周度产量小幅下调 乙二醇期价低位反弹

Inventory and Production - In East China, the MEG port inventory is approximately 716,000 tons, an increase of 30,000 tons compared to the previous period, excluding Ningbo and Jiaxing regions [1] - From December 22 to December 28, the planned arrival quantity at the main ports is about 118,000 tons [1] - The total operating rate of domestic ethylene glycol is 61.83%, a decrease of 0.18%, with integrated operations at 63.45% (up 0.53%) and coal chemical operations at 59.09% (down 1.38%) [1] - Weekly production of domestic ethylene glycol is 386,800 tons, a decrease of 1,300 tons from the previous week, with a utilization rate of 61.71%, down 0.22% [1] Market Outlook - According to New Lake Futures, ethylene glycol prices have recently dropped to low levels due to poor expectations and inventory accumulation, leading to increased losses for some companies, prompting them to reduce output and announce maintenance plans [3] - The low valuation of ethylene glycol is gradually affecting the supply side, with signs of increased supply reduction [3] - Guotou Anxin Futures notes a slight adjustment in weekly production and a slowdown in port inventory accumulation, easing immediate pressures [4] - There are expectations for reduced output in downstream polyester before and after the Spring Festival, while a significant number of new installations are expected to come online in the new year, keeping long-term ethylene glycol under pressure [4] - Anticipation of concentrated maintenance and demand recovery in the second quarter may improve supply and demand dynamics [4]