According to business agency data, on October 22, the average price of oil-based ethylene glycol was 6,660 RMB/ton, an increase of 560 RMB/ton from Monday. From October 18th to October 22nd, the average price of ethylene glycol during the week was 7,138.33, an increase of about 300 RMB/ton from last week.
In terms of market prices, the spot price of ethylene glycol in the East China market on October 21 was 6,715 RMB/ton, which was an increase of 110 RMB/ton from the previous trading day and 172.5 RMB/ton from last week.
According to incomplete statistics, from October 10th to October 14th, the total arrivals of major terminals in East China are estimated to be about 176,400 tons, which is slightly lower than the previous statistical cycle. As of October 22, the total ethylene glycol inventory of the main ports in East China was 483,500 tons, and the ethylene glycol inventory was slightly accumulated.
This week, the price of ethylene glycol rose first and then fell like a roller coaster. The price of raw materials continued to rise, coal companies reduced production load in order to avoid risks. Spot resources were gradually tightening. The issue of shrinking supply supported prices, and the price of ethylene glycol was rising steadily. After the policy was introduced, the decline in coal prices was like a pot of cold water poured on the ethylene glycol market that was already in full swing. The price returned to rationality, and the quoted price of the external market followed the decline. In the afternoon of the 22nd, the price difference between the buyers and sellers of MEG's external market was large. The recent cargo offer was around 825 US dollars/ton, the offer was around 800 US dollars/ton and the negotiation estimate was 810-820 US dollars/ton. The downstream polyester operating rate was stable, the purchasing enthusiasm was not strong, and the demand side had not actually improved.
Although the issue of shrinking supply supports prices, but affected by coal prices, the downward trend of ethylene glycol is obvious. On the whole, the ethylene glycol market will be dominated by weak adjustments.
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