化工日报：恒力装置重启，EG价格下跌-20250613

Report Industry Investment Rating - Unilateral: Neutral; Inter-period: None; Inter-variety: None [3] Core Viewpoints - The main EG contract closed at 4,234 yuan/ton, down 51 yuan/ton (-1.19%) from the previous trading day. The spot price in the East China market was 4,347 yuan/ton, down 28 yuan/ton (-0.64%). The spot basis in East China was 86 yuan/ton, down 7 yuan/ton. The restart of large-scale EG plants led to price decline [1]. - The production profit of ethylene-based EG was -$38/ton, unchanged from the previous day, and that of coal-based syngas EG was 55 yuan/ton, down 5 yuan/ton [1]. - According to CCF data, the inventory at major ports in East China was 634,000 tons, up 13,000 tons; according to Longzhong data, it was 564,000 tons, down 34,000 tons. The planned arrivals at major ports in East China this week are relatively high, and there is a possibility of inventory accumulation [1]. - In June, the domestic supply is expected to gradually recover, but the recovery is limited. After the cancellation of warehouse receipts, the available spot will increase, and overseas arrivals will gradually rise. The demand has declined due to polyester production cuts, and future attention should be paid to polyester sales and the restart progress of large EG plants [2] Summary by Directory Price and Basis - The closing price of the main EG contract was 4,234 yuan/ton, and the spot price in the East China market was 4,347 yuan/ton. The spot basis in East China was 86 yuan/ton [1] Production Profit and Operating Rate - The production profit of ethylene-based EG was -$38/ton, and that of coal-based syngas EG was 55 yuan/ton [1] International Spread - No specific content provided Downstream Sales and Operating Rate - No specific content provided Inventory Data - According to CCF, the inventory at major ports in East China was 634,000 tons; according to Longzhong, it was 564,000 tons. The planned arrivals this week are high, and there is a risk of inventory accumulation [1]