Report Industry Investment Rating - Short - term cautious bullish on the unilateral strategy, positive spread for the inter - period strategy, and no suggestion for the cross - variety strategy [3] Core Viewpoints - Yesterday, the closing price of the EG main contract was 4475 yuan/ton (+15 yuan/ton, +0.34% compared to the previous trading day), the EG spot price in the East China market was 4573 yuan/ton (+5 yuan/ton, +0.11% compared to the previous trading day), and the EG East China spot basis (based on the 2509 contract) was 92 yuan/ton (+4 yuan/ton month - on - month) [1] - The production profit of ethylene - made EG was - 22 US dollars/ton (- 1 US dollar/ton month - on - month), and the production profit of coal - made syngas - made EG was 224 yuan/ton (- 3 yuan/ton month - on - month) [1] - According to CCF data, the MEG inventory at the East China main port was 74.3 tons (- 0.8 tons month - on - month); according to Longzhong data, it was 66.4 tons (- 2.8 tons month - on - month). The actual arrival at the main port last week was 6.4 tons, and the planned arrival at the East China main port this week is 10.9 tons [1] - On the supply side, the number of warehouse receipts has increased significantly recently, and several large devices such as Satellite have maintenance plans. On the demand side, the polyester load has increased at a high level in the near term, and the average monthly polyester load in May may rise instead of falling. With the significant reduction of US tariffs on Chinese textiles and clothing, US orders have resumed shipping. In the short term, the arrival of foreign ships is scarce, and the de - stocking range of ethylene glycol is enlarged under the support of high polyester load. There is still a possibility of liquidity tightening from June to July [2] Summary by Directory Price and Basis - The closing price of the EG main contract was 4475 yuan/ton (+15 yuan/ton, +0.34% compared to the previous trading day), and the EG spot price in the East China market was 4573 yuan/ton (+5 yuan/ton, +0.11% compared to the previous trading day). The EG East China spot basis (based on the 2509 contract) was 92 yuan/ton (+4 yuan/ton month - on - month) [1] Production Profit and Operating Rate - The production profit of ethylene - made EG was - 22 US dollars/ton (- 1 US dollar/ton month - on - month), and the production profit of coal - made syngas - made EG was 224 yuan/ton (- 3 yuan/ton month - on - month) [1] International Spread - No specific data is provided in the given text Downstream Production, Sales and Operating Rate - The polyester load has increased at a high level in the near term, and the average monthly polyester load in May may rise instead of falling. The US has significantly reduced tariffs on Chinese textiles and clothing, and US orders have resumed shipping [2] Inventory Data - According to CCF data, the MEG inventory at the East China main port was 74.3 tons (- 0.8 tons month - on - month); according to Longzhong data, it was 66.4 tons (- 2.8 tons month - on - month). The actual arrival at the main port last week was 6.4 tons, and the planned arrival at the East China main port this week is 10.9 tons [1]
化工日报：隐性库存释放，EG主港库存小幅下降-20250520
Hua Tai Qi Huo·2025-05-20 03:35