Fall first and then rise in August
| Gamma-PGA (gamma polyglutamic acid) |
The price of ethylene glycol began to decline in September. According to data from Shengyi Society, as of September 4th, the average price of domestic oil to ethylene glycol was 4630 yuan/ton, a decrease of 1.03% from September 1st. The prices in each region are as follows:
On September 4, 2024, the price of ethylene glycol at the port declined, with an early operating price range of 4640-4670 yuan/ton. In the afternoon session, it followed the downward trend of the market, with a slight downward shift in the price range. The spot basis slightly strengthened, especially in recent times when the contract basis has strengthened significantly. On September 4, the 01 contract had a paper cargo basis quotation of+28 to+34 for this week; The base price for September is 33-42 yuan/ton.
On September 4th, the price of coal to ethylene glycol slightly loosened, with prices in the northwest region around 4250 yuan/ton, including taxes, before leaving the factory.
On September 3, 2024, the external price of ethylene glycol was as follows: the landed price in China was $559/ton, and the landed price in Southeast Asia was $576/ton. The domestic landed price has slightly increased.
List of August Ethylene Glycol Port Inventory Data
As of September 2, 2024, the total spot inventory of ethylene glycol in the main ports of East China was 620200 tons, an increase of 3900 tons compared to the total spot inventory of 616300 tons on August 1.
The total planned arrival of ethylene glycol at the main port in East China this week (September 2nd to September 8th) is about 34000 tons; Among them, the arrival quantity in Zhangjiagang is about 9000 tons, the arrival quantity at Taicang Port is about 6000 tons, the arrival quantity in Ningbo is about 19000 tons, and the arrival quantity in Shanghai is about 0 tons.
On September 4th, the price of ethylene glycol moved downwards due to:
On the news of the resumption of crude oil supply from Libya, coupled with OPEC+’s previous statement to increase production as planned, crude oil prices plummeted, and the polyester sector as a whole saw a significant decline, especially in PTA/short fiber/PET bottle flakes.
Future expectations
At present, the absolute amount of explicit inventory in ports is still relatively low. This provides some support for the price of ethylene glycol.
However, other products in the polyester sector have basically fallen below the previous fluctuation range, forming a strong negative sentiment towards the relatively strong ethylene glycol price. It is expected that the ethylene glycol price will mainly fluctuate weakly in the short term.
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