Group 1: Price Information - Spot price of naphtha CFR Japan on 2025/9/18 was $599.38 per ton, down 1.56% from the previous value [1] - Price index of ethylene in Northeast Asia on 2025/9/17 was $851.00 per ton, unchanged from the previous value [1] - Factory - average price of ethylene oxide in East China on 2025/9/19 was 6,300 yuan per ton, unchanged from the previous value [1] - Spot price of methanol MA on 2025/9/18 was 2,280 yuan per ton, unchanged from the previous value [1] - Pit - mouth price (tax - included brown coal) of coal (Q3500 in Inner Mongolia) on 2025/9/18 was 290 yuan per ton, unchanged from the previous value [1] - DCE EG主力合约收盘价 on 2025/9/18 was 4,268 yuan per ton, down 0.67% from the previous value [1] - DCE EG主力合约结算价 on 2025/9/18 was 4,282 yuan per ton, down 0.16% from the previous value [1] - DCE EG近月合约收盘价 on 2025/9/18 was 4,338 yuan per ton, unchanged from the previous value [1] - DCE EG近月合约结算价 on 2025/9/18 was 4,338 yuan per ton, unchanged from the previous value [1] - Market price (mid - price) of ethylene glycol (MEG in East China) on 2025/9/18 was 4,370 yuan per ton, unchanged from the previous value [1] - CCFEI price index of ethylene glycol MEG domestic on 2025/9/18 was 4,345 yuan per ton, down 0.80% from the previous value [1] - Near - far month price difference on 2025/9/18 was 56 yuan per ton, up 7 yuan from the previous value [1] - Basis on 2025/9/18 was 77 yuan per ton, down 6 yuan from the previous value [1] - CCFEI price index of polyester DTY on 2025/9/18 was 8,550 yuan per ton, unchanged from the previous value [1] - CCFEI price index of polyester POY on 2025/9/18 was 7,000 yuan per ton, unchanged from the previous value [1] - CCFEI price index of polyester staple fiber on 2025/9/18 was 6,465 yuan per ton, down 0.08% from the previous value [1] - CCFEI price index of bottle - grade chips on 2025/9/18 was 5,820 yuan per ton, down 0.51% from the previous value [1] Group 2: Operating Conditions - Operating rate of ethylene glycol (comprehensive) on 2025/9/18 was 61.32%, down 0.88% from the previous value [1] - Operating rate of ethylene glycol (petroleum - based) on 2025/9/18 was 63.52%, down 1.48% from the previous value [1] - Operating rate of ethylene glycol (coal - based) on 2025/9/18 was 58.14%, unchanged from the previous value [1] - PTA industrial chain load rate of polyester factories on 2025/9/18 was 89.00%, up 0.22% from the previous value [1] - PTA industrial chain load rate of Jiangsu and Zhejiang looms on 2025/9/18 was 67.55%, up 2.01% from the previous value [1] Group 3: Cash - flow and Gross - profit Situation - Cash - flow of naphtha - based ethylene glycol (outer - market) on 2025/9/17 was - $126.19 per ton, down 0.69% from the previous value [1] - Cash - flow of ethylene - based ethylene glycol (outer - market) on 2025/9/17 was - $139.15 per ton, unchanged from the previous value [1] - After - tax gross profit of MTO - made MEG on 2025/9/18 was - 1,485.02 yuan per ton, down 19.74% from the previous value [1] - After - tax gross profit of coal - based synthesis gas method device on 2025/9/18 was 382.30 yuan per ton, down 25.66 yuan from the previous value [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - No relevant content provided Group 3: Price Summary - Spot price of naphtha CFR Japan on 2025/8/7 was $571.00 per ton, down 1.81% from the previous value [1] - Ethylene price index in Northeast Asia on 2025/8/6 was $821.00 per ton, with no change [1] - Ex - factory average price of ethylene oxide in East China on 2025/8/8 was 6300.00 yuan per ton, unchanged [1] - Spot price of methanol MA on 2025/8/7 was 2387.50 yuan per ton, with no change [1] - Pit - mouth price of lignite in Inner Mongolia (Q3500) on 2025/8/7 was 290.00 yuan per ton, unchanged [1] - DCE EG main contract closing price on 2025/8/7 was 4396.00 yuan per ton, down 0.41% [1] - DCE EG main contract settlement price on 2025/8/7 was 4412.00 yuan per ton, up 0.02% [1] - DCE EG near - month contract closing price on 2025/8/7 was 4407.00 yuan per ton, unchanged [1] - DCE EG near - month contract settlement price on 2025/8/7 was 4407.00 yuan per ton, unchanged [1] - Market intermediate price of ethylene glycol in East China on 2025/8/7 was 4470.00 yuan per ton, unchanged [1] - CCFEI price index of ethylene glycol on 2025/8/7 was 4465.00 yuan per ton, down 0.56% [1] - Near - far month price difference on 2025/8/7 was - 5.00 yuan per ton, a change of - 1.00 [1] - Basis on 2025/8/7 was 69.00 yuan per ton, a change of - 7.00 [1] - CCFEI price index of polyester DTY on 2025/8/7 was 8600.00 yuan per ton, down 0.29% [1] - CCFEI price index of polyester POY on 2025/8/7 was 7150.00 yuan per ton, unchanged [1] - CCFEI price index of polyester staple fiber on 2025/8/7 was 6480.00 yuan per ton, down 0.15% [1] - CCFEI price index of bottle - grade chips on 2025/8/7 was 5940.00 yuan per ton, unchanged [1] Group 4: Operating Conditions Summary - The overall ethylene glycol operating rate on 2025/8/7 was 58.15%, down 1.39% [1] - The operating rate of petroleum - based ethylene glycol on 2025/8/7 was 59.39%, unchanged [1] - The operating rate of coal - based ethylene glycol on 2025/8/7 was 56.36%, down 3.40% [1] - PTA industrial chain load rate of polyester factories on 2025/8/7 was 87.09%, unchanged [1] - PTA industrial chain load rate of weaving machines in Zhejiang on 2025/8/7 was 57.83%, unchanged [1] Group 5: Cash Flow and Gross Margin Summary - External market naphtha - based ethylene glycol on 2025/8/6 had a value of - 96.02 dollars per ton, a change of - 4.54 [1] - External market ethylene - based ethylene glycol on 2025/8/6 was - 108.65 dollars per ton, a change of - 3.00 [1] - MTO - made MEG after - tax gross profit on 2025/8/7 was - 1531.01 yuan per ton, a change of - 7.05 [1] - Coal - based synthesis gas method after - tax device gross profit on 2025/8/7 was 559.29 yuan per ton, a decrease of 17.70 [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The ethylene glycol market is currently in a low-level consolidation phase. The cost support is present, but the demand from the polyester industry continues to be weak, and the production reduction scale is still expanding [2]. - After the geopolitical premium is basically cleared, the ethylene glycol market will return to the fundamental logic, and future trends will depend on changes in supply and demand and industry operating conditions [2]. Group 3: Summary by Related Catalog Price Information - **Raw Materials**: The price of naphtha CFR Japan is $569.75 per ton, with a 0.18% increase; the price of ethylene in Northeast Asia remains unchanged at $851 per ton; the ex-factory price of cycloethane in East China is 6,500 yuan per ton, unchanged; the spot price of methanol MA is 2,810 yuan per ton, unchanged; the tax-included pithead price of lignite in Inner Mongolia is 290 yuan per ton, unchanged [1]. - **Ethylene Glycol Futures**: The closing price of the DCE EG main contract is 4,267 yuan per ton, a 0.09% decrease; the settlement price is 4,272 yuan per ton, a 0.16% decrease; the closing price of the near-month contract is 4,211 yuan per ton, a 0.14% increase; the settlement price is 4,218 yuan per ton, a 0.35% decrease [1]. - **Ethylene Glycol Spot**: The market price of ethylene glycol in East China is 4,340 yuan per ton, unchanged; the CCFEI price index of domestic ethylene glycol (MEG) is 4,330 yuan per ton, a 0.23% decrease [1]. - **Polyester Products**: The CCFEI price index of polyester DTY is 8,950 yuan per ton, a 1.10% decrease; the price index of polyester POY is 7,325 yuan per ton, a 0.68% decrease; the price index of polyester staple fiber is 6,765 yuan per ton, a 0.30% increase; the price index of bottle-grade chips is 6,040 yuan per ton, a 0.17% decrease [1]. Spread Information - The near - far month spread of ethylene glycol is 54 yuan per ton, an increase of 8 yuan; the basis is 63 yuan per ton, a decrease of 6 yuan [1]. Operating Conditions - The overall operating rate of ethylene glycol is 55.85%, with a 0.08% increase; the operating rate of petroleum - based ethylene glycol is 58.32%, a 0.14% increase; the operating rate of coal - based ethylene glycol is 52.28%, unchanged [1]. - The load rate of the PTA industry chain in polyester factories is 89.29%, a 0.06% decrease; the load rate of Jiangsu and Zhejiang looms is 64.95%, unchanged [1]. Profit Information - The after - tax gross profit of naphtha - based ethylene glycol is $102.50 per ton, a $0.70 decrease; the after - tax gross profit of ethylene - based ethylene glycol is $144.15 per ton, a $1.00 increase [1]. - The after - tax gross profit of MTO MEG is 2,040.80 yuan per ton, a 45.97 - yuan decrease; the after - tax gross profit of the coal synthesis gas method device is 596.90 yuan per ton, a 2.22 - yuan decrease [1]. Industry News - A 400,000 - ton/year synthetic gas - to - ethylene glycol production line in Shaanxi is scheduled to stop for maintenance for about 20 days at the end of the month [2]. - The spot market of ethylene glycol is in a low - level consolidation, with weak trading. Near - end contracts have a premium, and the external market is also in a low - level state. Some transactions occur at around $510 - $506 per ton [2]. - The trading volume of the DCE EG2509 contract is 1,943,000 lots, with a closing price of 4,267 yuan per ton, a 0.28% decrease [2]. - The production and sales rates of polyester filament, polyester staple fiber, and chips on June 30th are 30.66%, 40.36%, and 70.20% respectively [2].