Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Domestic PTA plants are gradually returning, and domestic PTA production is rising. PTA profit is still constrained by over - capacity and new plant commissioning. Previously, due to pessimistic demand and new plant commissioning expectations, PTA processing fees were low. Recently, demand has improved, new plant commissioning has been postponed, and some enterprises have cut production to maintain prices, so PTA processing fees show signs of recovery [2] - Polyester load remains above 90%, but there is no significant inventory accumulation, indicating that market demand is still optimistic at low prices, especially export demand. Promotions by mainstream factories have led to a small peak in National Day备货. Under the environment of low processing fees and market anti - involution, PTA operating rate may further improve [2] Group 3: Summary Based on Related Data Spot and Futures Price Changes - PTA spot price remained at 4590 from September 26th to September 29th, 2025; MEG inner - market price increased from 4294 to 4295; PTA closing price rose from 4646 to 4652; MEG closing price increased from 4213 to 4224 [2] - 1.4D direct - spinning polyester staple fiber price decreased from 6495 to 6480; short - fiber basis increased from 102 to 110; 10 - 11 spread decreased from 2 to 22 [2] Market Conditions of Short - fiber and Bottle - chip - In the short - fiber market, the price of polyester staple fiber production plants is stable, and the price of traders is in a sideways shock. Downstream buyers purchase as needed, and on - site transactions are limited. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber varies in different regions [2] - In the bottle - chip market, the mainstream negotiation price of polyester bottle - chips in the Jiangsu and Zhejiang markets is 5790 - 5890 yuan/ton, with the average price down 5 yuan/ton from the previous working day. PTA and bottle - chip futures first fell and then rose, supply offers were mixed, downstream terminals mainly watched, and market transactions were scarce [2] Operating Rates and Production and Sales - The weekly load of direct - spinning short - fiber decreased from 93.90% to 94.40%; polyester staple fiber production and sales increased from 45.00% to 52.00%; the weekly opening rate of polyester yarn remained at 63.50%; the weekly load index of recycled cotton - type increased from 51.00% to 51.50% [3]

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 入 用 市 市 W FF 客 服 热线 官 方 网 站 la jat 400-8888-598 www.itf.com.cn | | | | 国贸期货研究院 能源化工研究中心 陈胜 | 投资咨询号 Z0017251 2025/5/16 | | --- | --- | --- | --- | --- | | | | | | 从业资格号: | | | | | | F3066728 | | 指标 | 2025/5/14 | 2025/5/15 | 变动值 | | | PTA现货价格 | 5095 | 5030 | (65.00) | | | MEG内盘价格 | 4635 | 4581 | (54. 00) | 现货资讯: | | PTA收盘价 | 4874 | 4798 | (76.00) | 短纤:涤纶短纤跌16至6570。现货市场:涤纶 | | | | | | 短纤生产企业价格上调,贸易商价格偏弱,下游 | | MEG收盘价 | 4506 | 4461 | (45.00) | 观望为主,场内成交稀少。1.56dtex*38mm ...