Group 1 - The core viewpoint indicates that the ethylene glycol industry is experiencing an increase in maintenance activities, while downstream polyester operations remain at high levels, leading to a relatively small increase in ethylene glycol inventory, but a higher accumulation expectation before and after the Spring Festival [2][18] - The ethylene glycol production capacity in China is now at 31.542 million tons, with the East China region accounting for 46.79% of the total capacity following the commissioning of the Shandong Yulong Petrochemical plant [2][18] - In December, the estimated ethylene glycol production in China is 1.7772 million tons, with a decrease in operational load rates across various production methods, indicating a lack of significant production increase [5][21] Group 2 - The average inventory level of ethylene glycol at East China ports is 587,000 tons, with a month-end inventory of 600,500 tons, reflecting a 60,000-ton increase from the previous month [7][23] - Polyester operating rates are at 88.81%, showing a slight decrease, and the downstream textile and apparel sector is entering a low-demand season, leading to a reduction in weaving machine operating rates [9][25] - The overall supply-demand structure for ethylene glycol is expected to maintain a state of accumulation from January to March, with a gradual decline in downstream polyester operations anticipated as the Spring Festival approaches [14][30] Group 3 - The production profit for coal-based ethylene glycol has seen a slight recovery, with the tax-inclusive gross profit around -250.44 yuan per ton, reflecting a small increase from the previous period [12][28] - The weaving market is experiencing a decline in demand, with many companies preparing for the Spring Festival shutdown, and external trade orders are slowing down due to the approaching holiday season [10][11][27]
乙二醇基本面简析：12月港口库存增加较少 后续累库预期较高
Xin Lang Cai Jing·2025-12-30 02:58