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SunSirs: Downstream Resisted High Prices, and the Diethylene Glycol Market Continued to Decline This Week
February 10 2023 10:02:24SunSirs(John)

Price trend

According to the monitoring data of SunSirs, as of February 9, 2023, the market reference price of diethylene glycol was 5,316.67 RMB/ton, down 143.33 RMB/ton or 2.63% compared with the price on February 2, 2023 (5,460 RMB/ton).

Analysis review

It can be seen from the data monitoring of SunSirs that the domestic diethylene glycol market continued to adjust downward this week. As of February 9, the market price in East China was mainly sorted out, and the delivery from the reservoir area was relatively stable, with the price at 5,320 RMB/ton. The market in South China was adjusted downward, the downstream demand had not yet fully recovered, and there was resistance to the high price. The holder had lowered the price to 5,450 RMB/ton.

This week, the speech of the Federal Reserve eased the concern of interest rate increase and boosted the market atmosphere. At the same time, affected by the earthquake in Türkiye, the supply of crude oil in some countries was blocked. International oil prices fell first and then rose, with strong support at the cost end.

From the perspective of supply, as of February 6, 2023, the inventory of East China Port was about 44,100 tons, an increase of 4,800 tons compared with the inventory of last week (39,300 tons), with an increase of 12.21%. The overall inventory changed little, and the performance of  supply side was in general; From the perspective of demand, the operating rate of unsaturated resin in the downstream was low, the factory had not yet fully started, and the demand was still recovering gradually, which showed that the demand side was weak and difficult to change. On the whole, the support of the cost side was relatively strong, the supply side performed commonly, and the demand side was still weak, so the market price of diethylene glycol continued to decline.

Market outlook

At present, the crude oil market was dominated by the supply side. It is expected that the international crude oil price will rise first and then fall next week, and the cost side support will be weaker. Although the de-stocking at the port was slow, the quantity of goods shipped had increased, and the market mentality was boosted. The load of downstream factories had been gradually increased. There was little inventory left before the year, and the demand would speed up the recovery process. According to the diethylene glycol analyst of SunSirs, the domestic diethylene glycol market is basically guided by the change of demand at present. Although the support at the cost side is insufficient, with the gradual increase of demand, it is expected that the market price range will fluctuate in the short term, focusing on the increase of demand.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com

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