化工日报：新装置提前投产，市场心态承压-20250912

Report Industry Investment Rating - Unilateral: Neutral [3] Core Viewpoints - New ethylene glycol (EG) plant starts trial production ahead of schedule, putting pressure on market sentiment [1] - Domestic EG supply load has returned to a high level and is expected to remain stable in the short term, with the syngas load expected to decline in September; overseas supply losses are still significant, and there is room to revise down imports from September to October [2] - Current demand recovery is slow with insufficient order connections. Polyester load is expected to increase slightly but with limited upside [2] - The September EG balance sheet is slightly balanced, and main port inventories are expected to remain low [2] Summary by Directory Price and Basis - EG main contract closed at 4,302 yuan/ton, down 17 yuan/ton (-0.39%) from the previous trading day; EG spot price in East China was 4,422 yuan/ton, down 18 yuan/ton (-0.41%); the spot basis was 106 yuan/ton, down 11 yuan/ton [1] Production Profit and Operating Rate - Ethylene-based EG production profit was -$61/ton, unchanged from the previous day; coal-based syngas EG production profit was -69 yuan/ton, up 1 yuan/ton [1] International Price Difference - No specific data provided Downstream Sales and Operating Rate - No specific data provided Inventory Data - According to CCF, MEG inventory at East China main ports was 45.9 tons, up 1.0 tons from the previous week; according to Longzhong, it was 36.3 tons, down 1.3 tons [1] - As of September 11, the total MEG inventory at East China main ports was 36.32 tons, down 2.36 tons from Monday and 1.31 tons from last Thursday [1]