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SunSirs: The Price of Ethylene Glycol Stopped Falling and Stabilized, and the Market Is Still Weak to Rise in the Future

December 16 2022 11:12:34     SunSirs (John)

Ethylene glycol price bottom support was strengthened

According to the data of SunSirs, the average price of domestic ethylene glycol made from oil was 4,058.33 RMB/ton on December 15, basically unchanged from the previous trading day. In terms of futures, the main contract eg2301 closed at 4,101 RMB/ton on December 24, up 0.76%.

On December 15, the spot price of ethylene glycol in the East China market was basically stable, and the spot external executive price of mainstream manufacturers in East China remained 4,050 RMB/ton; At the trade flow end, the spot negotiation price in Zhangjiagang market hadslightly loosened. The spot negotiation price was around 4,010 RMB/ton that week, and the forward spot contract was about 4,020 RMB/ton in December.

On December 15, the external quotation of the mainstream ethylene glycol manufacturers in the South China market was basically flat, with the spot price of 4,050 RMB/ton, and the downstream just needed to purchase mainly.

Recently, the market stopped falling and stabilized, and the price improved slightly, mainly based on the following factors:

  1. On the news side of unplanned maintenance, the unplanned maintenance of ethylene glycol increased due to the large loss of domestic production profits. At present, the overall operating rate remains at a low level, while overseas operations are also low under the influence of poor efficiency.
  2. The price of ethylene glycol fell to a low level. As of 15th, the price of ethylene glycol was relatively low, and the cost support was strengthened.
  3. The interest rate increase of the Federal Reserve was in line with expectations. Crude oil rebounded slightly recently, and cost support was further strengthened.

The main reasons for the lack of space for rise are:

  1. The inventory increased, and there were many ships arriving at the port. According to the inventory data, there was a phenomenon of accumulation.
  2. The downstream demand has entered a seasonally weakening stage. As the holiday approaches, the terminal weaving factory will reduce production. The operating load of polyester is not high, and the demand for ethylene glycol is relatively low.

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