乙二醇：港口库存持续累积

Group 1: Report's Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The domestic ethylene glycol industry has entered a deep adjustment phase of supply - demand re - balancing. Since September, the ethylene glycol futures 2601 contract has been on a unilateral downward trend, and it is expected to continue its weak and volatile trend in the future [2]. Group 3: Summary by Related Content Supply Side - Domestic ethylene glycol production capacity is continuously released, and supply pressure is accumulating. As of the week of November 13, the domestic ethylene glycol enterprise capacity utilization rate was 66.00%, with a slight increase of 0.12 percentage points. The total output was 41.37 tons, a slight increase of 0.08 tons. The capacity utilization rate is at a relatively high level this year [3]. - In 2025, the total domestic ethylene glycol production capacity exceeded 29.8 million tons. The trial - run of Shandong Yulong's 900,000 - ton device strengthened the expectation of increased supply. Although some devices are planned for maintenance, new production capacity far exceeds the short - term reduction caused by maintenance, resulting in a continuously loose supply - demand pattern [3]. - Overseas supply has decreased due to some US device shutdowns and low - load operation of Saudi devices, and imports are at a relatively low level. However, the significant increase in domestic self - sufficiency has weakened the marginal impact of imports [3]. Demand Side - Downstream demand is weak, and its support for prices is extremely limited. About 95% of ethylene glycol consumption is concentrated in the polyester industry. After the "Double Eleven" orders in the textile market were delivered, subsequent orders were scarce, and the market was cautious about the future [4]. - As of the week of November 13, domestic ethylene glycol demand was 552,200 tons, a 0.31% decrease from the previous week [4]. Inventory - Port inventory has been continuously accumulating. As of the week of November 13, the total inventory of MEG at the East China main port reached 618,000 tons, a slight increase of 13,000 tons. The inventory accumulation is due to increased domestic production, concentrated arrivals of goods, and insufficient downstream receiving capacity [5]. - With the stable output of new devices and more arrival plans, the inventory accumulation trend is difficult to reverse, and high inventory will suppress prices [5].