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需求端支撑有限 预计乙二醇缺少持续反弹动力
Jin Tou Wang·2025-09-26 09:47

Core Viewpoint - The domestic futures market for the chemical sector showed mixed results, with ethylene glycol futures experiencing a slight decline, indicating a weakening supply-demand dynamic in the market [1] Supply Side - Ethylene glycol production load was reported at 73.1%, a decrease of 0.7% compared to the previous period, with synthetic gas production load at 74.4%, down 2.1%, and ethylene production load remaining stable at 72.3% [1] Demand Side - Downstream polyester operating rates fell to 90.3%, while terminal weaving machine operations remained stable, indicating cautious inventory replenishment and limited support from the demand side [1] Inventory Situation - As of September 25, the total MEG inventory in the East China main port region was 400,300 tons, an increase of 16,600 tons from the previous Thursday, but a decrease of 8,200 tons from the previous Monday. The breakdown includes Zhangjiagang at 189,300 tons, Taicang at 91,000 tons, Ningbo at 28,000 tons, Jiangyin and Changzhou at 71,000 tons, and Shanghai and Changshu at 21,000 tons [1] Market Outlook - The market outlook suggests a strong expectation of weakening supply and demand for ethylene glycol, with low port inventories accumulating, indicating a lack of sustained rebound momentum in the short term [1]