Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Inter - variety: None [3] Core Viewpoints - The closing price of the main EG contract was 4,372 yuan/ton, up 21 yuan/ton or 0.48% from the previous trading day, and the spot price in the East China market was 4,433 yuan/ton, up 48 yuan/ton or 1.09%. The spot basis in East China was 62 yuan/ton, down 8 yuan/ton month - on - month [1]. - Due to unexpected production cuts at Zhejiang Petrochemical, shutdowns in Saudi Arabia due to power issues, and the likely postponement of the restart of Satellite Petrochemical's 900,000 - ton/year ethylene glycol plant, the supply increase at home and abroad fell short of expectations, leading to a rebound in EG prices [1]. - The production profit of ethylene - based EG was - 54 US dollars/ton, up 2 US dollars/ton month - on - month, and that of coal - based syngas EG was 41 yuan/ton, up 3 yuan/ton month - on - month [1]. - According to CCF data, the inventory at the main ports in East China was 553,000 tons, down 27,000 tons month - on - month; according to Longzhong data, it was 494,000 tons, up 13,000 tons month - on - month. The actual arrivals at the main ports last week were 96,000 tons, with a slight reduction in port inventory. This week, the planned arrivals at the main ports in East China are 45,000 tons, and the planned arrivals at the secondary ports are concentrated at 65,000 tons. Overall, the inventory has slightly increased [1]. - On the supply side, the peak maintenance period in China has passed, and domestic ethylene glycol production is on the rise. Overseas, the supply is expected to be loose as overseas plants gradually restart, but the actual supply recovery at home and abroad in July fell short of expectations. On the demand side, it is in the off - season, with high terminal inventory and low restocking willingness, and the demand is expected to be weak. The short - term supply - demand structure in July is still good, but the inventory accumulation pressure increases in late July [2] Summary by Directory Price and Basis - The report presents the closing price of the main EG contract, the spot price in the East China market, and the spot basis in East China, along with their changes from the previous trading day [1]. - Figures related to the ethylene glycol spot price in East China and the spot basis in East China are provided [5][7] Production Profit and Operating Rate - The production profits of ethylene - based EG and coal - based syngas EG and their month - on - month changes are given [1]. - Figures about the gross profit of ethylene - based EG, coal - based syngas EG, naphtha - integrated EG, and methanol - based EG, as well as the total load and syngas - based load of ethylene glycol are presented [5][10][12] International Spread - The international spread of ethylene glycol (US FOB - China CFR) is mentioned, and relevant figures are provided [5][21] Downstream Production, Sales, and Operating Rate - Figures related to the production and sales of filaments and staple fibers, as well as the operating rates of polyester, direct - spun filaments, polyester staple fibers, and polyester bottle chips are presented [5][22][24] Inventory Data - Inventory data from CCF and Longzhong, including the inventory at the main ports in East China, actual arrivals, planned arrivals, and changes in inventory are provided [1]. - Figures about the inventory at ethylene glycol ports in East China, Zhangjiagang, Ningbo, Jiangyin + Changzhou, Shanghai + Changshu, the raw material inventory days of MEG in Chinese polyester factories, and the daily outbound volume at ethylene glycol ports in East China are presented [5][33][36]