Shouchuang Futures: Rising costs combined with port inventory reduction, ethylene glycol futures halt decline and rebound

Spot Market, East China Ethylene Glycol Price is 5154 RMB/ton for self-pickup, up 2 RMB/ton compared to the previous trading day.
On the supply side, a 550k-ton and a 700k-ton ethylene glycol plant in Saudi Arabia have recently shut down due to raw material issues, and a 600k-ton ethylene glycol plant in Shaanxi is scheduled to shut down for maintenance starting April 15 for 20 days.
This week, the total MEG inventory at major ports in East China is 935k tons, down 18k tons from the previous period.
On the demand side, negative feedback from terminals is emerging, weaving start-up rates are declining, and polyester product inventories are rising.
Polyester operating rates are stable but slightly declining, with production cuts extended until the end of April.
Overall, geopolitical conflicts have escalated again, providing strong cost support.
Overseas plant operating rates continue to decline, import expectations are decreasing, and port inventories are continuing to be destocked.
In the short term, ethylene glycol futures are expected to remain volatile with a slight upward trend, paying attention to geopolitical developments, changes in domestic and foreign plant operating rates, and cost fluctuations. (First Capital Futures)