化工日报 | 2025-11-20 EG基差继续走弱，负反馈逐步显现 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3903元/吨（较前一交易日变动-4元/吨，幅度-0.10%），EG华东市场现货价3925 元/吨（较前一交易日变动-30元/吨，幅度-0.76%），EG华东现货基差24元/吨（环比-6元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产利润为-59美元/吨（环比-2美元/吨），煤制合成气制EG生产利润为-994 元/吨（环比-20元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为73.2万吨（环比+7.1万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为61.8万吨（环比+5.4万吨）。据CCF数据，上周华东主港计划到港总数17万吨，副 港到港量4.7万吨；本周华东主港计划到港总数11.1万吨，副港到港量2.8万吨，整体中性。 策略 单边：中性。投产压力较大，随着港口库存的回升，场内货源流动性增加，乙二醇现货基差趋弱。但近期高成本 装置负反馈逐渐出现，高供应和累库压力有所缓解 跨期：EG2601-EG2605反套 跨品种：无 风险 原油价格波动，煤价 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - The EG market has high supply, with the domestic ethylene glycol load operating at a high level and overseas device changes being limited. The arrival plan around mid - November is still moderately high, and port inventories are expected to gradually rise. Although the polyester downstream has moderately improved with the cooling, the increase in polyester load is limited [1]. - In terms of strategies, for the single - side operation, it is advisable to cautiously short - sell on rallies for hedging. For the inter - period operation, an inverse spread between EG2601 and EG2605 is recommended. There is no cross - variety strategy [2]. 3. Summary by Directory Price and Basis - The closing price of the EG main contract was 3891 yuan/ton (up 16 yuan/ton, +0.41% from the previous trading day), the EG spot price in the East China market was 3953 yuan/ton (down 26 yuan/ton, - 0.65% from the previous trading day), and the EG East China spot basis was 62 yuan/ton (down 6 yuan/ton month - on - month) [1]. Production Profit and Operating Rate - According to Longzhong data, the production profit of ethylene - based EG was - 61 US dollars/ton (down 4 US dollars/ton month - on - month), and the production profit of coal - based syngas EG was - 949 yuan/ton (down 38 yuan/ton month - on - month) [1]. International Spread No relevant content is provided in the given text. Downstream Sales, Production, and Operating Rate - With the recent cooling, the polyester downstream has moderately improved, but the increase in polyester load is limited [1]. Inventory Data - According to CCF data released every Monday, the MEG inventory at the main ports in East China was 66.1 tons (up 9.9 tons month - on - month); according to Longzhong data released every Thursday, it was 56.4 tons (up 6.5 tons month - on - month). The planned arrivals at the main ports in East China this week are 18.1 tons, and at the secondary ports are 4.7 tons, indicating a high planned arrival volume and expected inventory accumulation [1].

Industry Investment Ratings - PTA: Neutral [5] - PX: Neutral [6] - Ethylene Glycol (MEG): Neutral for overall view, with cautious bias in some aspects [7] Core Views - PTA has fair supply - demand, with a slight reduction in supply - side load. It faces seasonal inventory accumulation pressure from November to December, is highly affected by cost, and has limited improvement in supply - demand [5][44]. - PX has a high domestic supply, fair demand, and a favorable expected pattern. Its floating price remains strong, PXN valuation is reasonable, and it fluctuates with cost in the short - term [6]. - Ethylene glycol has some increased maintenance, fair demand, but lacks driving force in the seasonal inventory accumulation period. High supply causes pressure, and it is expected to fluctuate weakly in the short - term [7][112]. Summary by Related Catalogs Demand and Polyester Situation - Domestic demand is fair, with terminal fabric sales improving, finished - product inventory decreasing, and the operating rates of texturing, weaving, and dyeing rising to 86%, 76%, and 82% respectively. Polyester load reached 91.7% by October 31st, with inventory pressure easing and expected high - level operation in November [9][14]. - Polyester profit is slightly compressed due to the rebound of raw materials. Long - filament profitability is reduced, while bottle - grade and staple - fiber cash flows are fair [15]. PTA Situation - PTA maintenance plans in November are not few. YS Dahua and Shandong Weilian slightly reduced their loads, and Ineos, Sichuan Energy Investment, Dushan 1, and Honggang have maintenance plans. Dushan Energy's new device has started production [36][44]. - As of October 31st, PTA social inventory (excluding credit warehouse receipts) increased to 220.7 tons, up 0.6 tons. In - port and in - warehouse goods slightly decreased, and credit warehouse receipts increased [40]. - PTA supply - side maintenance volume is high, demand is fair, and the inventory accumulation pressure from November to December is slightly reduced. Processing fees are still low, and it is mainly affected by cost in the short - term [44]. PX Situation - The US gasoline inventory continues to decline, and the octane number is stable and strong. The economics of gasoline blending has improved, while the Asian disproportionation profit has been compressed [56][59]. - The PX domestic load is at a high level of 87%. Wushi Petrochemical has restarted after maintenance, and Fujia plans to restart a production line. Asian load is 78%, with some devices having maintenance or restart plans [6][65]. - The PX balance sheet is expected to be tight, the floating price has improved, and PXN is around $240, with a reasonable valuation. It is affected by cost in the short - term [70]. Ethylene Glycol Situation - As of October 31st, the overall load of ethylene glycol is at a high level of 76%, and the coal - based load is 83%. Some devices have restarted, some are under maintenance, and there are maintenance and load - reduction plans in November and December [78][82]. - Overseas, Maoming Petrochemical is shut down, Taiwan Nanya is under maintenance, and some US and Canadian devices have restarted or are under maintenance. Imports may increase in November [97]. - As of November 3rd, the port inventory of MEG in East China is about 56.2 tons, up 3.9 tons. The expected arrival volume is high, and short - term port inventory is expected to accumulate [107]. - From November to December, ethylene glycol maintains seasonal inventory accumulation, with high supply pressure and general driving force, and is expected to fluctuate at a low level in the short - term [112].

Report Summary 1. Investment Rating - The report does not provide an overall industry investment rating. 2. Core Views - The closing price of the main ethylene glycol (EG) contract was 4,109 yuan/ton, up 32 yuan/ton (+0.78%) from the previous trading day. The spot price in the East China market was 4,183 yuan/ton, unchanged from the previous day. The spot basis in East China was 84 yuan/ton, down 9 yuan/ton month-on-month [1]. - According to Longzhong data, the production profit of ethylene-based EG was -$52/ton, up $8/ton month-on-month, and the production profit of coal-based syngas EG was -586 yuan/ton, down 9 yuan/ton month-on-month [1]. - The inventory of MEG at the main ports in East China was 57.9 million tons (up 3.8 million tons month-on-month) according to CCF data on Mondays, and 48.3 million tons (down 1 million tons month-on-month) according to Longzhong data on Thursdays. The planned arrivals at the main ports in East China this week totaled 19.8 million tons, and at the secondary ports 4.5 million tons, indicating a high likelihood of inventory accumulation [1]. - On the supply side, the domestic EG load was operating at a high level. Overseas, there were still significant supply losses, with two or more Saudi Arabian plants shut down or operating at low loads. However, the supply would be postponed in the short term due to issues with certain vessels related to the US. On the demand side, the polyester downstream market had moderately improved with the recent cooling, boosting market sentiment [1]. 3. Strategy - Unilateral: Neutral. Despite the high supply and significant inventory accumulation pressure in the fourth quarter, the price had fallen to near the April low. The moderate improvement in demand and the rebound in costs had boosted market sentiment [2]. - Inter - period: Reverse spread between EG2601 and EG2605 [2]. - Inter - commodity: None [2]. 4. Summary by Catalog Price and Basis - The report presents the ethylene glycol spot price in East China and the spot basis in East China, but specific analysis content is not provided in the given text [1][3][4]. Production Profit and Operating Rate - The production profits of ethylene - based EG and coal - based syngas EG are mentioned, along with their month - on - month changes. The report also includes data on the total EG load and the syngas - based EG load, but no detailed analysis is given [1][3][4]. International Spread - The report mentions the international spread of ethylene glycol (US FOB - China CFR), but no detailed analysis is provided [3][4][17]. Downstream Production, Sales, and Operating Rate - The report includes data on 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. However, no in - depth analysis is provided [3][4][18]. Inventory Data - The inventory data of ethylene glycol at the main ports in East China are presented, including the data from CCF and Longzhong, and the planned arrivals this week are also given. The report also mentions the inventory at specific ports such as Zhangjiagang, Ningbo, etc., but no detailed analysis is provided [1][3][4]

Report Industry Investment Rating - Unilateral: Neutral; No recommendation for inter - period and inter - variety strategies [3] Core View - The EG market experiences wide - range adjustment with a significant weakening of the basis. The production profit of ethylene - made EG and coal - gas - made EG is negative and decreasing. The inventory data from different sources shows a slight increase in the East China main port inventory. The supply side has high domestic load and many overseas supply losses, with potential reduction in imports from September to October. The demand side has slow recovery and insufficient order connection. The September balance sheet has little imbalance, with low - level inventory expected at the main port, but the early output of Yulong advances the inventory accumulation time, leading to large inventory accumulation pressure in the fourth quarter [1][2] Summary by Directory Price and Basis - The closing price of the EG main contract is 4234 yuan/ton (+22 yuan/ton, +0.52% compared to the previous trading day), the East China spot price is 4305 yuan/ton (+13 yuan/ton, +0.30% compared to the previous trading day), and the East China spot basis (based on the 2509 contract) is 72 yuan/ton (-12 yuan/ton month - on - month) [1] Production Profit and Operating Rate - The production profit of ethylene - made EG is - 80 dollars/ton (-7 dollars/ton month - on - month), and the production profit of coal - gas - made EG is - 300 yuan/ton (-53 yuan/ton month - on - month). The domestic ethylene glycol load remains stable at a high level [1][2] International Spread - No specific data provided in the given text Downstream Sales, Production and Operating Rate - The current demand recovery is slow with insufficient order connection. It is expected that the polyester load will remain stable but with limited upside. Attention should be paid to the time of concentrated order placement in the later stage [2] Inventory Data - According to CCF data on Mondays, the MEG East China main port inventory is 46.7 tons (+0.2 tons month - on - month); according to Longzhong data on Thursdays, it is 38.4 tons (+2.1 tons month - on - month). The actual arrival at the main port last week was 8.3 tons, and the port inventory remained stable with a slight increase. The planned arrival at the East China main port this week is 7.3 tons (moderately low), and the planned arrival at the secondary port is 2.3 tons [1]

Report Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Inter - variety: None [3] Core View - Low inventory limits the downside, but the advanced commissioning plans of Yulong and Ningxia Changyi's new plants dampen market sentiment [3] - In September, the EG balance sheet is slightly in equilibrium, and the main port inventory is expected to remain low, but the advanced commissioning plans of new plants suppress the market [2] Summary by Directory Price and Basis - Yesterday, the closing price of the EG main contract was 4288 yuan/ton (+16 yuan/ton, +0.37% compared to the previous trading day), the EG spot price in the East China market was 4377 yuan/ton (-1 yuan/ton, -0.02% compared to the previous trading day), and the EG East China spot basis (based on the 2509 contract) was 102 yuan/ton (a month - on - month decrease of 1 yuan/ton) [1] Production Profit and Operating Rate - The production profit of ethylene - based EG was - 72 dollars/ton (a month - on - month decrease of 8 dollars/ton), and the production profit of coal - based syngas - to - EG was - 131 yuan/ton (a month - on - month decrease of 34 yuan/ton) [1] - The domestic ethylene glycol load remains high and stable, and there are still many supply losses overseas [2] International Price Difference - Not mentioned in the text Downstream Production, Sales and Operating Rate - Current demand is recovering slowly with insufficient order connection. It is expected that the polyester load will stabilize and increase slightly, but the increase may be limited. Pay attention to the time of concentrated order placement in the later period [2] Inventory Data - According to CCF data released every Monday, the MEG inventory at the main ports in East China was 46.5 tons (a month - on - month increase of 0.6 tons); according to Longzhong data released every Thursday, the MEG inventory at the main ports in East China was 36.3 tons (a month - on - month decrease of 1.3 tons). The actual arrival at the main ports last week was 8.5 tons, and the port inventory remained stable with a slight increase. The planned arrival at the main ports in East China this week is 9.4 tons, with a neutral arrival volume [1] - In September, the main port inventory is expected to remain low, but the advanced commissioning plans of new plants suppress the market [2]

1. Report Industry Investment Rating - Unilateral: Neutral. Maintain a neutral stance on domestic supplies, but keep an eye on cost changes due to low inventories and unexpected overseas operations [3] 2. Core Viewpoints - Yesterday, the closing price of the main EG contract was 4,367 yuan/ton (a decrease of 39 yuan/ton from the previous trading day), the spot price in the East China EG market was 4,488 yuan/ton (unchanged from the previous trading day, a change of +0.00%), and the spot basis in East China EG (based on the 2509 contract) was 82 yuan/ton (an increase of 6 yuan/ton month-on-month). The production profit of ethylene-based EG was -$48/ton (a decrease of $2/ton month-on-month), and the production profit of coal-based syngas EG was -59 yuan/ton (a decrease of 30 yuan/ton month-on-month). The inventory of the main ports in East China increased this week [1] - In terms of supply, the domestic load of ethylene glycol syngas production has returned to a high level and can be further increased under favorable conditions. Overseas, the restart of some units has not gone smoothly, and the increase in EG imports has been lower than expected. In terms of demand, the inventory pressure of filament has been greatly alleviated, and the polyester load is expected to remain stable in the short term. The balance sheet shows a slight inventory build-up in August, with a lack of sustainability in the increase of port inventories, and the supply-demand contradiction is not significant [2] 3. Summary by Directory Price and Basis - Yesterday, the closing price of the main EG contract was 4,367 yuan/ton (a decrease of 39 yuan/ton from the previous trading day), the spot price in the East China EG market was 4,488 yuan/ton (unchanged from the previous trading day, a change of +0.00%), and the spot basis in East China EG (based on the 2509 contract) was 82 yuan/ton (an increase of 6 yuan/ton month-on-month) [1] Production Profit and Operating Rate - The production profit of ethylene-based EG was -$48/ton (a decrease of $2/ton month-on-month), and the production profit of coal-based syngas EG was -59 yuan/ton (a decrease of 30 yuan/ton month-on-month) [1] International Price Difference - No specific data or analysis provided in the given text Downstream Production, Sales, and Operating Rate - In July, there was a concentrated restocking at the terminal, and the inventory pressure of filament was greatly alleviated. It is expected that the polyester load will remain stable in the short term. Attention should be paid to the order connection in August [2] Inventory Data - According to CCF data released every Monday, the inventory of MEG in the main ports of East China was 553,000 tons (an increase of 37,000 tons month-on-month); according to Longzhong data released every Thursday, the inventory was 535,000 tons (an increase of 49,000 tons month-on-month). As of August 14, the total inventory of MEG in the ports of East China was 534,500 tons, an increase of 57,100 tons from Monday and 48,800 tons from Thursday of last week [1]

Report Industry Investment Rating No relevant information provided. Core Views of the Report - In July, the ethylene glycol (EG) price rose and then slightly declined, with the spot basis oscillating downward. The price was influenced by factors such as anti - involution policy expectations, coal price fluctuations, port inventory, and typhoon - affected shipping schedules [2][10]. - Domestic supply of EG is expected to increase. In 2025, 160 million tons of new MEG devices are expected to be put into production, and the EG load steadily recovered in July, with the syngas - based load likely to further increase in August [3][13]. - Overseas supply shows different trends in various regions. The total EG imports from July to September are estimated to be 67, 60, and 65 million tons respectively, mainly due to the growth of supplies from Saudi Arabia and Malaysia [4][37][38]. - In July, the weaving and texturing load first dropped rapidly and then rebounded slightly. The polyester load decreased slightly at the beginning of the month but remained relatively stable. The demand side is expected to improve with the arrival of the seasonal peak season in late August [5][69]. - In July, the EG balance sheet is expected to have a slight inventory build - up of about 4 million tons, and in August, it is expected to have a slight build - up of about 8 million tons, with the East China port inventory expected to remain low and slightly increase [6][55]. - The trading strategy suggests a cautious and bearish stance on the unilateral position due to weakening market sentiment and coal price decline. There are no suggestions for cross - variety and cross - period strategies [7]. Summary by Relevant Catalogs EG Price and Basis Structure Review - In July, the EG price rose and then slightly declined, and the spot basis oscillated downward. The price was affected by macro - sentiment improvement, coal price rebound, and later by factors such as coal position limits, port low inventory, and oil price rebound [2][10]. EG Domestic Fundamental - **EG Subsequent Domestic New - added Capacity**: In 2025, 160 million tons of new MEG devices are expected to be put into production. The 60 - million - ton Sichuan Zhengdakai device was put into production in May, and the remaining two sets are expected to be put into production in Q4 [3][13]. - **EG Operating Rate and Monthly Maintenance Forecast**: The EG load steadily recovered in July at a rate lower than expected. The syngas - based load has returned to a relatively high level, and it is expected to further increase in August under high - profit conditions, leading to an increase in domestic EG supply [3][15]. - **China EG Weekly Maintenance Forecast**: No specific content in the provided text, only the title is given. EG Outer - Market Situation - **Overseas EG Monthly Maintenance Forecast**: In North America, most devices restarted in July, but US imports decreased due to tariffs. Canadian devices operate normally, and the Shell 50 - million - ton/year device plans a 45 - day maintenance in September. In the Middle East, Saudi devices restarted in June but had power - related shutdowns in July. Iranian imports are expected to be 9 million tons in July, 6 million tons in August, and rebound in September. In Asia, Malaysian devices restarted, and Taiwan devices operate at full - load. South Korean imports are relatively low [37][38]. - **Overseas EG Weekly Maintenance Forecast**: No specific content in the provided text, only the title is given. - **EG International Price Difference**: No specific analysis content in the provided text, only the title and some related chart information are given. EG Inventory Trend - In July, the EG balance sheet is expected to have a slight inventory build - up of about 4 million tons, with a slight decrease in port visible inventory and an increase in invisible inventory. In August, with increased domestic supply and decreased imports, a slight build - up of about 8 million tons is expected, and the East China port inventory is expected to remain low and slightly increase [6][55]. Downstream Weaving and Polyester Situation - In July, the weaving and texturing load first dropped rapidly and then rebounded slightly. The polyester load decreased slightly at the beginning of the month but remained relatively stable. Currently, orders have not improved significantly, and the reduction in filament inventory is mainly due to downstream transfer. However, the short - term reduction pressure on polyester load has decreased, and the demand side is expected to improve with the arrival of the seasonal peak season in late August [5][69].

Report Industry Investment Rating - Unilateral: Neutral - Inter-period: None - Inter-variety: None [3] Core Viewpoints - Market analysis shows that in the futures and spot markets, the closing price of the main EG contract was 4,450 yuan/ton (a change of -17 yuan/ton or -0.38% from the previous trading day), the spot price of EG in the East China market was 4,525 yuan/ton (a change of +7 yuan/ton or +0.15% from the previous trading day), and the spot basis of EG in East China (based on the 2509 contract) was 66 yuan/ton (a month-on-month increase of 4 yuan/ton). With market news calming down, EG fluctuated widely, and the basis rose under the influence of typhoons. In terms of production profit, the production profit of ethylene-based EG was -$39/ton (a month-on-month increase of $4/ton), and that of coal-based syngas EG was 98 yuan/ton (a month-on-month increase of 13 yuan/ton). Regarding inventory, according to CCF data released every Monday, the inventory of MEG at the main ports in East China was 521,000 tons (a month-on-month decrease of 12,000 tons); according to Longzhong data released every Thursday, it was 475,000 tons (a month-on-month decrease of 19,000 tons). The actual arrival at the main ports last week was 108,000 tons, lower than the planned value, and the port inventory decreased slightly. This week, the planned arrival at the main ports in East China is 156,000 tons, with concentrated arrivals, so actual arrivals should be monitored [1]. - In terms of the overall fundamental supply-demand logic, on the supply side, domestically, the load of ethylene glycol syngas production has returned to a high level and can be further increased under favorable conditions. Some EO-EG co-production plants in non-coal sectors have plans or actions to switch from EO to EG, and the overall load is moderately high. Overseas, the Sharq series of plants in Saudi Arabia have restarted, and in an ideal situation, the supply of ocean freight will gradually return to normal, with an expected increase in imports. On the demand side, due to the price increase effect, the terminal has replenished inventory intensively, greatly alleviating the inventory pressure of filaments. It is expected that the polyester load will remain strong in the short term, and attention should be paid to the order connection in August. Overall, there will be concentrated arrivals of foreign vessels in late July, and there is pressure for the fundamentals to weaken in August under high supply [2]. Summary by Directory Price and Basis - The closing price of the main EG contract was 4,450 yuan/ton (a change of -17 yuan/ton or -0.38% from the previous trading day), the spot price of EG in the East China market was 4,525 yuan/ton (a change of +7 yuan/ton or +0.15% from the previous trading day), and the spot basis of EG in East China (based on the 2509 contract) was 66 yuan/ton (a month-on-month increase of 4 yuan/ton) [1]. Production Profit and Operating Rate - The production profit of ethylene-based EG was -$39/ton (a month-on-month increase of $4/ton), and that of coal-based syngas EG was 98 yuan/ton (a month-on-month increase of 13 yuan/ton) [1]. International Price Difference - No specific data provided in the given text. Downstream Sales, Production, and Operating Rate - Due to the price increase effect, the terminal has replenished inventory intensively, greatly alleviating the inventory pressure of filaments. It is expected that the polyester load will remain strong in the short term, and attention should be paid to the order connection in August [2]. Inventory Data - According to CCF data released every Monday, the inventory of MEG at the main ports in East China was 521,000 tons (a month-on-month decrease of 12,000 tons); according to Longzhong data released every Thursday, it was 475,000 tons (a month-on-month decrease of 19,000 tons). The actual arrival at the main ports last week was 108,000 tons, lower than the planned value, and the port inventory decreased slightly. This week, the planned arrival at the main ports in East China is 156,000 tons, with concentrated arrivals, so actual arrivals should be monitored [1].

1. Report Industry Investment Rating - Short - term: Strong due to the concentrated release of macro - policies; Medium - term: Neutral [3] 2. Core Viewpoints - Yesterday, the closing price of the EG main contract was 4485 yuan/ton (+49 yuan/ton, +1.10% compared to the previous trading day), and the spot price in the East China market was 4529 yuan/ton (+32 yuan/ton, +0.71% compared to the previous trading day). The East China spot basis was 58 yuan/ton (-4 yuan/ton month - on - month) [1] - The news of the upcoming stable growth work plan for ten key industries such as steel, non - ferrous metals, and petrochemicals boosted the market, but the proportion of obsolete EG production capacity over 20 years old is only 6.6%, and most are in a shutdown or low - load operation state, with a relatively limited impact. The cost of coal has increased due to the production inspection notice [1] - Ethylene - made EG production profit was - 44 dollars/ton (+1 dollar/ton month - on - month), and coal - made syngas - made EG production profit was 97 yuan/ton (+4 yuan/ton month - on - month) [1] - According to CCF data, MEG inventory at the main ports in East China was 53.3 tons (-2.0 tons month - on - month); according to Longzhong data, it was 47.5 tons (-1.9 tons month - on - month). The planned arrival at the main ports in East China this week is 15.7 tons, with concentrated arrivals, and the visible inventory is expected to moderately rebound at the beginning of next week [2] - In terms of supply, the domestic synthetic gas - made load has returned to a high level, with more unplanned load reductions in non - coal aspects and limited room for further improvement. Overseas supply recovery is not as expected. In terms of demand, terminal inventory is high in the off - season, and the demand expectation is weak, but the actual decline space may be limited. The supply - demand structure in July is still good, but the pressure of foreign vessel arrivals will increase moderately in late July [2] 3. Summaries by Directory 3.1 Price and Basis - The closing price of the EG main contract was 4485 yuan/ton (+49 yuan/ton, +1.10% compared to the previous trading day), and the spot price in the East China market was 4529 yuan/ton (+32 yuan/ton, +0.71% compared to the previous trading day). The East China spot basis was 58 yuan/ton (-4 yuan/ton month - on - month) [1] 3.2 Production Profit and Operating Rate - Ethylene - made EG production profit was - 44 dollars/ton (+1 dollar/ton month - on - month), and coal - made syngas - made EG production profit was 97 yuan/ton (+4 yuan/ton month - on - month) [1] - The domestic synthetic gas - made load has returned to a high level, with more unplanned load reductions in non - coal aspects and limited room for further improvement [2] 3.3 International Spread - No specific data or analysis provided in the given text 3.4 Downstream Sales, Production, and Operating Rate - In the off - season, terminal inventory is high, and the demand expectation is weak. Attention should be paid to the actual implementation of filament maintenance, and the actual decline space may be limited [2] 3.5 Inventory Data - According to CCF data, MEG inventory at the main ports in East China was 53.3 tons (-2.0 tons month - on - month); according to Longzhong data, it was 47.5 tons (-1.9 tons month - on - month). The planned arrival at the main ports in East China this week is 15.7 tons, with concentrated arrivals, and the visible inventory is expected to moderately rebound at the beginning of next week [2]