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1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market is affected by demand drag, and attention should be paid to the US - Iran peace talks. The EG load continues to decline, and the port starts to reduce inventory. The domestic supply of ethylene glycol decreases due to concerns about the stability of upstream raw material supply, and overseas supply is also at a low level. The demand side shows that polyester and weaving loads are difficult to further increase, and downstream acceptance of high - price raw materials is low. It is recommended to cautiously go long on hedging at low prices, as inventory reduction is expected to accelerate in March and April [1][2][3] 3. Summary According to Relevant Catalogs Price and Basis - Yesterday, the closing price of the EG main contract was 5,036 yuan/ton (a change of - 83 yuan/ton from the previous trading day, a decrease of 1.62%), the EG spot price in the East China market was 4,863 yuan/ton (a change of - 373 yuan/ton from the previous trading day, a decrease of 7.12%), and the EG East China spot basis was - 47 yuan/ton (a month - on - month increase of 8 yuan/ton) [1] Production Profit and Operating Rate - According to Longzhong data, the production gross profit of ethylene - based EG was - 283 US dollars/ton (a month - on - month decrease of 35 US dollars/ton), and the production gross profit of coal - based syngas - based EG was 526 yuan/ton (a month - on - month decrease of 252 yuan/ton) [1] International Price Difference - Not elaborated in the content other than the mention of the chart "Ethylene glycol international price difference: US FOB - China CFR" [18] Downstream Sales, Production, and Operating Rate - The polyester and weaving loads are difficult to further increase, the downstream acceptance of high - price raw materials is low, the voices of production reduction are increasing, the sales of filament have been continuously sluggish recently, the inventory of filament and staple fiber has rapidly accumulated, and the polyester load is lower than that of the same period last year. If the downstream does not replenish inventory continuously, the load may decline [2] Inventory Data - According to CCF data released every Monday, the inventory of MEG in the main ports of East China was 1.039 million tons (a month - on - month increase of 28,000 tons), and the main ports had a slight inventory increase last week. This week, the total planned arrival volume at the main ports in East China is 117,000 tons, and the arrival volume at the secondary ports is 10,000 tons, and the inventory is expected to remain stable [1]