Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Inter - variety: None [3] Core View - In the futures and spot market, the closing price of the main EG contract was 4,267 yuan/ton (down 12 yuan/ton or 0.28% from the previous trading day), the spot price of EG in the East China market was 4,343 yuan/ton (down 4 yuan/ton or 0.09% from the previous trading day), and the spot basis of EG in East China (based on the 2509 contract) was 71 yuan/ton (down 1 yuan/ton month - on - month) [1] - Several ethylene glycol plants in Saudi Arabia with annual capacities of 450,000, 550,000, and 700,000 tons are restarting after a short - term shutdown due to power issues last week [1] - The production profit of ethylene - based EG was - 62 US dollars/ton (up 17 US dollars/ton month - on - month), and the production profit of coal - based syngas - to - EG was 15 yuan/ton (down 20 yuan/ton month - on - month) [1] - According to CCF data, the inventory of the main ports in East China was 580,000 tons (up 35,000 tons month - on - month); according to Longzhong data, it was 542,000 tons (up 36,000 tons month - on - month). The actual arrival at the main ports last week was 106,000 tons, with inventory depletion. This week, the planned arrival at the East China main ports is 106,000 tons, and there is pressure for inventory to rise later [1] - On the supply side, domestic supply is gradually recovering, and the short - term supply - demand structure is still good, but the cancellation of warehouse receipts will supplement the tradable spot. Overseas supply is expected to be loose as overseas plants restart, with concentrated arrivals in early July. On the demand side, several major bottle - chip manufacturers have concentrated maintenance plans, with weak demand expectations [2] Summary by Directory Price and Basis - The report presents the ethylene glycol spot price in East China and its basis, but no detailed numerical analysis is provided in the given text [1][4][5] Production Profit and Operating Rate - The production profit of ethylene - based EG was - 62 US dollars/ton (up 17 US dollars/ton month - on - month), and the production profit of coal - based syngas - to - EG was 15 yuan/ton (down 20 yuan/ton month - on - month). The report also mentions the overall load and syngas - based load of ethylene glycol, but no detailed numerical analysis is provided [1][10][16] International Spread - The report mentions the international spread of ethylene glycol (US FOB - China CFR), but no detailed numerical analysis is provided [4][17][19] Downstream Production, Sales, and Operating Rate - The report mentions the production and sales of filaments and staple fibers, as well as the operating rates of polyester, direct - spun filaments, polyester staple fibers, and polyester bottle chips, but no detailed numerical analysis is provided [4][18][20] Inventory Data - According to CCF data, the inventory of the main ports in East China was 580,000 tons (up 35,000 tons month - on - month); according to Longzhong data, it was 542,000 tons (up 36,000 tons month - on - month). The actual arrival at the main ports last week was 106,000 tons, with inventory depletion. This week, the planned arrival at the East China main ports is 106,000 tons, and there is pressure for inventory to rise later. The report also mentions the inventory of ethylene glycol in various ports and the raw material inventory days of Chinese polyester plants, but no detailed numerical analysis is provided [1][5][30]
化工日报：沙特装置近期重启中，EG震荡偏弱-20250709
Hua Tai Qi Huo·2025-07-09 05:14