Geopolitical impact accelerates the rise of ethylene glycol.

1. Today's Summary

1. MEG inventory at East China main ports was 117,000 mt, down 3,000 mt from the previous statistical period.
2. International crude oil rose, while coal prices were stable.
3. Shipments from East China main ports declined from the previous period.

2. Spot Overview

Table 1: Domestic MEG market closing prices (unit: yuan/mt, USD/mt)

On September 10, the Zhangjiagang MEG closing price was 6,990 yuan/mt, up 229; the South China market delivered closing price was 7,000 yuan/mt, up 150; the USD closing price was 785 USD/mt, up 25.

Today, the MEG market showed a clear upward trend. In early trading, Zhangjiagang opened sharply higher at around 7,150 due to geopolitical factors; intraday buying was cautious in chasing gains, and the negotiation center moved down to the 6,900–6,950 range for consolidation. Afternoon market changes were limited, and by the close the spot price was around 6,950. Spot basis volatility increased: it opened at 10+1020 in the morning, fell to around 10+990 in the morning, but rose to around 10+1040 late in the afternoon. South China followed the rise, but high-level buying and receiving were cautious, and transactions struggled to improve.

3. Spot Basis

Spot basis volatility increased: it opened at 10+1020 in the early session, fell to around 10+990 in the morning, but rose to around 10+1040 late in the afternoon.

Table 2: Jiangsu market spot basis changes (unit: yuan/mt)

4. Production Updates

Table 3: MEG operating load by process (unit: %)

On September 10, China's total MEG operating rate was 61.52% (up 0.04%), integrated 63.91% (up 0.07%); coal chemical 57.39% (flat).

In February 2026, China's total MEG plant capacity was raised to 30.819 million mt; syngas-based MEG capacity remained stable at 11.30 million mt; non-syngas plant capacity increased by BASF Zhanjiang's 800,000 mt, rising to 19.519 million mt.

Table 4: MEG margins by process (unit: yuan/mt, USD/mt)

Main port shipments:

On September 9, 2026, a major storage area in Zhangjiagang shipped 3,000 mt/day of MEG, up 114.29% from the previous period; two major storage areas in Taicang shipped 3,300 mt/day of MEG, down 59.26%.

Main port inventory (updated on Mondays and Thursdays):

As of September 10, total MEG inventory at East China main ports was 117,000 mt, down 3,000 mt from Monday and down 22,000 mt from last Thursday.

In detail: Zhangjiagang 45,000 mt, Taicang 31,000 mt, Jiangyin and Changzhou 24,000 mt, Shanghai and Changshu 17,000 mt.

Shipments this week: Zhangjiagang averaged 2,100 mt/day, Taicang averaged 4,800 mt/day.

Table 5: East China port inventory weekly comparison (unit: 10,000 mt)

5. Market Sentiment

Table 6: Domestic MEG upstream and downstream participant sentiment expectations (updated every Thursday)

6. Outlook

Geopolitical tensions, expectations that MEG supply will remain tight, and support from favorable cost and supply factors are expected to keep MEG in an upward trend in the short term. The East China spot ex-tank price is expected to be in the 6,900–7,100 range tomorrow.

7. Related Product Markets

1) Prices of related products

Table 7: Prices of related products in the polyester industry chain (unit: yuan/mt)

2) Operating loads of polyester-related products

PTA operating load: stable at 69.25%, with a capacity base of 93.30 million mt/year.

Polyester operating load: stable at 73.63%, with a capacity base of 90.415 million mt/year.

3) Daily polyester production and sales

Today (20260910), the average production-to-sales ratio of sample polyester filament yarn enterprises was 28.6%, down 1.2% from the previous trading day's closing data. Downstream users' resistance to high prices remained, polyester filament yarn market inquiries were quiet, and production and sales were mediocre. Specific production-to-sales data are as follows: 50%, 35%, 40%, 25%, 25%, 20%, 10%, 30%, 25%, 20%, 15%, 25%, 30%, 40%, 30%, 25%, 25%, 10%, 20%, 40%, 40%, 10%, 10%, 20%, 30%, 20%, 50%.

Today (20260910), China's direct-spun polyester staple fiber plants' production-to-sales ratio was 46.58%, up 4.21% from the previous trading day; specific production-to-sales data are as follows: 60%, 10%, 10%, 0%, 10%, 50%, 70%, 70%.

Today (20260910), the production-to-sales ratio of domestic sample polyester chip enterprises was 17.82%, up 0.42% from the previous period (20260909). Tight availability of goods combined with weak downstream sentiment for chasing higher prices kept the polyester chip market trading atmosphere sluggish. Specific production-to-sales data are as follows: 30%, 5%, 15%, 40%, 0%, 10%, 25%, 20%.

8. Data Calendar (unit: 10,000 mt, %)