East China MEG stocks fall to 117k tons as crude strength supports high-level consolidation

I. Key Focus Points

1. Mediators continue to push for US-Iran peace talks, causing international crude oil prices to decline; however, conflict risks have not been eliminated, limiting the extent of the drop.
2. Ethylene glycol (MEG) inventory at major East China ports stood at 117,000 tons, a decrease of 18,000 tons compared to the previous statistical period.
3. The MEG production capacity base is 30.819 million tons/year, with a capacity utilization rate of 62.79%.
4. The polyester production capacity base is 91.025 million tons/year, with a capacity utilization rate of 74.06%.

Core Logic: Frequent geopolitical shifts are having a diminishing impact, leading to expectations of loose supply in the long term.

II. Price Table

Note: Weaving operating rate data is updated every Thursday.

III. Data Table (Units: Tons, Ten Thousand Tons)

Note: Shipment data reflects figures from the previous working day.

IV. Market Outlook

Geopolitical tensions have not shown significant easing, keeping crude oil prices at elevated levels and pushing up ethylene glycol costs. From a supply-demand perspective, there is no short-term weakening trend. Consequently, the market is expected to consolidate at high levels in the near term. Today's spot self-pickup price in East China is projected to range between 5,600–5,700 CNY/ton.

V. Data Calendar (Units: Ten Thousand Tons)