宏源期货MEG

Report Highlights - Since no investment rating for the industry is provided, this part is skipped. - As there is no clear core view presented, this part is skipped. Price and Market Information - On July 31, 2025, the price of refined naphtha was $608.30 per ton, up 3.23% from the previous day [1] - As of July 29, 2025, the price index of Northeast Asia ethylene was $821.00 per ton, showing no change [1] - On July 31, 2025, the ex - factory price of East China ethylene oxide was 6,450 yuan per ton, with no change [1] - As of July 30, 2025, the spot price of methanol was 2,405 yuan per ton, remaining unchanged [1] - As of July 30, 2025, the pit - mouth price of Inner Mongolia lignite (Q3500) was 290 yuan per ton, showing no change [1] - As of July 30, 2025, the closing price of the main contract of GD was 4,450 yuan per ton, down 0.38% [1] - As of July 30, 2025, the settlement price of the main contract of GD was 4,465 yuan per ton, up 0.34% [1] - As of July 30, 2025, the closing price of the nearby contract of GD was 4,423 yuan per ton, up 0.02% [1] - As of July 30, 2025, the settlement price of the nearby contract of GD was 4,420 yuan per ton, up 0.07% [1] - As of July 30, 2025, the mid - market price of ethylene glycol in East China was 4,520 yuan per ton, with no change [1] - As of July 30, 2025, the CFEI price index of ethylene glycol was 4,515 yuan per ton, down 0.33% [1] - As of July 30, 2025, the price difference between far and near months was - 45 yuan per ton, a decrease of 12 yuan [1] - As of July 30, 2025, the basis was 65 yuan per ton, an increase of 2 yuan [1] Operating Conditions - As of July 30, 2025, the comprehensive operating rate of ethylene glycol was 58.13%, showing no change [1] - As of July 30, 2025, the operating rate of ethylene glycol from naphtha was 58.98%, with no change [1] - As of July 30, 2025, the operating rate of ethylene glycol from coal was 56.89%, remaining unchanged [1] - As of July 30, 2025, the production load rate of polyester plants in the APT industry chain was 86.28%, showing no change [1] - As of July 30, 2025, the production load rate of textile machines in Zhejiang in the APT industry chain was 58.75%, with no change [1] Cash Flow and Profitability - As of July 29, 2025, the external market profit of ethylene glycol from naphtha was - $95.29 per ton, a decrease of $12.09 [1] - As of July 29, 2025, the external market profit of ethylene glycol from ethylene was - $103.65 per ton, an increase of $3.00 [1] - As of July 30, 2025, the post - tax gross profit of G produced by MMT was - 1,573.30 yuan per ton, a decrease of 2.79 yuan [1] - As of July 30, 2025, the post - tax gross profit of the coal - based synthesis gas unit was 667.70 yuan per ton, with no change [1] Polyester Price Index - As of July 30, 2025, the CFEI price index of polyester yarn was 8,625 yuan per ton, up 0.29% [1] - As of July 30, 2025, the CFEI price index of POY polyester yarn was 7,150 yuan per ton, up 0.35% [1] - As of July 30, 2025, the CFEI price index of polyester staple fiber was 6,610 yuan per ton, up 0.23% [1] - As of July 30, 2025, the CFEI price index of bottle - grade chips was 6,000 yuan per ton, showing no change [1]