【国泰期货】Polyester Data Weekly Report: Demand in Off-Season, Short-Term Unilateral Fluctuations Lean Bearish-250727（45页）.pdf

1、Guotai Junan Futures all rights reserved,please do not reprintGTJA Futures Research Institute Xiaoqin He（Analyst）Advisory Code：Z0017709Jiayin Qian（Contacts）Qualification Code：F03124480Date：Sunday,July 27,2025Polyester Data Weekly ReportSpecial report on Guotai Junan FuturesDemand in Off-Season,Short

2、-Term Unilateral Fluctuations Lean Bearish2PX:This week,Chinas PX operating rate stands at 79.9%(+1.2%),and the overall operating rate in Asia is 72.9%(-0.7%).The 390,000-ton PX unit of Tianjin Petrochemical will undergo a two-month maintenance.Overseas,the 1.34 million-ton PX unit in Saudi Arabia i

3、s expected to restart in the near future.At the beginning of August,the 2 million-ton PX unit of Weilian Chemical will restart;in the middle of the month,the 800,000-ton plus 800,000-ton units of Fujian Chemical Industry Group will restart one after another,along with the gradual restart of the 530,

4、000-ton unit in Thailand and the 190,000-ton plus 420,000-ton units of Japans ENEOS.The supply of PX in Asia will gradually pick up in the future.The unilateral weakening trend continues,and it is advisable to conduct hedging at high prices.PTA:The market shows a one-sided weakening trend.Industries

5、 can carry out hedging at high levels,focusing on the strategy of going long PX and short PTA in the January contract.This week,the market is paying attention to the impact of anti-involution on the polyester industry chain.Driven by the overall strength of the commodity market,PTA prices have stren

6、gthened.In terms of supply and demand:The operating rate of PTA plants remains at 79.7%.For August,attention should be paid to the following developments:the maintenance of Jiaxing Petrochemicals 2.2 million-ton plant;the expected restart of Dongying Weilian Chemicals 2.5 million-ton plant;the expec