Polyester Data Weekly Report

GTJA Futures Research InstituteXiaoqinHe（Analyst）Advisor y Code：Z0017709JiayinQian（Contacts）Qualification Code：F03124480Date：Sunday, August 17, 2025 This week's PX summary: Demand improves,downside potential may be limited. PX Demand has improved, and the downside space for the unilateral market may be limited. This week, China's PXoperating rate stands at 84.3% (+2.3%), while the overall operating rate in Asia is 74% (+0.4%).WeilianChemical's 1million-ton PX plant has resumed operation; Fujian Chemical Industry Group plans to restart its plant in late August;both NingboDaxieand Sheng Hong Refining & Chemical have increased their production load, leading to loosedomestic supply. Within the week, Hanwha's 1.13 million-ton PX plant will undergo maintenance until the end of September;Malaysia's 550,000-ton plant has shut down for maintenance, while South Korea's SK 400,000-ton plant hasresumed operation. Looking ahead,Idemitsu's400,000-ton plant, which had an unexpected shutdown, willgradually restart; ENEOS is expected to have a 610,000-ton plant restart, and Saudi Arabia's 1.34 million-tonoverseas plant is currently restarting.Overall, in Japan and South Korea, PX supply is characterized by both plantrestarts and maintenance, resulting in little impact on overall output. This week's PTA view summary: Demand recovery, monthly spread reverse arbitrage held. PTA Demand has improved month-on-month, and the unilateral market has shifted to a range-bound pattern. Attentionshould be paid to the driving effect of the subsequent peak season on the industrial chain. Non-mainstreamwarehouse receipts still suppress nearby-month contracts, making it difficult for the September-January spread tostrengthen significantly; the reverse arbitrage strategy for the September-January spread should be maintained. In terms of polyester, asHengteng'sfilament plant resumes operation, the operating rate has been revised up to89.4% (+0.6%). The restart of bottle chip factories has been postponed to September. Going forward, attentionshould be paid to the possibility of partial plant restarts if the profit of chip products recovers. The operating rate ofdownstream polyester plants has entered a slow upward channel, and the pace of recovery is expected toaccelerate in September. The average operating rate in August is 89%, with an estimated 91.5% for September. On the supply side, stability has been maintained recently. This week, Formosa Chemicals' 1.5 million-ton plant andYisheng's2.25 million-ton plant were shut down, whileWeilianChemical's 2.5 million-ton plant and JiaxingPetrochemical's 2.2 million-ton plant resumed operation. Some individual plants have reduced their production load.The operating rate of domestic PTA plants remains at 76% (-0.2%). Summary of MEG Views This Week: Demand Recovery Limits Downside MEG Both supply and demand are increasing, and ethylene glycol (MEG) is in a range-bound unilateral market. TheSeptember-January spread is expected to fluctuate within the range of-50 to 0, and the reverse arbitrage strategyfor the January-May spread is recommended. This week, Sheng Hong Refining & Chemical's 1.9 million-ton MEGplant was shut down for 2 days, while Zhejiang Petrochemical's 800,000-ton plant resumed operation. For coal-based MEG plants, despite rising coal prices and falling MEG prices, the overall profit of coal-based plantsremains at a high level of 540 yuan/ton.TongliaoJinmeiandGuanghuiXinjiang plants have resumed operation,pushing the operating rate of coal-based plants up to 80%. Overall supply remains high. On the import front, recent arrival volumes continue to rebound, while the pickup speed is relatively slow, leadingto a renewed accumulation of visible inventories. The basis has strengthened. Non-mainstream warehouse receiptsare putting pressure on the futures market. Attention should be paid to the speed of position building for theSeptember contract. CONTENTS PX End Users: Weaving,Clothing Polyester, PolyesterShort Fiber/PF PTA Ethylene Glycol/MEG Valuation and Profit Valuation and Profit Valuation and Profit Valuation and Profit Valuation and Profit Supply and Demand with InventorySupply and Demand with Inventory Supply and Demand with Inventory Supply and Demand with Inventory Supply and Demand with Inventory Para-Xylene (PX) PX Valuation: Continue to focus on the reverse spread ofmonthly differences. Zhengzhou Commodity Exchange PX Futures ForwardCurve: Negative Demand Feedback, Weakening Costs PX Valuation: Naphtha sharply weakened, PXN month-on-month reboundedOil prices weaken, naphtha plunges significantlyOverseas PX Weakens in Tandem PX Valuation: China's gasoline export plan declines, overseas oil product crack spreadsstrengthen. Naphtha cracking low-level consolidation PX Valuation: Gasoline cracking margins have rebounded from lows but stillstruggle to lift domestic aromatics valuation.Toluene disproportionation spread remainsToluene Blending Margin Dro