Supply and Demand - As of May 22, the overall operating rate of MEG is 58.22%, a decrease of 2.26%, while the coal-based MEG operating rate is 61.25%, an increase of 1.21% [2] - As of May 26, the estimated port inventory of MEG in the East China main port area is approximately 687,000 tons, a decrease of 56,000 tons compared to the previous period [2] - Demand remains consistent with PTA demand [2] Market Outlook - There is a short-term expectation of reduced polyester production, but due to maintenance of major ethylene glycol facilities by Hengli Petrochemical and Satellite Petrochemical, as well as reduced operating rates at Shenghong Refining, there is also an expectation of supply contraction for ethylene glycol [3] - Recent maintenance of two major facilities in Saudi Arabia and reduced operations at some Iranian facilities have led to a decrease in overseas shipments, limiting the rebound in import volumes [3] - The expectation for inventory reduction in ethylene glycol is significant for May and June, with recent inventory reductions reflected in port stocks, indicating that the pace of inventory depletion may accelerate in June [3] - The strategy suggested is to maintain a wait-and-see approach, with a recommendation for low-price hedging in EG9-1 [3] Spot Market - On May 27, ethylene glycol prices showed a weak consolidation trend, with a strong basis [1] - Polyester plants have reduced production, with operating rates falling below 92% [1] - The spot market saw ethylene glycol prices briefly dip before recovering, with transactions around 153-155 yuan/ton above the September contract by the end of the day [1] - In the international market, ethylene glycol prices slightly retreated, with June shipment negotiations around $528-$530 per ton, while further out shipments were lower at below $525 per ton [1]
乙二醇：供需双降 但MEG近月去库仍较多 关注正套机会
Jin Tou Wang·2025-05-28 02:03