Supply and Demand - As of August 28, the overall operating rate of MEG was 75.13%, an increase of 1.97%, while the coal-based MEG operating rate was 77.74%, a decrease of 3.51% [2] - As of September 1, the estimated port inventory of MEG in the East China main port area was approximately 449,000 tons, a decrease of 51,000 tons compared to the previous period [2] - Demand remains consistent with PTA demand [2] Market Outlook - In September, domestic supply will see both restarts and maintenance, with high operating rates for domestic ethylene glycol; however, imports may be adjusted downwards due to low output from Saudi Arabia's Sharq1 and delays in the restart of other facilities [3] - The demand is expected to increase as it enters the peak season, with polyester load gradually rising; overall, September is anticipated to have a favorable supply-demand balance, leading to a slight reduction in inventory [3] - The strategy suggests monitoring EG01 support around 4350 and considering low buying of EG2601 or selling put options EG2601-P-4300; also, a low spread on EG1-5 is recommended [3] Spot Market - On September 1, ethylene glycol prices showed a downward trend, with a noticeable strengthening of the spot basis; the market atmosphere was weak, and prices fell while the spot basis strengthened [1] - Afternoon trading saw spot transactions for this week and next week at a premium of 82-85 yuan/ton for the 01 contract, with active trading from a few polyester factories [1] - In the international market, ethylene glycol prices fell, with recent ship cargoes trading around 535 USD/ton, later adjusting to 530-532 USD/ton [1]
乙二醇：港口库存维持低位 且需求旺季临近 预计短期乙二醇下方空间有限
Jin Tou Wang·2025-09-02 03:30