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SunSirs: Inventory Accumulated and Ethylene Glycol Prices Continue to Consolidate
March 05 2020 10:37:11SunSirs(John)

Price trend

According to the data of SunSirs, on March 4, the average ex-factory price of oil-based ethylene glycol in North China was 4,433 RMB/ton, a slight decrease from the same period last week.

On March 4th, the ethylene glycol futures of Dalian Commodity Exchange closed down. The main contract of 2005 closed at 4,354 RMB/ton, which was 33 RMB/ton lower than the settlement price of the previous trading day.

On March 3, the out-of-stock price for large-scale ethylene glycol in East China was 4,295 RMB/ton, down 20 RMB/ton from last weekend.

On March 3, the closing price of ethylene glycol in the Asian market was US $ 510/ton (CFR China), and the price fell by US $ 7/ton over the previous trading day.


Analysis review   

As of March 2, ethylene glycol inventories in East China ’s mainstream reservoir areas were approximately 761,900 tons, an increase of 76,400 tons, an increase of 11.15%, and an increase of 130,300 tons, or an increase of 20.63%, from last Monday.

In terms of shipments, shipments in the mainstream reservoir areas in East China have been poor recently. On March 3, ethylene glycol shipments in a mainstream reservoir area in Zhangjiagang was 50,400 tons; in a mainstream reservoir area in Taicang, 15 thousand tons were shipped.

At present, the operating rate of ethylene glycol is about 62%, and the operating rate of downstream polyester is about 66%, which are both at a relatively low level.

In terms of equipment, Xinhang Energy ’s 300,000 tons/year ethylene glycol plant was temporarily shut down for maintenance on March 2 and is expected to be shut down for 4 to 5 days; Xinjiang Dushanzi glycol plant ’s load is about 70%; Guizhou Qianxi Coal Chemical Plant has a load of about 80% of the 300,000-ton / year ethylene glycol unit.


Market outlook

Early last morning, affected by the news of a fire at a naphtha cracker at the Dasan plant in Lotte, South Korea, the price of ethylene glycol futures rose briefly, but due to the limited impact, it quickly fell back.

Recently, ethylene glycol inventories in East China's main port have risen, downstream polyester production has continued to be at a relatively low level, and shipments have been significantly lower than the same period last year. Although the spot price and futures prices of ethylene glycol experienced a short-term recovery due to the rise in crude oil prices on Monday, due to many unfavorable factors, it is expected that the market expectations will not be able to change significantly in the near future.


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