Buyers are cautious at high levels, and the market is pulling back from its peak.

1. Daily Summary

① East China main port MEG inventory stood at 117,000 tons, down by 18,000 tons compared to the previous statistical period.
② International crude oil prices rose, while coal prices remained stable.
③ Shipments from East China main ports decreased compared to the previous period.

2. Spot Market Overview

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

Data Source: Chempricehub

On October 29, the closing price for spot MEG in Zhangjiagang was 5,790 CNY/ton, up by 55 CNY/ton. The closing delivered price in the South China market was 6,100 CNY/ton, up by 100 CNY/ton. The closing USD-denominated price was $695/ton, down by $15.

The MEG market exhibited a pullback from highs today. The spot price in Zhangjiagang opened around 5,870 CNY/ton. During trading hours, buying interest was lackluster, and upward momentum stalled. The downward trend continued into the afternoon, with the spot price closing near 5,720 CNY/ton. The spot basis narrowed significantly, moving from approximately Month+40 in the morning to Month+30 by the close. Market sentiment in South China was flat; downstream demand was cautious, resulting in thin trading activity.

3. Spot Basis

The spot basis pulled back notably, shifting from approximately Month+40 in the morning to Month+30 by the close.

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

As of October 29, the overall domestic MEG operating rate was 63.11% (up 0.11%), the integrated route rate was 61.77% (up 0.17%), and the coal-based route rate was 65.42% (stable).

In February 2026, total domestic MEG capacity was adjusted upward to 30.819 million tons. Specifically, syngas-based MEG capacity remained stable at 11.3 million tons, while non-syngas capacity increased by 800,000 tons due to the BASF Zhanjiang plant, bringing the total non-syngas capacity to 19.519 million tons.

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

Data Source: Chempricehub

Main Port Shipment Status:

On October 28, 2026, daily MEG shipments from a major warehouse zone in Zhangjiagang were 1,500 tons, down 71.70% week-on-week. Daily shipments from two major warehouse zones in Taicang were 7,200 tons, up 44.00% week-on-week.

Main Port Inventory Status (Updated Mondays and Thursdays):

As of October 29, total MEG inventory at East China main ports stood at 117,000 tons, a decrease of 18,000 tons from the previous period.
Breakdown: Zhangjiagang held 39,000 tons, Taicang held 52,000 tons, Jiangyin and Changzhou held 16,000 tons, and Shanghai and Changshu held 10,000 tons.
Regarding shipments: The average daily shipment volume in Zhangjiagang was 4,000 tons, and the combined average daily shipment volume for the two warehouses in Taicang was 5,800 tons.

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 Stakeholder Sentiment Forecast (Updated Weekly on Thursdays)

Data Source: Chempricehub

6. Outlook

Geopolitical tensions remain high, keeping crude oil prices elevated, which provides cost-side support for the MEG market. From a supply-demand perspective, as delayed cargo arrivals ease pressure on spot tightness, the short-term market faces resistance to further gains and is likely to undergo consolidation. The expected range for tomorrow's ex-works pickup price in East China is 5,650–5,750 CNY/ton.

7. Related Product Markets

1. Related Product Prices

Table 7: Polyester Chain Related Product Prices (Unit: CNY/ton)

Data Source: Chempricehub

2. Polyester-related Operating Rates:

PTA operating rate: Rose to 74.06%, based on an annual capacity of 93.3 million tons.
Polyester operating rate: Remained stable at 74.06%, based on an annual capacity of 91.025 million tons.

3. Intraday Polyester Sales Performance:

Today (October 29, 2026), the average sales ratio for sample polyester filament enterprises was 34.6%, down 7.4 percentage points from the previous trading day's closing data. Yesterday's end-of-day sales for polyester filament were roughly balanced. Today, market trading atmosphere was quiet; although there was some transaction activity at lower price points in certain segments, overall trading remained sluggish. Specific sales ratios were as follows: 70%, 30%, 70%, 35%, 30%, 40%, 10%, 0%, 35%, 30%, 25%, 20%, 35%, 40%, 35%, 30%, 25%, 10%, 30%, 60%, 40%, 0%, 0%, 30%, 30%, 40%.

Today (October 29, 2026), the sales ratio for Chinese direct-spun polyester staple fiber factories was 37.12%, down 52.68 percentage points from the previous trading day. Specific sales ratios were as follows: 30%, 30%, 0%, 10%, 30%, 80%, 0%, 53%.

Today (October 29, 2026), the sales ratio for sample domestic polyester chip enterprises was 39.63%, down 20.40 percentage points from the previous period (October 28, 2026). Downstream chasing of higher prices lacked momentum, leading to a cooling transaction atmosphere in the polyester chip market. Specific sales ratios were as follows: 30%, 45%, 0%, 40%, 100%, 20%, 15%, 0%.

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