EG主港小幅累库，需求未见好转

Report Investment Rating - Unilateral: Neutral [3] Core Views - On September 18, the closing price of the main EG contract was 4,268 yuan/ton, down 29 yuan/ton or 0.67% from the previous trading day; the spot price in the East China market was 4,362 yuan/ton, down 11 yuan/ton or 0.25%; the East China spot basis was 83 yuan/ton, up 2 yuan/ton [1] - The ethylene - made EG production profit was -$71/ton, up $2/ton; the coal - made syngas EG production profit was -180 yuan/ton, down 27 yuan/ton [1] - According to CCF data, the MEG inventory at the East China main port was 46.5 tons, up 0.6 tons; according to Longzhong data, it was 38.4 tons, up 2.1 tons. As of September 18, the inventory was 38.37 tons, down 1.19 tons or 3% from Monday, up 2.05 tons from last Thursday [1] - On the supply side, the domestic ethylene glycol load remained high and stable, and there were still many overseas supply losses. The import volume from September to October may be revised down. On the demand side, the demand recovery was slow, and the polyester load was expected to increase slightly [2] - In September, the EG balance sheet was slightly balanced, and the main port inventory was expected to remain low, but the early commissioning of two new plants suppressed market sentiment [2] Summary by Directory Price and Basis - The closing price of the main EG contract was 4,268 yuan/ton, down 29 yuan/ton or 0.67% from the previous trading day; the East China spot price was 4,362 yuan/ton, down 11 yuan/ton or 0.25%; the East China spot basis was 83 yuan/ton, up 2 yuan/ton [1] Production Profit and Operating Rate - The ethylene - made EG production profit was -$71/ton, up $2/ton; the coal - made syngas EG production profit was -180 yuan/ton, down 27 yuan/ton [1] International Spread - No specific data was provided in the text Downstream Sales and Operation - The demand recovery was slow, orders were insufficient, and the polyester load was expected to increase slightly, but the increase might be limited [2] Inventory Data - According to CCF data, the MEG inventory at the East China main port was 46.5 tons, up 0.6 tons; according to Longzhong data, it was 38.4 tons, up 2.1 tons. As of September 18, the inventory was 38.37 tons, down 1.19 tons or 3% from Monday, up 2.05 tons from last Thursday [1]