on the startup of Chinese, South Korean, and Taiwanese PTA, as well as Chinese and Asian PX is provided [27][30][32] V. Social Inventory and Warehouse Receipts - Data on PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory are given [35][38][39] VI. Downstream Polyester Load - It contains data on filament production and sales, short - fiber production and sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, and the operating rates of Jiangsu and Zhejiang looms, texturing machines, and dyeing machines [47][49][59] VII. PF Detailed Data - Details on polyester staple fiber load, factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, raw - recycled spread, pure polyester yarn operating rate, pure polyester yarn production profit, polyester - cotton yarn operating rate, polyester - cotton yarn processing fee, and factory inventory available days are provided [71][80][84] VIII. PR Fundamental Detailed Data - Information on polyester bottle - chip load, bottle - chip factory inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip spread, bottle - chip next - month spread, and bottle - chip next - next - month spread is presented [92][94][102]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - PTA: PX supply is increasing as PX device maintenance ends and device loads rapidly recover, including those of companies like CICC, Zhejiang Petrochemical, and Shenghong, and overseas aromatic hydrocarbon devices are also gradually recovering. The domestic PTA device maintenance is ending, the PTA basis is weakening, and the market is under selling pressure. The positive spread has weakened, the PTA monthly spread has decreased, and polyester factories may slightly reduce production [2]. - Ethylene Glycol (MEG): The port inventory in East China remains at over 700,000 tons with little change. The load of coal - based ethylene glycol devices is rising, but coal prices are also increasing. The profit of coal - based devices is compressed, and mainstream device loads are about to be maintained, leading to a subsequent de - stocking phase [2]. 3. Summary by Relevant Catalogs Market Quotes - **Crude Oil**: The INE crude oil price dropped from 459.7 yuan/barrel on May 26, 2025, to 458.3 yuan/barrel on May 27, 2025, a decrease of 1.4 yuan/barrel [2]. - **PTA**: The PTA market declined slightly. The PTA - SC spread increased by 26.17 yuan/ton, the PTA/SC ratio increased by 0.0091. The PTA futures price rose by 16 yuan/ton, the spot price dropped by 30 yuan/ton, the spot processing fee decreased by 30.3 yuan/ton, the on - screen processing fee decreased by 19.3 yuan/ton, and the basis increased by 10 yuan/ton. The number of PTA warehouse receipts remained unchanged [2]. - **MEG**: The spot price of ethylene glycol in Zhangjiagang decreased by 3 yuan/ton. The futures price first declined and then rose, and the basis strengthened. The MEG - naphtha spread increased by 0.8 yuan/ton, the MEG domestic price decreased by 28 yuan/ton, and the basis increased by 16 yuan/ton [2]. Industry Chain Start - up Situation - **PX**: The start - up rate remained at 79.18% [2]. - **PTA**: The start - up rate remained at 79.28% [2]. - **MEG**: The start - up rate remained at 51.60% [2]. - **Polyester**: The polyester load increased from 90.75% to 90.81%, an increase of 0.06% [2]. Product Price and Cash Flow - **Polyester Filament**: The prices of POY150D/48F, FDY150D/96F, and DTY150D/48F remained unchanged. The cash flows of POY, FDY, and DTY increased by 35 yuan/ton, and the filament sales rate increased from 36% to 57%, a 21 - percentage - point increase [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spun polyester staple fiber decreased by 10 yuan/ton, the cash flow increased from - 24 yuan/ton to 1 yuan/ton, and the staple fiber sales rate increased from 45% to 54%, a 9 - percentage - point increase [2]. - **Polyester Chips**: The price of semi - bright chips decreased by 40 yuan/ton, the cash flow decreased from - 154 yuan/ton to - 159 yuan/ton, and the chip sales rate decreased from 65% to 38%, a 27 - percentage - point decrease [2]. Device Maintenance - Due to the recent rapid increase in raw material prices, three major polyester filament manufacturers have decided to immediately implement production cuts for loss - making products and plan further production cuts to be implemented in the short term [2].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - PTA market: PX supply has increased as PX unit maintenance ended and units returned, and overseas aromatic hydrocarbon units also recovered. PTA basis weakened, and spot selling pressure increased. The positive spread in the market has weakened, and polyester factories' destocking is nearing completion. Polyester may experience a slight production cut [2]. - MEG market: East China ethylene glycol port inventory remains at over 700,000 tons. The load of coal - based ethylene glycol units has recovered, but coal prices have started to rise. With the upcoming maintenance of mainstream ethylene glycol units, it will enter a destocking phase [2]. Group 3: Summary by Relevant Catalogs 1. Market Data - **Crude Oil**: INE crude oil price was 452.8 yuan/barrel, with a change of 6.90 yuan compared to the previous period [2]. - **PX**: CFR China PX was 834, up 8 from the previous value. PX - naphtha spread was 266 [2]. - **PTA**: PTA main contract futures price was 4,716 yuan/ton, and the spot price was 4,875 yuan/ton. Spot processing fee was - 23.0 yuan/ton, and the basis was 168 [2]. - **MEG**: Zhangjiagang ethylene glycol spot was negotiated at 4,531 - 4,533 yuan/ton, down 3 yuan/ton from the previous working day. The main contract futures price was 4,403 yuan/ton, and the basis was 100 [2]. - **Polyester Products**: POY150D/48F price was 6,990, FDY150D/96F was 7,230, DTY150D/48F was 8,220, 1.4D direct - spun polyester staple fiber was 6,660, semi - bright polyester chip was 5,905 [2]. 2.开工情况 - **PX**: PX operating rate was 77.29%, up 1.89% [2]. - **PTA**: PTA operating rate was 78.25%, down 1.03% [2]. - **MEG**: MEG operating rate was 50.00%, down 1.60% [2]. - **Polyester Load**: Polyester load was 90.75%, down 0.36% [2]. 3. Sales and Production - **Polyester Filament**: POY sales - to - production ratio was 36%, FDY sales - to - production ratio was not provided, DTY sales - to - production ratio was not provided [2]. - **Polyester Staple Fiber**: Polyester staple fiber sales - to - production ratio was 45%, down 15% [2]. - **Polyester Chip**: Polyester chip sales - to - production ratio was 39%, up 13% [2]. 4. Device Maintenance - Three major polyester filament manufacturers decided to cut production of loss - making products immediately and plan further production cuts in the short term due to the rapid rise in raw material prices [2].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - PTA market: PX supply has increased as PX device maintenance ended and device loads rose. PTA basis weakened, and there was selling pressure in the spot market. The long - spread trade has weakened, and PTA month - spread declined. Polyester factories' inventory improved, and there may be a slight reduction in polyester production [2]. - MEG market: East China's ethylene glycol port inventory remained at over 700,000 tons. Although coal - based ethylene glycol device load increase pressured the market, coal prices rose, squeezing the profit of coal - based devices. With mainstream device maintenance, ethylene glycol will enter a destocking phase [2]. - Polyester industry: Three major polyester filament manufacturers decided to cut production of loss - making products immediately and plan further cuts due to the recent rapid rise in raw material prices [2]. 3) Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price dropped from 470.1 yuan/barrel on May 21, 2025, to 453.7 yuan/barrel on May 22, 2025, a decrease of 16.4 yuan/barrel [2]. - **PX**: CFR China PX price decreased from 836 to 823, and the PX - naphtha spread narrowed from 266 to 246 [2]. - **PTA**: PTA主力期价 fell from 4788 yuan/ton to 4702 yuan/ton, and the spot price dropped from 4895 yuan/ton to 4860 yuan/ton. The spot processing fee increased by 22.7 yuan/ton, while the disk processing fee decreased by 13.3 yuan/ton [2]. - **MEG**: MEG主力期价 decreased from 4414 yuan/ton to 4411 yuan/ton, and the MEG - naphtha spread increased from (92.07) to (89.26) [2]. - **Polyester Products**: Prices of POY, FDY, 1.4D straight - spun polyester staple fiber, semi - bright chips, etc., generally declined, and the production and sales rates of polyester products decreased [2]. Industry Chain Operating Conditions - **PX**: The operating rate increased from 75.25% to 77.29%, a rise of 2.04% [2]. - **PTA**: The operating rate increased from 72.34% to 78.25%, a rise of 5.91% [2]. - **MEG**: The operating rate decreased from 52.26% to 50.00%, a decline of 2.26% [2]. - **Polyester**: The load remained unchanged at 91.11% [2]. Device Maintenance and Production Cuts - Three major polyester filament manufacturers decided to cut production of loss - making products immediately and plan further cuts in the short term due to the rapid rise in raw material prices [2].