In May, the price of ethylene glycol first fell and then rose
In May, the price of ethylene glycol first fell and then rose. According to data from Business Society, as of May 31, the average price of domestic oil to ethylene glycol was 4526.67 yuan/ton, which is 1% higher than the average price of 4481.67 yuan/ton in the East China market on May 1. The prices for each region are as follows:
The price range for spot goods executed by mainstream manufacturers in East China is 4450-4580 yuan/ton; The spot price of ethylene glycol in the South China market is 4450 yuan/ton, while the mainstream manufacturers in Central China have a spot price range of 4250 yuan/ton for external execution; The mainstream manufacturers in North China offer a spot price of 4500 yuan/ton for external transactions.
May port destocking
The port inventory showed a destocking status in May. As of May 30th, the inventory of ethylene glycol in the main port of East China was 725100 tons, which is 869100 tons compared to the inventory on April 29th, and 144000 tons have been destocked.
In May, the price of ethylene glycol first fell and then rose, mainly due to changes in the news in the middle and late stages. There were production cuts in the Middle East and North America overseas, supply contraction, and a decrease in port forecasts, breaking previous expectations for import growth; Another reason for the decline in port inventory is due to the previous consumption of hidden inventory, which has accelerated port shipments recently and has begun to shift towards consumption of explicit inventory.
Possible increase in supply in June
The short-term changes in ethylene glycol supply are as follows: by the end of May, a 500000 ton/year ethylene glycol plant in Guangdong had been restarted and qualified materials were produced. The subsequent load plan is to maintain around 90%. The plant was previously shut down for maintenance in late March. The restart time of a 400000 ton/year MEG plant in Fujian has been postponed again, and its ethylene plant is still undergoing debugging due to equipment failure. This network will continue to follow up in the future. A 300000 ton/year synthesis gas to ethylene glycol unit in Shanxi has recently been shut down for maintenance, with an estimated duration of around 8 days. A set of 1.4 million tons/year ethylene plant in Zhejiang has been restarted and stably operated. The 800000 tons/year ethylene glycol plant supporting the ethylene plant is planned to be put into operation around the end of this weekend,
From June to July, with the return of large-scale facilities such as Zhejiang Petrochemical and satellites, it is expected that the production capacity of ethylene glycol will reach 2.95 million tons from the end of May to July. In the medium to long term, there is an expectation of supply growth.
In June, ethylene glycol or oscillating operation will be the main focus
The focus of the ethylene glycol game in June is on downstream polyester demand and supply side variables. In the short term, it is expected that ethylene glycol will mainly operate in a volatile manner in June.
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