东北乙二醇装置停车：五月去库幅度可观

Core Viewpoint - The temporary shutdown of two MEG plants in Northeast China, totaling 1.8 million tons per year, is expected to impact market supply significantly, with a shutdown duration of over one month [1] Industry Summary - The two MEG plants were scheduled for a 45-day maintenance starting mid-June, but the unexpected early shutdown has led to a supply tightening in the market [1] - On May 15, ethylene glycol prices adjusted downwards, with the basis weakening in tandem. The main trading range for the 09 contract was reported at a premium of 90 to 125 RMB per ton [1] - Internationally, ethylene glycol prices slightly declined, with mainstream negotiations around 527 to 532 USD per ton, indicating a cautious buying sentiment [1] - The EG2509 contract closed at 4461 RMB per ton, reflecting a decrease of 0.69%, with a trading volume of 322,900 lots [1] - Polyester production and sales rates were reported at 35.56% for polyester filament, 44.17% for polyester staple fiber, and 40.82% for polyester chips, indicating a general weakness in filament sales despite some improvement in downstream business [1] - The domestic ethylene glycol operating rate has dropped significantly to its lowest level of the year, while high polyester operating rates provide strong support for ethylene glycol prices [1] - The expected price trend for ethylene glycol is upward, with attention on ongoing tariff developments and the situation regarding US supply [1]