According to data from the Business News Bulk List, the domestic ethylene glycol market price rose sharply last week. The average price of the domestic ethylene glycol market last weekend was 7,005 yuan/ton. The average price of domestic ethylene glycol market at the weekend was 7514.29 yuan/ton, an increase of 6.62% last week, and a year-on-year price increase of 66.19%.
Products: Last week, the domestic ethylene glycol market rose sharply following the commodity futures market. Most chemical products closed up. At the beginning of the week, the electronic trading once reached the daily limit, and the spot price of ethylene glycol followed suit. Rising, the trading atmosphere on the market is active, and the market transactions are good; currently, the ethylene glycol market in East China is actively negotiating, and the mainstream offer is around 7300-7320 yuan/ton; the mainstream transaction price in the ethylene glycol market in South China is 7100-7180 yuan / ton; the overall ethylene glycol market in North China is also relatively active. The market transaction price is around 7390-7410 yuan / ton. The performance of downstream gas buying is average, and there is not much goods in the market.
Industrial chain: The external price of ethylene glycol closed at US$867/ton last week, an increase of 5.35% compared to last week’s closing price. Thanks to the production reduction agreement, the international crude oil market The price of Brent crude oil has risen by 20% in less than two weeks, approaching US$60 per barrel. On December 10, OPEC and non-OPEC countries reached a global production reduction agreement for the first time in fifteen years. The two agreements undoubtedly provide certain support for curbing the global oversupply of crude oil and accelerating the rise in oil prices. The production and sales of downstream polyester manufacturers once rose to more than 120% in mid-week, and fell back to 80%-90% at the weekend. The price of polyester yarn has been rising continuously, and downstream manufacturers are queuing up to wait for goods. Last week, most chemical fiber factories in the market were out of stock, and the overall inventory dropped again. The upstream and downstream gains tended to slow down, and ethylene glycol experienced a slight correction.
Industry: The domestic ethylene glycol market adjusted upward last week. The increase slowed down over the weekend and began to experience a slight correction. At present, ethylene glycol has entered a narrow correction after a sharp rise. However, the overall spot support in the market is still acceptable. There is no obvious significant retracement under the weak market consolidation. The current ethylene glycol port inventory in the main port area of East China is about 515,000. tons, the long-term low inventory of around 500,000 tons has protected the development of the ethylene glycol market. The downstream polyester market has been affected by the strong performance of the raw material market, especially the sharp increase in the market price of ethylene glycol, which has directly promoted the continuous rise in polyester prices. It also drives downstream demand. The terminal production and sales of the polyester industry performed well, and the ethylene glycol market consolidated at a high level.
Ethylene glycol analysts believe: Driven by crude oil, the cost of ethylene glycol is supported, coupled with good downstream demand, ethylene glycol remains at a high level, and as prices rise , industry players tend to be cautious when entering the market, and it is expected that the ethylene glycol market price will maintain a high consolidation trend next week.
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