EG国内负荷高位，关注新增检修

1. Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Inter - variety: None [2] 2. Core Viewpoints of the Report - The closing price of the main EG contract yesterday was 3747 yuan/ton, up 10 yuan/ton or 0.27% from the previous trading day. The spot price of EG in the East China market was 3658 yuan/ton, up 10 yuan/ton or 0.27% from the previous trading day. The spot basis of EG in East China was - 90 yuan/ton, down 4 yuan/ton month - on - month [1]. - According to Longzhong data, the production gross profit of ethylene - made EG was - 57 US dollars/ton, up 5 US dollars/ton month - on - month, and the production gross profit of coal - based syngas - made EG was - 994 yuan/ton, up 58 yuan/ton month - on - month [1]. - According to CCF data, the inventory of the main ports in East China for MEG was 98.2 tons, up 4.7 tons month - on - month. From February 9th to 23rd, the total actual arrivals at the main ports in East China were 15.7 tons, and the arrivals at the auxiliary ports were 5.1 tons. The planned arrivals at the main ports in East China this week were 12.5 tons, and the arrivals at the auxiliary ports were 0.7 tons. It is expected that the inventory at the main ports will increase slightly and steadily [1]. - On the domestic supply side, the domestic ethylene glycol load is at a high level, and the inventory pressure is still high under high supply. Overseas, with the maintenance of plants in Saudi Arabia and Taiwan, the import pressure will be alleviated around the end of February, and the import pressure from March to April will be further alleviated. On the demand side, the weaving load and polyester load during the Spring Festival dropped to a low level, and the rigid demand support weakened. Attention should be paid to the post - festival recovery [1]. 3. Summary According to the Directory Price and Basis - The closing price of the main EG contract was 3747 yuan/ton, up 10 yuan/ton or 0.27% from the previous trading day. The spot price of EG in the East China market was 3658 yuan/ton, up 10 yuan/ton or 0.27% from the previous trading day. The spot basis of EG in East China was - 90 yuan/ton, down 4 yuan/ton month - on - month [1] Production Profit and Operating Rate - The production gross profit of ethylene - made EG was - 57 US dollars/ton, up 5 US dollars/ton month - on - month, and the production gross profit of coal - based syngas - made EG was - 994 yuan/ton, up 58 yuan/ton month - on - month [1] International Price Difference - The report mentions the international price difference of ethylene glycol: US FOB - China CFR, but no specific data is provided [18] Downstream Sales, Production and Operating Rate - The report shows data on long - filament sales, short - fiber sales, polyester load, direct - spinning long - filament load, polyester staple fiber load, and polyester bottle - chip load, but no specific data is provided [10][11][12] Inventory Data - The inventory of the main ports in East China for MEG was 98.2 tons, up 4.7 tons month - on - month. From February 9th to 23rd, the total actual arrivals at the main ports in East China were 15.7 tons, and the arrivals at the auxiliary ports were 5.1 tons. The planned arrivals at the main ports in East China this week were 12.5 tons, and the arrivals at the auxiliary ports were 0.7 tons. It is expected that the inventory at the main ports will increase slightly and steadily [1]