Divergence between bullish and bearish views has widened, with pronounced intraday tug-of-war between bulls and bears.

1. Today's Summary:

① Ethylene glycol (MEG) inventory at major East China ports stood at 153,000 tons, down by 12,000 tons compared to the previous statistical period.
② International crude oil prices and coal prices rose.
③ Shipment volumes from major East China ports increased on a week-on-week basis.

2. Spot Market Overview

Table 1: Domestic MEG Market Closing Prices (Unit: CNY/ton, USD/ton)

Data Source: Chempricehub

On November 13, the closing price for MEG in Zhangjiagang was 6,198 CNY/ton, up by 218. The South China market closing delivered price was 6,300 CNY/ton, up by 100. The USD-denominated closing price was 735 USD/ton, down by 5.

The MEG market continued its upward trend today. Negotiations in the Zhangjiagang market primarily focused on spot cargoes for next week. At the morning open, next-week spot cargoes started around 6,400. However, buyers were cautious at high levels, causing the trading center of gravity to shift downward from highs to the 6,200–6,300 range. There was limited change in the afternoon, with spot prices closing near 6,200. Spot basis fluctuated significantly; next-week cargoes opened around OI+11150 but fell back to approximately OI+1000 by the afternoon close. The South China market remained flat, with spot offers following the upward trend, but downstream demand was cautious and transaction activity was sluggish.

3. Spot Basis

The spot basis rose sharply. It opened around OI+950, climbed steadily throughout the session, and closed near OI+1200.

Table 2: Jiangsu Market Spot Basis Changes (Unit: CNY/ton)

Data Source: Chempricehub

4. Production Dynamics

Table 3: MEG Operating Rates by Process (Unit: %)

Data Source: Chempricehub

On November 13, the domestic MEG overall operating rate was 60.80% (stable), integrated process 56.84% (stable), and coal chemical process 67.81% (stable).

In November 2026, the total installed capacity of domestic MEG units increased to 30.569 million tons. Among these, syngas-based MEG capacity was adjusted to 11.05 million tons (Xinjiang Tianying’s technical upgrade successfully increased capacity from 150,000 to 200,000 tons, while Xinjiang Tianye Phase II’s 300,000-ton unit was excluded). Non-syngas device capacity remained stable at 19.519 million tons.

Table 4: MEG Profit Margins by Process (Unit: CNY/ton, USD/ton)

Data Source: Chempricehub

Port Shipment Status:

On November 12, 2026, daily MEG shipments from a mainstream warehouse zone in Zhangjiagang were 5,100 tons, an increase of 10.87% on a week-on-week basis. Daily MEG shipments from two mainstream warehouse zones in Taicang were 7,000 tons, an increase of 233.33%.

Major Port Inventory Status (Updated Mondays and Thursdays):

As of November 12, total MEG inventory in major East China ports was 153,000 tons, down by 12,000 tons from this Monday and down by 9,000 tons from last Thursday.

Detailed breakdown: Zhangjiagang 73,000 tons, Taicang 54,000 tons, Jiangyin & Changzhou 16,000 tons, Shanghai & Changshu 10,000 tons.

Regarding shipments: Zhangjiagang averaged 4,800 tons/day, while the two Taicang warehouses averaged 1,700 tons/day.

Table 5: Weekly Comparison of East China Port Inventories (Unit: 10,000 tons)

Data Source: Chempricehub

5. Market Sentiment

Table 6: Domestic MEG Upstream and Downstream Industry Sentiment Forecast (Updated every Thursday)

Data Source: Chempricehub

6. Future Outlook

Geopolitical situations have shifted again, with crude oil prices rising from lows. Amid renewed expectations of tight MEG supply, the market is likely to maintain high levels. The ex-works spot price in East China is projected to be in the range of 6,200–6,300 CNY/ton on the next trading day.

7. Related Product Trends

1. Related Product Prices

Table 7: Prices of Related Products in the Polyester Chain (Unit: CNY/ton)

Data Source: Chempricehub

2. Load Factors for Polyester-related Products:

PTA Load: Stable at 68.69%, based on a capacity base of 93.3 million tons/year.
Polyester Load: Stable at 75.52%, based on a capacity base of 91.225 million tons/year.

3. Intraday Sales-Production Ratio for Polyester:

Today (Nov 12, 2026), the average sales-production ratio for sample enterprises of POY filament yarn was 37.3%, down by 0.1% from the previous trading day's closing data. Manufacturers continued their shipment-focused mode, but downstream buying sentiment was low, inquiries were scarce, and sales-performance was mediocre. Specific sales-production ratios were as follows: 55%, 26%, 100%, 35%, 30%, 40%, 20%, 35%, 30%, 30%, 25%, 15%, 30%, 36%, 30%, 35%, 20%, 0%, 20%, 40%, 40%, 25%, 30%, 30%, 40%.

Today (Nov 12, 2026), the sales-production ratio for Chinese direct-spun polyester staple fiber factories was 64.65%, up by 1.48% from the previous trading day. Specific ratios were as follows: 92%, 90%, 30%, 90%, 45%, 150%, 20%, 30%.

Today (Nov 12, 2026), the sales-production ratio for domestic sample enterprises of polyester chips was 63.99%, up by 44.75% from the previous period (Nov 11, 2026). Due to rising costs, some factories took advantage of the situation to ship goods, leading to a clear improvement in overall sales-production performance. Specific ratios were as follows: 70%, 80%, 200%, 10%, 30%, 50%, 20%, 300%.

8. Data Calendar (Unit: 10,000 tons, %)