The Price of Ethylene Glycol Trended Downwards in November

In November, ethylene glycol prices continued to fall, with the price level shifting downwards. Recently, however, prices started to stabilize. According to data from SunSirs, as of November 28th, the average domestic price of oil-based ethylene glycol was 4,050 RMB/ton, a decrease of 4.05% compared to the average price of 4,220.83 RMB/ton on November 1st.

Regarding ethylene glycol at ports, the basis for port ethylene glycol spot contracts (starting from 500 tons) had weakened significantly. This cycle’s contracts weakened during the day, starting to trade at a discount to futures. On November 28, the intraday basis price range for this cycle's contracts was +8 to -5. As of the close of trading on November 28th, the basis price for next cycle's contracts was +5 to +6, the basis price for December contracts was +18 to +20, and the basis price for January contracts was +33 to +35.

Domestic spot prices for coal-based polyester-grade ethylene glycol (bulk, tax included, ex-works) were 3,720-3,880 RMB/ton for full truckload orders.

Regarding overseas ethylene glycol, as of November 26th, recent shipments were negotiated and traded at around $460-462/ton on a CIF basis.

Changes to the ethylene glycol plant in November 2025

In November 2025, the ethylene glycol market was characterized by a mixed situation domestically, with multiple plants restarting, undergoing maintenance, and operating at reduced capacity simultaneously. Overseas, the shutdown of Iranian plants had raised supply concerns, while some plants in the Middle East and Southeast Asia were operating steadily. Specific details were as follows:

Domestic equipment

Restarting units: Zhenhai Refining & Chemical's 800,000 tons/year unit is expected to restart around mid-November; Henan Coal Industry (Puyang)'s 200,000 tons/year ethylene glycol unit is planned to restart in mid-to-late November; Jianyuan's 260,000 tons/year unit, which was shut down in early September, is tentatively scheduled to restart in November; Tongliao Jinmei's 300,000 tons/year unit is expected to start production around early November, gradually restoring capacity; and China Chemical's 300,000 tons/year unit will restart in November. In addition, news on November 28th indicated that a 900,000 tons/year ethylene glycol unit in East China entered the heating and restarting phase.

Maintenance and Repair: Inner Mongolia Yankuang's 400,000 tons/year plant will have one production line shut down for maintenance from November 1st to 25th; Zhengda Kai's 600,000 tons/year plant is scheduled for a 10-day maintenance shutdown in November; a 500,000 tons/year ethylene glycol plant in South China will begin a maintenance shutdown on November 25th; Shenghong Refining & Chemical's 900,000 tons/year production line had been shut down since October 22nd, with the maintenance expected to last 35-40 days, covering most of November. In addition, Yunneng Chemical's 400,000 tons/year plant's planned maintenance in November had been cancelled, while Fude Energy's 500,000 tons/year plant had tentatively scheduled its maintenance for December, with specific details yet to be finalized.

Production reduction category: Around mid-November, Yulong Petrochemical's ethylene glycol plant reduced its production by 80%, one line of Shaanxi Yulin Chemical's 1.8 million tons/year plant was operating at reduced capacity, and the integrated plant as a whole also experienced a slight reduction in production. The phenomenon of reduced production in syngas-based plants further increased.

Overseas installations

Changes in Iranian production facilities attract attention: On November 24th, market news reported that two Iranian ethylene glycol plants with a combined annual production capacity of 3.3 million tons had been shut down. Additionally, four other ethylene glycol plants with a combined annual capacity of 7.25 million tons are scheduled to be shut down in late November or early December. This change significantly impacts the global ethylene glycol supply landscape and was one of the factors contributing to the stabilization of ethylene glycol prices at the end of the month. Furthermore, an ethylene glycol plant with a capacity of 500,000 tons per year at Morvarid in Iran had been operating at reduced capacity throughout this month.

Other regions remained stable: A 550,000-ton/year ethylene glycol plant in Saudi Arabia continued normal operation, although SABIC's related plants were estimated to reduce supply by approximately 70,000 tons per month in November and December; a 750,000-ton/year ethylene glycol plant in Malaysia completed its restart and resumed operation in November, which did not have a significant negative impact on overall supply that month.

In November 2025, ethylene glycol inventories at major ports in East China increased by 209,000 tons

On November 27, 2025, the total inventory of ethylene glycol in major ports of East China was 708,000 tons, an increase of 40,400 tons compared to the 667,600 tons recorded on November 17; an increase of 209,000 tons compared to the 499,000 tons recorded on October 30; and an increase of 352,900 tons compared to the 355,100 tons recorded on September 29.

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