Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Inter - variety: None [3] Core View - Yesterday, the closing price of the main EG contract was 3,873 yuan/ton, down 23 yuan/ton or 0.59% from the previous trading day; the spot price in the East China EG market was 3,889 yuan/ton, down 21 yuan/ton or 0.54%; the spot basis in East China EG was 11 yuan/ton, down 7 yuan/ton month - on - month [1] - According to Longzhong data, the production gross profit of ethylene - based EG was - 60 US dollars/ton, unchanged month - on - month; the production gross profit of coal - based syngas EG was - 1,027 yuan/ton, down 2 yuan/ton month - on - month [1] - According to CCF data, the inventory at the main ports in East China was 73.2 tons, unchanged month - on - month; according to Longzhong data, it was 70.8 tons, up 7.5 tons month - on - month. The planned arrival volume at the main ports in East China this week is 9.5 tons, and the arrival volume at the secondary ports is 1.4 tons. As of November 27, the total inventory of MEG in the main ports in East China was 70.8 tons, an increase of 3.95 tons from Monday [1] - On the supply side, the domestic ethylene glycol load has declined from a high level, and some short - flow oil chemical plants are under great production pressure. Overseas, there are limited changes in overseas ethylene glycol plants. The port inventory is expected to remain stable in the short term, but there are still plans for large Saudi vessels to arrive at the port in early December. On the demand side, the polyester load with low inventory provides some support, but orders are marginally weakening [2] - The production pressure of new capacity is large. As the port inventory rises, the liquidity of goods in the market increases. However, the price of ethylene glycol has dropped to a nearly two - year low, and the negative feedback of high - cost plants has gradually emerged, alleviating the inventory accumulation pressure [3] Summary According to the Directory Price and Basis - Yesterday, the closing price of the main EG contract was 3,873 yuan/ton, down 23 yuan/ton or 0.59% from the previous trading day; the spot price in the East China EG market was 3,889 yuan/ton, down 21 yuan/ton or 0.54%; the spot basis in East China EG was 11 yuan/ton, down 7 yuan/ton month - on - month [1] Production Profit and Operating Rate - According to Longzhong data, the production gross profit of ethylene - based EG was - 60 US dollars/ton, unchanged month - on - month; the production gross profit of coal - based syngas EG was - 1,027 yuan/ton, down 2 yuan/ton month - on - month [1] International Price Difference - No specific data provided in the text Downstream Sales and Production and Operating Rate - The inventory of polyester is at a low level, and the load provides some support, but orders are marginally weakening [2] Inventory Data - According to CCF data, the inventory at the main ports in East China was 73.2 tons, unchanged month - on - month; according to Longzhong data, it was 70.8 tons, up 7.5 tons month - on - month. The planned arrival volume at the main ports in East China this week is 9.5 tons, and the arrival volume at the secondary ports is 1.4 tons. As of November 27, the total inventory of MEG in the main ports in East China was 70.8 tons, an increase of 3.95 tons from Monday [1]
化工日报：本周EG主港延续累库-20251128
Hua Tai Qi Huo·2025-11-28 05:27