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SunSirs: Supported by Supply and Demand, the Center of Propylene Glycol Market Moved Upwards in February
March 05 2024 11:17:19SunSirs(John)

Price trend  

According to monitoring data from SunSirs, as of February 29, 2024, the reference market price of domestically produced industrial grade propylene glycol was 8,100 RMB/ton. Compared with January 1 (reference price of propylene glycol was 7,900 RMB/ton), the price increased by 200 RMB/ton, an increase of 2.53%.

Analysis review

In February, the domestic propylene glycol market showed an overall upward trend. In early February, the overall performance of the propylene glycol market was calm. Before and after the Spring Festival, downstream demand for propylene glycol gradually weakened, and there was not much adjustment in supply and demand on the market. During the holiday period, the overall performance of the propylene glycol market was quiet, with limited market fluctuations. In late February, after the holiday, the focus of the propylene glycol market was overall upward. As of February 29th, the domestic propylene glycol market price was based on 7,900-8,200 RMB/ton, with an increase of about 100-300 RMB/ton compared to the beginning of the month.

Analysis of Supporting Factors for the Upward Market of Propylene Glycol

In terms of supply: In February, the overall production of propylene glycol was relatively low, and the overall inventory of propylene glycol in the field was controllable. After the holiday, there was less pressure on the supply side of the market. In addition, some factories performed well in export orders after the holiday, so the supply side provided some support for the propylene glycol market situation.

In terms of demand: On the eve of the Spring Festival, the downstream stocking of propylene glycol was basically completed, and the support provided by the demand side to the market was average. After the holiday, downstream factories of propylene glycol had resumed work and production, and downstream demand had gradually been released. The transmission between propylene glycol supply and demand had improved compared to before the holiday. Therefore, overall, the demand side also contributed to the rise in the propylene glycol market in February.

Market outlook

As of the end of February, the trading atmosphere of propylene glycol on the exchange was mild, and the mentality of the operators was good. The propylene glycol data analyst from SunSirs believes that in the short term, the propylene glycol market will mainly operate with large stability and small fluctuations, and the specific trend still needs to pay more attention to changes in supply and demand news.

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