On January 12, 2026, the spot contract basis differential for port-based ethylene glycol (polyester-grade, imported, primarily ethylene-based, minimum 500 tons) weakened intraday. The basis differential for this week's contract softened intraday, with quotes ranging from -157 to -147. As of now, the basis differential for this week's contract has declined to -157 to -154. The basis differential for late-January contracts fell to -145 to -142, while late-February contracts were quoted at -95 to -92, and late-March contracts at -47 to -44.

PriceSeek's analysis of ethylene glycol indicates a bearish sentiment with a score of -1. The spot basis differential for ethylene glycol continued to weaken, with this week's contract quotes dropping from -157 to -147 to -157 to -154. Late-January contracts declined to -145 to -142, while late-February and late-March contracts were quoted at -95 to -92 and -47 to -44, respectively. This suggests that spot prices have weakened relative to futures prices, reflecting an oversupply of port-based spot ethylene glycol or weak polyester demand, exerting downward pressure on spot ethylene glycol prices.

Combined with ethylene glycol futures data (e.g., the settlement price for the 2605 contract at 3,849 yuan/ton and a change in open interest of -5,320), the deepening basis differential reinforces bearish signals for the spot market. For futures prices, the narrowing of the forward basis differential (e.g., late-March contracts at -47 to -44) indicates market expectations of improved supply and demand in the future. However, short-term spot market weakness may weigh on futures performance, with an overall bearish impact.