Recently, crude oil has performed strongly, downstream polyester operating rates have remained high, and good production and sales have provided effective support for ethylene glycol. However, ethylene glycol is currently in a high price zone, and there are pessimistic expectations about supply and demand, so merchants are cautious in chasing prices.
The spot price of ethylene glycol of Sinopec East China Sales Branch has stabilized. The current spot price is 6,400 yuan/ton, and its subsidiaries Yangzi, Yangba, Shanghai, and Zhenhai Refining and Chemical Co., Ltd. all implement the price. Xinjiang Dushanzi Petrochemical’s ethylene glycol unit is in stable operation, and its spot quotation is stable, currently priced at 6,600 yuan/ton, and its products are mostly supplied to surrounding areas. The ethylene glycol unit of Maoming Petrochemical is currently operating at normal load, and the quotation has been raised by 150 yuan/ton. The current spot price is 6,450 yuan/ton locally.
The focus of the ethylene glycol market has risen sharply. In the afternoon, the price of MEG rose to around 6,480 yuan/ton, and the intention to ship on the market was strong. In the morning, the ethylene glycol market was affected by rising oil prices. The domestic ethylene glycol electronic market opened higher and fluctuated. The spot market ex-factory price of Sinopec North China increased by 300 yuan/ton. The spot market was mainly volatile, and some parts continued to rise. The spot offer price of ethylene glycol in East China is concentrated at 6,400-6,500 yuan/ton, and the delivery price of ethylene glycol in South China is around 6,550 yuan/ton.
At present, domestic ethylene glycol spot inventory is average, and polyester factory inquiry intentions are average. It is expected that the domestic ethylene glycol spot market will continue to fluctuate and strengthen in the short term.
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