According to the bulk list data, as of February 29, 2024, the reference price for diethylene glycol in the domestic market was 5210 yuan/ton, a decrease of 450 yuan/ton compared to the price on January 31, 2024 (reference price for diethylene glycol is 5660 yuan/ton), a decrease of 7.95%.
From the monitoring of data from Business Society, it can be seen that the domestic diethylene glycol market was weak and downward in February. One week before the Spring Festival holiday, downstream unsaturated resins entered a state of comprehensive shutdown and holiday, while demand for polyester and polyurethane remained low. Traders continued to leave the market to observe, and the trading atmosphere on the market was cold, with weak price adjustments. After the holiday, the port inventory has accumulated, and the supply has increased, putting pressure on the market mentality. The downstream market is in the start-up recovery stage, and demand follow-up performance is insufficient. The overall market sentiment is weak, with prices fluctuating and falling. The decline at the end of the month has slowed down, and the market is weak and consolidating.
In terms of supply: In early March, the pre arrival quantity of imported cargo was high and concentrated, and the main port inventory will accumulate again, with inventory possibly rising to 50000 tons. The expectation of supply increment still exists, and the market mentality is still under pressure.
Downstream demand: Downstream and terminal startups are slow, overall demand remains weak, and industry participation in the market is limited. Although the operating load of unsaturated resin enterprises has increased, they still maintain order production.
Market forecast: Currently, there is no plan for a pullback in the production of domestically produced equipment, and domestic supply has increased. At the same time, in early March, the import volume to port was relatively high and concentrated, and there was a certain accumulation of port inventory. The expectation of supply increment will still give market pressure; Entering March, downstream demand will gradually recover, unsaturated resin production will return to normal levels, and the polyester and polyurethane industries will also have replenishment demand, with an expected increase in demand. Business Society Diethylene Glycol Analysts believe that the domestic Diethylene Glycol market experienced a weak adjustment in March, and specific attention still needs to be paid to port inventory accumulation and demand growth.
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