The price of ethylene glycol fell in November
According to data from Business Society, on November 28th, the average price of domestic oil to ethylene glycol was 4100 yuan/ton, a decrease of 0.73% from the beginning of the month. Prices in various regions are as follows:
The price range for spot goods executed by mainstream manufacturers in East China is between 4000 and 4250 yuan/ton; The spot price of ethylene glycol in the South China market is 4000 yuan/ton, while the mainstream spot manufacturers in Central China have a price range of 4000 yuan/ton for external execution; The mainstream manufacturers in North China offer a spot price of 4250 yuan/ton to the outside world.
| Gamma-PGA (gamma polyglutamic acid) |
On November 27th, the landed price of ethylene glycol in the Asian market in China was 477 US dollars per ton; The landed price in Southeast Asia is $485 per ton.
Ethylene glycol fundamentals
Device dynamics
The 1 million ton unit of Shenghong Refining and Chemical stopped operation last weekend, and the restart time is yet to be determined; The 150000 ton plant of Xinjiang Tianying was shut down on November 23, and the restart is yet to be determined; The 260000 ton plant of Inner Mongolia Jianyuan has gradually restarted recently, and it is expected to produce products in early December; The 300000 ton plant of Xinjiang Tianye was shut down on November 16th, and the restart is yet to be determined; The 300000 ton unit of Shanxi Meijin will be shut down on November 15th, expected to take about 20 days; A 600000 ton unit in Xinjiang is expected to be put into trial operation and the product is expected to be available by the end of the month.
Weakened cost support
On November 27th, the central parity rate (CFR) for Northeast Asia Ethylene Gold was $861 per ton, a decrease of $20 per ton from the central parity rate of $881 per ton at the beginning of the month (November 1st).
Downstream demand
The operating load of downstream polyester is relatively stable. On November 27th, the polyester operating rate was 88.72%, and the polyester factory load remained around 88%. On the terminal side, the operating load of the weaving machine is 85%, and the operating load of the elastic weaving machine is 91%. Both have increased compared to the previous period, mainly due to weather factors, which have led to an increase in demand for cold and warm orders.
High port inventory
As of November 27, 2023, the total spot inventory of ethylene glycol in the main port of East China was 1.1476 million tons, which is 1.0548 million tons higher than the total spot inventory of ethylene glycol in the main port of East China on October 23, an increase of 92800 tons. The port inventory is still relatively high.
Future market forecast
The reality of ethylene glycol supply and demand is loose, with high inventory, suppressing price increases. Currently, prices are low and cost support is strong. It is expected that the probability of maintaining a volatile sideways trend in the short term will increase, and the weak and volatile operation will continue at the end of the month.
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