化工日报：聚酯减产意向影响，EG震荡下跌-20250522

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The EG price fluctuated and declined under the influence of polyester production cut intentions. In the short - term, it is cautiously bullish. There are maintenance plans for several large devices such as Satellite, the liquidity is tightened under the solidification of warehouse receipts, and the short - term price is supported by the low arrival volume [1][3]. - The supply side has an increase in warehouse receipts and several large devices have maintenance plans. The demand side has a high and rising polyester load, and the US orders for textiles and clothing are recovering. The de - stocking amplitude of ethylene glycol is enlarged, and the liquidity may tighten from June to July [2]. Summary by Directory Price and Basis - The closing price of the EG main contract was 4,414 yuan/ton (up 1 yuan/ton, +0.02% compared with the previous trading day), the spot price in the East China market was 4,516 yuan/ton (up 6 yuan/ton, +0.13% compared with the previous trading day), and the East China spot basis (based on the 2509 contract) was 88 yuan/ton (down 7 yuan/ton month - on - month) [1]. Production Profit and Operating Rate - The production profit of ethylene - made EG was - 23 US dollars/ton (down 4 US dollars/ton month - on - month), and the production profit of coal - made syngas - made EG was 181 yuan/ton (down 48 yuan/ton month - on - month) [1]. International Spread No relevant content provided. Downstream Production, Sales and Operation - The near - end polyester load has increased at a high level, and the average monthly polyester load in May may rise instead of fall. The US orders for textiles and clothing are recovering [2]. Inventory Data - According to CCF data, the inventory of the main ports in East China was 74.3 tons (down 0.8 tons month - on - month); according to Longzhong data, it was 66.4 tons (down 2.8 tons month - on - month). The actual arrival volume at the main ports last week was 6.4 tons, and the planned arrival volume at the East China main ports this week is 10.9 tons [1].