On January 9, 2026, the spot contract basis for port-based ethylene glycol (polyester grade, imported, primarily ethylene-based, minimum 500 tons) exhibited a weak intraday performance. The basis for this week's contract showed a downward adjustment during the day, with quotations ranging from -160 to -148. By the close of trading, the basis for this week's contract had further declined to -160 to -157. The basis for next week's contract dropped to -152 to -149, while the basis for late-January contracts was quoted at -140 to -137. Late-February contract basis stood at -89 to -85, and late-March contract basis was quoted at -43 to -44.

PriceSeek's analysis of ethylene glycol indicates a bearish sentiment with a score of -1.5. The article highlights that on January 9, 2026, the spot basis for ethylene glycol weakened, with this week's contract basis declining from -160 to -148 to -160 to -157. The basis for next week's and forward-month contracts also generally shifted downward (e.g., late-January contracts quoted at -140 to -137, late-February contracts at -89 to -85). This suggests ample supply or weak demand in the spot market, leading to a depreciation of spot prices relative to futures prices, exerting significant downward pressure on ethylene glycol spot prices.

Combined with ethylene glycol futures data (e.g., the Dalian Commodity Exchange contract 2605 closed at 3,846 yuan/ton on January 8, 2026, up 7 yuan/ton), the deepening basis implies that futures prices may be overvalued, posing potential downside risks in the future. Therefore, a score of -1.5 is assigned, reflecting an overall bearish trend in both the spot and futures markets.