国庆期间EG主港大幅累库 核心观点 化工日报 | 2025-10-10 市场分析 期现货方面：昨日EG主力合约收盘价4158元/吨（较前一交易日变动-49元/吨，幅度-1.16%），EG华东市场现货价 4214元/吨（较前一交易日变动-61元/吨，幅度-1.43%），EG华东现货基差（基于2509合约）70元/吨（环比+2元/吨）。 生产利润方面：乙烯制EG生产利润为-63美元/吨（环比+0美元/吨），煤制合成气制EG生产利润为-305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50.7万吨（环比+9.8万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为44.3万吨（环比+4.3万吨）。据CCF数据，9.29~10.8期间主港实际到货总数15.4万吨， 港口库存大幅累库，库存触底反弹；本周10.9~10.12华东主港计划到港总数8万吨，到港量中性，副港计划到港量 1.6万吨，预计库存持稳。 整体基本面供需逻辑：供应端，国内乙二醇负荷高位运行，海外乙二醇海外供应损失依旧较多，沙特仍有两套以 上装置处于停车或低负荷运行状态，预期变化不大，但国庆假期内外 ...

化工日报 | 2025-09-30 临近假期，EG震荡运行 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为40.9万吨（环比-5.8万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为40.0万吨（环比+1.7万吨）。上周主港实际到货总数8.3万吨，周度港口库存持稳略 累；本周华东主港计划到港总数7.3万吨，到港量中性偏低，副港计划到港量2.3万吨。 整体基本面供需逻辑：供应端，国内乙二醇负荷高位运行，海外乙二醇海外供应损失依旧较多，沙特仍有两套以 上装置处于停车或低负荷运行状态，预期变化不大，但国庆假期内外轮到货较多，加拿大以及沙特大船将集中抵 港补充货源。需求端，节前备货下需求小幅提振，长丝产销改善明显，但聚酯负荷提升高度有限，关注需求回暖 持续性。整体近端EG平衡表平衡矛盾不大，主港库存预计维持低位，但四季度累库压力较大，另外节后乙二醇港 口库存预计将呈现明显增量，节前贸易商持货意向较差。 策略 单边：中性。低库存下方空间有限，但国庆假期内外轮到货预计较多，加拿大以及沙特大船将集中抵港补充货源， 预计节后乙二醇港口库存将呈现明显增量，节前贸易商持货意向较差。 跨期：无 跨品种： ...

化工日报 | 2025-09-26 EG盘面反弹，现货基差走弱明显 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价4246元/吨（较前一交易日变动+12元/吨，幅度+0.28%），EG华东市场现货价 4311元/吨（较前一交易日变动+6元/吨，幅度+0.14%），EG华东现货基差（基于2509合约）63元/吨（环比-9元/吨）。 周一，乙二醇港口库存较上周同期持稳略增，需求未见好转，EG价格震荡偏弱市场弱势整理。 生产利润方面：乙烯制EG生产利润为-72美元/吨（环比+8美元/吨），煤制合成气制EG生产利润为-287元/吨（环比 +13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46.7万吨（环比+0.2万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为40.0万吨（环比+1.7万吨）。上周主港实际到货总数8.3万吨，周度港口库存持稳略 累；本周华东主港计划到港总数7.3万吨，到港量中性偏低，副港计划到港量2.3万吨。 整体基本面供需逻辑：供应端，国内乙二醇负荷高位持稳，海外近期乙二醇海外供应损失依旧较多，沙特仍有两 套以上装置处于停车或低负荷运行状态，另外部 ...

化工日报 | 2025-09-24 期现货方面：昨日EG主力合约收盘价4212元/吨（较前一交易日变动-28元/吨，幅度-0.66%），EG华东市场现货价 4292元/吨（较前一交易日变动-50元/吨，幅度-1.15%），EG华东现货基差（基于2509合约）84元/吨（环比-9元/吨）。。 生产利润方面：乙烯制EG生产利润为-73美元/吨（环比-3美元/吨），煤制合成气制EG生产利润为-247元/吨（环比 -19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46.7万吨（环比+0.2万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为38.4万吨（环比+2.1万吨）。上周主港实际到货总数8.3万吨，周度港口库存持稳略 累；本周华东主港计划到港总数7.3万吨，到港量中性偏低，副港计划到港量2.3万吨。 整体基本面供需逻辑：供应端，国内乙二醇负荷高位持稳，海外近期乙二醇海外供应损失依旧较多，沙特仍有两 套以上装置处于停车或低负荷运行状态，另外部分远洋货仍有推迟装船动作，九至十月内乙二醇进口量存在下修 空间。需求端，当前需求回暖缓慢，订单衔接不足，预计聚酯负荷持稳，高度可能有限 ...

Report Investment Rating - Unilateral: Neutral [3] Core Views - On September 18, the closing price of the main EG contract was 4,268 yuan/ton, down 29 yuan/ton or 0.67% from the previous trading day; the spot price in the East China market was 4,362 yuan/ton, down 11 yuan/ton or 0.25%; the East China spot basis was 83 yuan/ton, up 2 yuan/ton [1] - The ethylene - made EG production profit was -$71/ton, up $2/ton; the coal - made syngas EG production profit was -180 yuan/ton, down 27 yuan/ton [1] - According to CCF data, the MEG inventory at the East China main port was 46.5 tons, up 0.6 tons; according to Longzhong data, it was 38.4 tons, up 2.1 tons. As of September 18, the inventory was 38.37 tons, down 1.19 tons or 3% from Monday, up 2.05 tons from last Thursday [1] - On the supply side, the domestic ethylene glycol load remained high and stable, and there were still many overseas supply losses. The import volume from September to October may be revised down. On the demand side, the demand recovery was slow, and the polyester load was expected to increase slightly [2] - In September, the EG balance sheet was slightly balanced, and the main port inventory was expected to remain low, but the early commissioning of two new plants suppressed market sentiment [2] Summary by Directory Price and Basis - The closing price of the main EG contract was 4,268 yuan/ton, down 29 yuan/ton or 0.67% from the previous trading day; the East China spot price was 4,362 yuan/ton, down 11 yuan/ton or 0.25%; the East China spot basis was 83 yuan/ton, up 2 yuan/ton [1] Production Profit and Operating Rate - The ethylene - made EG production profit was -$71/ton, up $2/ton; the coal - made syngas EG production profit was -180 yuan/ton, down 27 yuan/ton [1] International Spread - No specific data was provided in the text Downstream Sales and Operation - The demand recovery was slow, orders were insufficient, and the polyester load was expected to increase slightly, but the increase might be limited [2] Inventory Data - According to CCF data, the MEG inventory at the East China main port was 46.5 tons, up 0.6 tons; according to Longzhong data, it was 38.4 tons, up 2.1 tons. As of September 18, the inventory was 38.37 tons, down 1.19 tons or 3% from Monday, up 2.05 tons from last Thursday [1]

Report Industry Investment Rating - Unilateral: Neutral [3] Core Viewpoints - EG prices are oscillating. The closing price of the EG main contract was 4,297 yuan/ton (up 25 yuan/ton or 0.59% from the previous trading day), the spot price in the East China market was 4,373 yuan/ton (down 9 yuan/ton or 0.21% from the previous trading day), and the spot basis in East China (based on the 2509 contract) was 81 yuan/ton (down 10 yuan/ton month-on-month) [1]. - The ethylene - based EG production profit was -$73/ton (down $1/ton month - on - month), and the coal - based syngas EG production profit was -154 yuan/ton (down 10 yuan/ton month - on - month) [1]. - According to CCF data released every Monday, the MEG inventory at major ports in East China was 465,000 tons (up 6,000 tons month - on - month); according to Longzhong data released every Thursday, it was 363,000 tons (down 13,000 tons month - on - month). The actual arrival at the main ports last week was 85,000 tons, and the port inventory remained stable with a slight increase. The planned arrival at major ports in East China this week is 94,000 tons, a moderate amount [1]. - On the supply side, the domestic ethylene glycol load remains stable at a high level, and there are still many losses in overseas ethylene glycol supply. There are still more than two sets of Saudi Arabian plants in shutdown or low - load operation, and some ocean - going cargoes are still delaying shipment. There is room to revise down the ethylene glycol imports from September to October. On the demand side, the current demand recovery is slow, and order connection is insufficient. It is expected that the polyester load will remain stable with a slight increase, but the increase may be limited. Attention should be paid to the time of concentrated order placement later. In September, the EG balance sheet is slightly in surplus, and the main port inventory is expected to remain low, but the advanced commissioning plans of two new plants, Yulong and Ningxia Changyi, dampen market sentiment [2]. Summary by Directory Price and Basis - The closing price of the EG main contract was 4,297 yuan/ton (up 25 yuan/ton or 0.59% from the previous trading day), the spot price in the East China market was 4,373 yuan/ton (down 9 yuan/ton or 0.21% from the previous trading day), and the spot basis in East China (based on the 2509 contract) was 81 yuan/ton (down 10 yuan/ton month - on - month) [1]. Production Profit and Operating Rate - The ethylene - based EG production profit was -$73/ton (down $1/ton month - on - month), and the coal - based syngas EG production profit was -154 yuan/ton (down 10 yuan/ton month - on - month) [1]. International Price Difference - No specific data provided in the text. Downstream Sales, Production, and Operating Rate - The current demand recovery is slow, and order connection is insufficient. It is expected that the polyester load will remain stable with a slight increase, but the increase may be limited. Attention should be paid to the time of concentrated order placement later [2]. Inventory Data - According to CCF data released every Monday, the MEG inventory at major ports in East China was 465,000 tons (up 6,000 tons month - on - month); according to Longzhong data released every Thursday, it was 363,000 tons (down 13,000 tons month - on - month). The actual arrival at the main ports last week was 85,000 tons, and the port inventory remained stable with a slight increase. The planned arrival at major ports in East China this week is 94,000 tons, a moderate amount [1].

Report Summary 1. Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Inter - variety: None [3] 2. Core Views - Yesterday, the closing price of the EG main contract was 4,272 yuan/ton, down 16 yuan/ton (-0.37%) from the previous trading day; the spot price in the East China market was 4,382 yuan/ton, up 5 yuan/ton (+0.11%); the spot basis in East China was 91 yuan/ton, down 11 yuan/ton [1]. - The production profit of ethylene - made EG was -72 dollars/ton, unchanged from the previous day; the production profit of coal - made syngas EG was -144 yuan/ton, down 13 yuan/ton [1]. - According to CCF data, the MEG inventory at the main ports in East China was 465,000 tons, up 6,000 tons; according to Longzhong data, it was 363,000 tons, down 13,000 tons. The actual arrival at the main ports last week was 85,000 tons, and the port inventory remained stable with a slight increase. The planned arrival at the East China main ports this week is 94,000 tons [1]. - On the supply side, the domestic ethylene glycol load remains high, and there are still many overseas supply losses. There are two or more Saudi Arabian plants in shutdown or low - load operation, and some ocean - going cargoes are still postponed for shipment. The import volume from September to October may be revised down. On the demand side, the demand recovery is slow, and the order connection is insufficient. The polyester load is expected to increase slightly, but the increase may be limited [2]. - In September, the EG balance sheet is slightly balanced, and the main port inventory is expected to remain low. However, the advanced commissioning plans of two new plants, Yulong and Ningxia Changyi, suppress market sentiment [2][3]. 3. Summary by Directory Price and Basis - The closing price of the EG main contract was 4,272 yuan/ton, and the spot price in the East China market was 4,382 yuan/ton. The spot basis in East China was 91 yuan/ton [1]. Production Profit and Operating Rate - The production profit of ethylene - made EG was -72 dollars/ton, and that of coal - made syngas EG was -144 yuan/ton [1]. International Spread - Not elaborated in the text. Downstream Sales, Production and Operating Rate - The demand recovery is slow, the order connection is insufficient, and the polyester load is expected to increase slightly, but the increase may be limited [2]. Inventory Data - According to CCF data, the MEG inventory at the main ports in East China was 465,000 tons; according to Longzhong data, it was 363,000 tons. The actual arrival at the main ports last week was 85,000 tons, and the planned arrival this week is 94,000 tons [1].

/生物制造产业社群/ 让上下游聚在一起, 未来食农、绿色化工、大健康、美妆个护 等产业同行❤️↓ SynBio团队 | 天津大学|齐崴教授|尤生萍副研究 员|张聪强研究| PET酶 解技术 【SynBioCon】 获 悉，近期， 天津大学齐崴教授 、尤生萍副研究员 团队 与 新加坡科技研究局 （ A*STAR ） 张聪强研究员团队 在生物技术领域 知名 期刊《 Biotechnology Advances 》（影 响因子： 12.5 ，中科院一区 TOP ）上合作 发表题为 " Bio-upcycling PET waste: Advances in enzymatic hydrolysis and biosynthesis of value-added products " 的综述论文。 在全球塑料污染日益严峻的背景下，聚对苯二甲酸乙二醇酯（ PET ）作为应用最广泛的工程塑料之 一，其大规模生产与低效回收之间的矛盾愈发突出。 2022 年全球 PET 产量已达 8810 万吨，然 而其天然 耐 降解特性与不当回收管理导致大量 PET 废弃物堆积，不仅造成资源浪费，更对生态环 境和人类健康构成严重威胁。传统 ...

Report Industry Investment Rating - The rating for the ethylene glycol (EG) industry is neutral [3] Core Viewpoints - The current situation of EG shows a pattern of near - term strength and long - term weakness, with attention focused on the commissioning time of new plants. The EG market has a short - term suppression from warehouse receipts and a fourth - quarter inventory accumulation expectation, but the low inventory limits the downward space. In September, the spot is tight [1][3] - The supply side in China has the domestic ethylene glycol load returning to a high level, with the syngas load expected to decline in September. Overseas, there are still many supply losses. The import volume from September to October may be revised downwards. The demand side has a slow recovery, and the polyester load is expected to increase slightly, with the 9 - month EG balance sheet showing a slight reduction and the main port inventory expected to remain low [2] Summary by Directory Price and Basis - The closing price of the EG main contract was 4,319 yuan/ton (a change of - 3 yuan/ton or - 0.07% from the previous trading day), the EG spot price in the East China market was 4,440 yuan/ton (a change of - 5 yuan/ton or - 0.11% from the previous trading day), and the EG East China spot basis (based on the 2509 contract) was 135 yuan/ton (a month - on - month increase of 27 yuan/ton) [1] Production Profit and Operating Rate - The production profit of ethylene - based EG was - 61 US dollars/ton (a month - on - month decrease of 3 US dollars/ton), and the production profit of coal - based syngas - to - EG was - 70 yuan/ton (a month - on - month decrease of 48 yuan/ton) [1] International Price Difference - The report mentions the international price difference of ethylene glycol (US FOB - China CFR), but no specific data is provided [19] Downstream Sales and Production and Operating Rate - The demand for EG is currently recovering slowly, with insufficient order connection. The polyester load is expected to increase slightly, but the increase may be limited. Attention should be paid to the time of concentrated order placement in the later stage [2] Inventory Data - According to CCF data, the inventory of the main ports in East China was 44.9 million tons (a month - on - month decrease of 5.1 million tons); according to Longzhong data, it was 37.6 million tons (a month - on - month decrease of 3.7 million tons). The actual arrival at the main ports last week was 102,000 tons, and the port inventory remained stable with a slight increase. The planned arrival at the East China main ports this week is 93,000 tons, with a moderate arrival volume [1]

Report Industry Investment Rating - Unilateral: Cautiously bullish [3] Core Viewpoints - Yesterday, the closing price of the main EG contract was 4,357 yuan/ton, up 26 yuan/ton or 0.60% from the previous trading day. The spot price in the East China EG market was 4,456 yuan/ton, up 22 yuan/ton or 0.50%. The spot basis of EG in East China was 108 yuan/ton, up 19 yuan/ton [1]. - The production profit of ethylene - made EG was -$61/ton, down $1/ton; the production profit of coal - made syngas EG was -102 yuan/ton, down 10 yuan/ton [1]. - According to CCF data, the inventory at the main ports in East China was 44.9 tons, down 5.1 tons; according to Longzhong data, it was 37.6 tons, down 3.7 tons. Last week, the actual arrival at the main ports was 5 tons, and this week's planned arrival is 9.8 tons [1]. - In terms of supply, domestic ethylene glycol load has returned to a high level and is expected to remain stable in the short term. The syngas load may decline in September. Overseas supply has suffered many losses, and the import volume from September to October may be revised down. In terms of demand, there are signs of recovery, and polyester load is expected to rise slightly. The supply - demand balance sheet from August to September is in a loose balance [2]. Summary by Directory I. Price and Basis - The closing price of the main EG contract was 4,357 yuan/ton, up 26 yuan/ton or 0.60% from the previous trading day. The spot price in the East China EG market was 4,456 yuan/ton, up 22 yuan/ton or 0.50%. The spot basis of EG in East China was 108 yuan/ton, up 19 yuan/ton [1] II. Production Profit and Operating Rate - The production profit of ethylene - made EG was -$61/ton, down $1/ton; the production profit of coal - made syngas EG was -102 yuan/ton, down 10 yuan/ton [1] III. International Price Difference - No specific data provided, only a chart of the international price difference between US FOB and Chinese CFR is mentioned [19] IV. Downstream Production, Sales and Operating Rate - No specific data provided, only charts of downstream production, sales and operating rates are mentioned, including long - filament production and sales, short - fiber production and sales, polyester load, etc. [20][22][28] V. Inventory Data - According to CCF data, the inventory at the main ports in East China was 44.9 tons, down 5.1 tons; according to Longzhong data, it was 37.6 tons, down 3.7 tons. Last week, the actual arrival at the main ports was 5 tons, and this week's planned arrival is 9.8 tons [1]