The latest p-value price of ethylene glycol on June 9 was 5158.33 yuan / ton, unchanged from the previous trading day. The year-on-year increase was 2.15%.
Crude oil prices continued to rise today, with strong cost side support. The total port inventory is slightly reduced, but the remaining space of storage tanks is limited, and American goods arrive this month. MEG port inventory will remain high in the short term. The external market of ethylene glycol has stabilized. Recently, the negotiated price of cargo is around 640 US dollars / ton. MEG operating rate has not fluctuated significantly for the time being. Affected by the continuous low purchasing sentiment in the downstream market, the production and sales are poor, and the increase of ethylene glycol cost is difficult to transmit to the downstream. In terms of units, the restart of Yangzi Petrochemical’s 300000 ton ethylene glycol unit was postponed to June 14. It is reported that the main production of EO and eg will be reduced to a low level in this later period.
Forecast: the cost is high but the downstream is weak, and the overall range of the market fluctuates widely.
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