化工日报：本周EG主港库存继续下降-20250905

Report Industry Investment Rating - Unilateral: Cautiously bullish [3] Core Viewpoints - Yesterday, the closing price of the main EG contract was 4,357 yuan/ton, up 26 yuan/ton or 0.60% from the previous trading day. The spot price in the East China EG market was 4,456 yuan/ton, up 22 yuan/ton or 0.50%. The spot basis of EG in East China was 108 yuan/ton, up 19 yuan/ton [1]. - The production profit of ethylene - made EG was -$61/ton, down $1/ton; the production profit of coal - made syngas EG was -102 yuan/ton, down 10 yuan/ton [1]. - According to CCF data, the inventory at the main ports in East China was 44.9 tons, down 5.1 tons; according to Longzhong data, it was 37.6 tons, down 3.7 tons. Last week, the actual arrival at the main ports was 5 tons, and this week's planned arrival is 9.8 tons [1]. - In terms of supply, domestic ethylene glycol load has returned to a high level and is expected to remain stable in the short term. The syngas load may decline in September. Overseas supply has suffered many losses, and the import volume from September to October may be revised down. In terms of demand, there are signs of recovery, and polyester load is expected to rise slightly. The supply - demand balance sheet from August to September is in a loose balance [2]. Summary by Directory I. Price and Basis - The closing price of the main EG contract was 4,357 yuan/ton, up 26 yuan/ton or 0.60% from the previous trading day. The spot price in the East China EG market was 4,456 yuan/ton, up 22 yuan/ton or 0.50%. The spot basis of EG in East China was 108 yuan/ton, up 19 yuan/ton [1] II. Production Profit and Operating Rate - The production profit of ethylene - made EG was -$61/ton, down $1/ton; the production profit of coal - made syngas EG was -102 yuan/ton, down 10 yuan/ton [1] III. International Price Difference - No specific data provided, only a chart of the international price difference between US FOB and Chinese CFR is mentioned [19] IV. Downstream Production, Sales and Operating Rate - No specific data provided, only charts of downstream production, sales and operating rates are mentioned, including long - filament production and sales, short - fiber production and sales, polyester load, etc. [20][22][28] V. Inventory Data - According to CCF data, the inventory at the main ports in East China was 44.9 tons, down 5.1 tons; according to Longzhong data, it was 37.6 tons, down 3.7 tons. Last week, the actual arrival at the main ports was 5 tons, and this week's planned arrival is 9.8 tons [1]