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Home > News > Morning Market Briefing: Ethylene Glycol

Morning Market Briefing: Ethylene Glycol

Published on 2026-10-22

I. Key Focus Points

  1. Geopolitical instability in the Middle East persists, but both Russia and Ukraine have signaled willingness for peace talks, resulting in mixed movements in international crude oil prices.
  2. Ethylene glycol (MEG) inventory at major East China ports stood at 163,000 tons, a week-over-week increase of 4.80%.
  3. The total MEG production capacity base is 30.819 million tons/year, with a utilization rate of 64.76%.
  4. The polyester production capacity base is 91.025 million tons/year, with a utilization rate of 72.81%.

Core Logic: Frequent geopolitical changes are having a diminishing impact on the market; expectations for loose supply in the long term remain.

II. Price Table

Variety Date 2026/10/20 2026/10/21 Change % Change Unit
Crude Oil ICE Brent 108.79 108.82 0.03 0.03% USD/bbl
NYMEX WTI 101.79 97.15 -4.64 -4.78% USD/bbl
INE Shanghai 727.30 700.80 -26.50 -3.78% CNY/bbl
Methanol CFR China 1212 1207 -5.00 -0.41% USD/ton
PX CFR China 1289.67 1272.67 -17.00 -1.34% USD/ton
MEG Spot USD Basis 655 675 20.00 2.96% USD/ton
RMB Basis 5405 5505 100.00 1.82% CNY/ton
PTA Price USD Basis 936 934 -2.00 -0.21% USD/ton
Spot (RMB) 6960 6940 -20.00 -0.29% CNY/ton
Processing Spread 417 484 67.01 13.84% CNY/ton
Polyester Semi-dull Chip 8470 8430 -40.00 -0.47% CNY/ton
Bottle Grade Chip 8700 8700 0.00 0.00% CNY/ton
Direct-spun Semi-dull POY 150D/48F 9450 9475 25.00 0.26% CNY/ton
Direct-spun Semi-dull FDY 150D/96F 9600 9600 0.00 0.00% CNY/ton
DTY 150D/48F Low Elasticity 10450 10450 0.00 0.00% CNY/ton
1.4 Denier Direct-spun Staple Fiber 8940 8910 -30.00 -0.34% CNY/ton
Utilization Rate PX 83.22% 83.22% 0.00% 0.00% --
PTA 67.63% 67.63% 0.00% 0.00% --
MEG 64.76% 64.76% 0.00% 0.00% --
Polyester 72.49% 72.81% 0.32% 0.44% --
Weaving 51.67% 51.67% 0.00% 0.00% --

Note: Weaving operating rate data is updated every Thursday.

III. Data Table (Units: tons, 10,000 tons)

Data Type Oct 21 Oct 20 Change Rate Weekly Trend
MEG Shipments 6,500 9,800 -33.67% ↘
MEG Operating Rate 64.76% 64.76% 0.00% →
MEG Port Inventory 16.3 11.5 41.74% ↗
Polyester Operating Rate 72.81% 72.49% 0.32% →
Filament Sales Ratio 29.70% 31.60% -1.90% ↘

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

IV. Market Outlook

Geopolitical developments remain limited, weakening their impact on the ethylene glycol market. Although supply-demand structures continue to face downward pressure, the market has experienced a rapid decline previously and now shows signs of stabilization and rebound. Today’s trading range is expected to be between 5,450 and 5,550 CNY/ton.

V. Data Calendar (Units: 10,000 tons)

Data Type Release Time Previous Period Data Current Period Forecast
MEG Port Inventory Mon & Thu 11:00 AM 16.3 ↗
MEG Production Thu 16:00 PM 41.55 ↗
Polyester Production Thu 16:00 PM 134.08 ↗
Jiangsu/Zhejiang Weaving Operating Rate Thu 16:00 AM 51.67% ↗

Comments

0
  • Hannah Berg 2026-10-22 10:02
    MEG inventories climbed 4.8% to 163k tons, signaling a supply glut despite stable capacity utilization at 64.76%. With geopolitical premiums fading, I expect downward pressure on margins as loose supply dominates the nar..
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