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SunSirs: Ethylene Glycol Prices Are Facing Greater Pressure for a Long-term Boost(June 15-19)
June 22 2020 10:57:34SunSirs(John)

Price trend

According to the data of SunSirs, on June 19, the average ex-factory price of oil-made ethylene glycol in North China was 3,617 RMB/ton, which was 133 RMB/ton lower than last week, and the reduction was 3.56%.

On June 18, the market price of ethylene glycol in East China was 3530 RMB/ton, down 25 RMB/ton from the same period last week, a decrease of 0.70%.


Analysis review

As of June 18, ethylene glycol stocks in the mainstream reservoir area of East China were about 1.3165 million tons, an increase of 0.79 million tons from last Thursday, an increase of 0.60%, and an increase of 29,500 tons from Monday, an increase of 2.29%, that continued to accumulate in a high position.

In terms of sales, the average daily shipment of Zhangjiagang's main port this week was about 0.67 million tons, and the average daily shipment of the two warehouses in Taicang was about 0.76 million tons. Overall shipments have improved slightly from last week, but have continued to be low in recent days.

At present, the ethylene glycol operating rate is about 55%, which is one percentage point lower than last week. The polyester operating rate is about 87%, which is about 1.35% lower than last week.

In terms of installation, on June 16, the Sinopec Refinery-Chemical Integration Project in Donghai Island, Guangdong Province was formally completed and put into production. The project is expected to complete the entire process of oil refining by the end of July and the entire process of chemical industry by the end of August, involving an ethylene glycol production capacity of 400,000 tons. The overhaul of the 340,000-ton ethylene glycol integrated plant at Yangzi BASF has ended. The upstream plant has been restarted. It is expected that there will be output in the ethylene glycol link around the weekend. Whether in the short-term or the long-term, the supply pressure is further increased.

As for futures, due to the recent continuous rise in crude oil and support for the strengthening of chemical products, the price of ethylene glycol futures has also risen.


Market outlook

Although the price of ethylene glycol has increased recently due to rising crude oil. However, returning to the ethylene glycol product itself, due to the high inventory level, the downstream production was insufficient and the sales were not smooth, and the supply of imported goods continued, resulting in continued accumulation. In addition, at the end of June, there are still many devices to restart, and domestic supply will increase. Therefore, in the long run, the ethylene glycol market tends to be pessimistic.


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