主港延续累库，EG价格下跌

Report Industry Investment Rating - Unilateral: Neutral. With significant commissioning pressure and increased port inventory, the liquidity of goods in the market has increased. However, the price of ethylene glycol has dropped to a near-two-year low, and the negative feedback from high-cost devices has gradually emerged, alleviating the inventory accumulation pressure [3] Core Viewpoint - The main port continues to accumulate inventory, leading to a decline in the price of ethylene glycol (EG). The supply side shows a decline in domestic ethylene glycol load, while overseas device changes are limited. The demand side has marginal weakening orders despite the support from the polyester load at a low inventory level [1][2] Summary According to the Catalog Price and Basis - The closing price of the EG main contract was 3,877 yuan/ton (a change of -5 yuan/ton from the previous trading day, a decrease of -0.13%), and the spot price of EG in the East China market was 3,876 yuan/ton (a change of -21 yuan/ton from the previous trading day, a decrease of -0.54%). The spot basis of EG in East China was 1 yuan/ton (a decrease of -3 yuan/ton month-on-month) [1] Production Profit and Operating Rate - According to Longzhong data, the production gross profit of ethylene-based EG was -$63/ton (a month-on-month increase of $1/ton), and the production gross profit of coal-based syngas EG was -1,016 yuan/ton (a month-on-month increase of 27 yuan/ton) [1] International Price Difference - No relevant data provided Downstream Production and Sales and Operating Rate - No relevant data provided Inventory Data - According to CCF data released every Monday, the inventory of MEG in the main ports of East China was 753,000 tons (a month-on-month increase of 21,000 tons); according to Longzhong data released every Thursday, the inventory of MEG in the main ports of East China was 708,000 tons (a month-on-month increase of 75,000 tons). According to CCF data, the total planned arrivals at the main ports in East China last week were 111,000 tons, and the arrivals at the auxiliary ports were 14,000 tons; this week, the total planned arrivals at the main ports in East China are 161,000 tons, and the arrivals at the auxiliary ports are 41,000 tons, which is relatively high overall, and the main ports are expected to continue to accumulate inventory [2]