化工日报：上周EG主港延续累库-20260210

Report Investment Rating - Unilateral: Neutral [3] Core View - The main port of EG continued to accumulate inventory last week. The closing price of the EG main contract was 3,739 yuan/ton, down 4 yuan/ton or 0.11% from the previous trading day. The spot price in the East China market was 3,635 yuan/ton, down 7 yuan/ton or 0.19%. The spot basis in East China was -110 yuan/ton, up 3 yuan/ton month-on-month. The production profit of ethylene-based EG was -$57/ton, up $3/ton month-on-month, and that of coal-based syngas EG was -938 yuan/ton, down 12 yuan/ton month-on-month. The inventory in the East China main port of MEG was 935,000 tons according to CCF and 645,000 tons according to Longzhong, both showing an increase. The actual arrival volume at the main port in East China last week was 110,000 tons, and the planned arrival volume from February 9th to 23rd was 181,000 tons. [1] - On the domestic supply side, the domestic ethylene glycol load is at a high level, and the pressure to accumulate inventory is still high under the high supply from January to February and the weakening demand. However, Satellite plans to switch production in February, and attention should be paid to the relative changes in the valuations of various ethylene downstream products after the price increase. Overseas, with the maintenance of plants in Saudi Arabia and Taiwan, the import pressure will ease around the end of February, but it will still be high from January to February, with a slight inventory reduction in March. On the demand side, the Spring Festival maintenance has been gradually implemented, the weaving and polyester loads have accelerated their decline, and the rigid demand support has weakened. [2] Summary by Directory Price and Basis - The closing price of the EG main contract was 3,739 yuan/ton, down 4 yuan/ton or 0.11% from the previous trading day. The spot price in the East China market was 3,635 yuan/ton, down 7 yuan/ton or 0.19%. The spot basis in East China was -110 yuan/ton, up 3 yuan/ton month-on-month. [1] Production Profit and Operating Rate - The production profit of ethylene-based EG was -$57/ton, up $3/ton month-on-month, and that of coal-based syngas EG was -938 yuan/ton, down 12 yuan/ton month-on-month. [1] International Price Difference - No specific data provided in the given text. Downstream Sales and Operating Rate - The Spring Festival maintenance of downstream industries has been gradually implemented, the weaving and polyester loads have accelerated their decline, and the rigid demand support has weakened. [2] Inventory Data - The inventory in the East China main port of MEG was 935,000 tons according to CCF and 645,000 tons according to Longzhong, both showing an increase. The actual arrival volume at the main port in East China last week was 110,000 tons, and the planned arrival volume from February 9th to 23rd was 181,000 tons. [1]