The price of ethylene glycol decreased in September
The price of ethylene glycol began to decline in September. According to data from Shengyi Society, as of September 18th, the average price of domestic oil to ethylene glycol was 4508.33 yuan/ton, a decrease of 3.63% from September 1st. The prices in each region are as follows:
On September 18, 2024, the operating price of ethylene glycol at the port was between 4420-4480 yuan/ton, and the basis of spot contracts remained basically stable during the day. This week, the paper cargo basis quotation was+24 to+28; In September, the base price will be quoted at+26 to+30 yuan/ton; Next week’s basis quotation will be+28 to+32 yuan/ton.
On September 18th, the price of coal to ethylene glycol slightly loosened, with prices in the northwest region ranging from 4150-4250 yuan/ton, including taxes.
On September 17, 2024, the external price of ethylene glycol was as follows: the landed price in China was $527/ton, and the landed price in Southeast Asia was $534/ton.
List of Ethylene Glycol Port Inventory Data for September
As of September 12, 2024, the total spot inventory of ethylene glycol in the main ports of East China was 548200 tons, a decrease of 25100 tons compared to the total spot inventory of 673300 tons on August 29.
From September 14, 2024 to September 17, 2024, during the Mid Autumn Festival holiday, the main stream storage area of Zhangjiagang Port shipped about 22000 tons of ethylene glycol, while the two main stream storage areas of Taicang shipped about 7500 tons of ethylene glycol.
Overview of Ethylene Glycol Fundamentals
Inventory changes: The absolute inventory of ethylene glycol at the port remains relatively low and is in a continuous state of destocking.
Device dynamics: Temporary shutdown of 80 MW in Zhejiang Petrochemical Phase II, expected to restart in the near future; Northern Chemical 20W is restarting this week and is expected to be discharged soon; Two sets of vehicles in Yongcheng, Henan, with a total capacity of 40w, will be parked from mid August and are currently being restarted; Yangmei Shouyang was shut down in mid August due to unforeseen circumstances, and the restart was postponed until the end of the month. In terms of overseas installations, Petronas 75W has recently shut down and resumed operation; A 38W unit in Saudi Arabia is undergoing maintenance and shutdown; A set of 83W equipment in South Asia, USA, was shut down for maintenance in mid August due to unforeseen circumstances and has been restarted this week.
Future expectations
Positive factors: Recently, the absolute amount of explicit inventory of ethylene glycol in ports is still relatively low. This provides some support for the price of ethylene glycol.
Negative factors: Other products in the polyester sector have basically fallen below the previous oscillation range, forming a strong negative sentiment towards the relatively strong ethylene glycol price, and the cost support is weak.
On the demand side, there may be a peak season that falls short of expectations, resulting in limited improvement in demand. At present, macro factors have a significant impact on prices, and it is expected that ethylene glycol prices will mainly fluctuate weakly in the short term.
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