Report Information - Report Name: MEG Daily Report [1] - Date: August 13, 2025 [2] Industry Investment Rating - Not provided Core View - The short - term macro - market sentiment has improved, but the supply - demand structure and cost support of ethylene glycol are weak. It is expected that the short - term spot price of ethylene glycol may fluctuate within a range [7] Summary by Section 1. Market Review and Operation Suggestions - Futures market: For EG2509, the closing price was 4432 yuan/ton, up 28 yuan, with a position of 190,590 contracts, a decrease of 8,974 contracts; for EG2601, the closing price was 4478 yuan/ton, up 34 yuan, with a position of 57,197 contracts, an increase of 9,162 contracts. On the 12th, the opening price of the main ethylene glycol futures contract 2409 was 4395, the highest was 4416, the lowest was 4365, the settlement price was 4392, and the closing price was 4409, up 29 yuan or 0.66% from the previous trading day's settlement price. The total volume was 207,424 lots, and the position was 433,890 lots [7] 2. Industry News - Oil prices: Investors are concerned about the upcoming negotiations between the US and a European country on the Ukraine crisis. On Monday (August 11), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $63.96 per barrel, up $0.08 or 0.13% from the previous trading day, with a trading range of $63.02 - $64.44; the settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $66.63 per barrel, up $0.04 or 0.06% from the previous trading day, with a trading range of $65.81 - $67.13 [8] - Ethylene glycol market in Zhangjiagang: The spot negotiation price this week is 4507 - 4509 yuan/ton, up 20.5 yuan/ton from the previous working day. The spot negotiation price next week is 4508 - 4510 yuan/ton, and the negotiation price for the end of August is 4509 - 4511 yuan/ton. The basis of this week's spot is at a premium of 75 - 77 yuan/ton compared to EG2509, next week's spot basis is at a premium of 76 - 78 yuan/ton compared to EG2509, and the basis at the end of August is at a premium of 77 - 79 yuan/ton compared to EG2509 [8] - Polyester market: The price of polyester filament continued to rise locally to repair profit margins, but downstream buying was limited as most completed restocking last weekend and are currently digesting inventory. The main futures price of polyester staple fiber was running warmly. The price of staple fiber factories was stable, and the price of traders increased slightly. The downstream purchasing willingness was low, and the trading volume in the market was differentiated, with some low - price transactions showing an increase [8] 3. Data Overview - Multiple data charts are provided, including PTA - MEG spread, MEG price, MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16][18]

Supply and Demand - As of May 15, the overall operating rate of MEG is 60.51%, down by 8.48%, while the coal-based MEG operating rate is 60.04%, down by 6.71% [2] - As of May 19, the estimated MEG port inventory in the East China main port area is approximately 743,000 tons, a decrease of 0.8 thousand tons compared to the previous period [2] - Demand remains consistent with PTA demand [2] Market Outlook - In May, the ethylene glycol industry is experiencing both maintenance and restart of facilities, with a significant recovery in synthetic gas load expected in mid to late May [3] - Hengli Petrochemical's 1.8 million tons/year MEG facility is temporarily shut down in mid-May, with an expected downtime of over one month [3] - Short-term polyester load is running at a high level, and due to maintenance of two large facilities in Saudi Arabia, the expected import volume is adjusted downward [3] - Recent overseas shipments arriving at the port are limited, indicating a trend of inventory reduction in May and June, which is also reflected in port inventory [3] - The easing of China-US tariff issues is expected to provide short-term support for ethylene glycol prices [3] - The strategy suggests considering selling put options EG2509-P-4300 and taking low-price positions in EG9-1 [3]