EG价格高位震荡，关注装置变动

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The EG price is oscillating at a high level, and attention should be paid to device changes. The spot and futures prices of EG decreased, with the main contract closing price at 4,826 yuan/ton (down 71 yuan/ton, -1.45% compared to the previous trading day), and the spot price in the East China market at 4,740 yuan/ton (down 115 yuan/ton, -2.37% compared to the previous trading day). The production profit of ethylene-based EG decreased, while that of coal-based syngas EG increased. The inventory in the main ports of East China decreased last week, and is expected to remain stable with a slight increase this week. The domestic EG supply load decreased due to concerns about the stability of upstream raw material supply, and overseas supply is at a low level with a potential reduction in imports from the Middle East. The polyester and weaving loads are recovering, but the downstream price increase is weak, and the inventory of filaments and staple fibers is starting to accumulate. [1] - The strategy suggests cautious buying on dips for hedging. The fundamentals are improving marginally under high inventory, and de-stocking may start in late March, with an expected increase in the de-stocking amplitude in April. Short - term attention should be paid to the passage situation in the Strait of Hormuz and changes in ethylene glycol devices. [2] 3. Summary of Each Directory Price and Basis - The main contract closing price of EG was 4,826 yuan/ton (down 71 yuan/ton, -1.45% compared to the previous trading day), and the spot price in the East China market was 4,740 yuan/ton (down 115 yuan/ton, -2.37% compared to the previous trading day). The East China spot basis was -76 yuan/ton, up 6 yuan/ton from the previous day. [1] Production Profit and Operating Rate - According to Longzhong data, the production profit of ethylene - based EG was -$188/ton (down $6/ton compared to the previous day), and the production profit of coal - based syngas EG was 187 yuan/ton (up 186 yuan/ton compared to the previous day). [1] International Price Difference - Not elaborated in the text, only the chart "Ethylene glycol international price difference: US FOB - China CFR" is mentioned [19] Downstream Sales, Production and Operating Rate - The polyester and weaving loads are recovering, but the downstream price increase is weak, and the filament sales have been sluggish for consecutive days. The inventory of filaments and staple fibers is starting to accumulate. If the cost price remains high, attention should be paid to the potential negative feedback such as production cuts in the downstream. [1] Inventory Data - According to CCF data, the inventory in the main ports of East China was 1.011 million tons (down 57,000 tons compared to the previous week), and the ports de - stocked last week. The planned arrivals at the main ports in East China this week total 139,000 tons, and the arrivals at the secondary ports are 18,000 tons. The inventory is expected to remain stable with a slight increase. [1]