Price trend
According to data from SunSirs, on June 21, the average price of oil-based ethylene glycol was 4,846.67 RMB/ton, a decrease of 103.33 RMB/ton from the previous statistical cycle.
The market price of ethylene glycol in East China dropped on June 18. The average spot price in East China was 4,849 RMB/ton, down 16 RMB/ton or 0.33% from Monday.
Analysis review
In terms of inventory, as of June 21, the total ethylene glycol inventory of the main ports in East China was 538,710 tons, a decrease of 2,600 tons or 0.48% from last Thursday, and a decrease of 11,000 tons or 2%from Monday. The ethylene glycol shipment situation was good at the weekend and the destocking went smoothly.
In terms of equipment: Hubei Sanning’s 600,000-ton/year plant had produced high-quality products, and the load had increased to above 50%; Zhejiang Petrochemical’s 800,000-ton/year plant had produced polyester-grade products, and the load was 70%, the new plant went into production smoothly. In terms of coal chemical industry, Xinjiang Tianye’s 600,000-ton/year plant was scheduled to be shut down for maintenance due to raw material problems, and the restart time was yet to be determined; the load of Yangmei’s Shouyang’s 200,000-ton/year plant fell to 50% and the plant would be shut down for 20 days in the near future.
Crude oil prices were boosted by factors such as strong summer demand and the suspension of Iranian nuclear negotiations, and the cost of ethylene glycol rose. The ethylene glycol load was slightly lowered, and the downstream purchased just on demand. The downstream polyester end fluctuated little, but the overall demand was not boosted much. As the load of new devices continued to increase, the trend of social inventory increase was clear.
Market outlook
The ethylene glycol market will be dominated by slight fluctuations in the near future.
