On September 6, the latest price of polyester grade ethylene glycol of Tianjin Daxing Chemical Trading Co., Ltd. is 5,500 yuan/ton including tax for small orders and 5,000 yuan/ton for complete vehicles. Qualified products with an ethylene glycol content of 98% are priced at RMB 3,050/ton including tax for the entire vehicle. Petroleum-based ethylene glycol with a content of 96% is priced at RMB 2,900/ton. The trading volume of the ethylene glycol market in South China has been consolidated. Traders are reluctant to sell at high prices, but actual shipments are average. The scattered prices are around 5,500-5,600 yuan/ton. There are rumors of lower prices, and downstream purchases are sporadic on demand.
Overnight crude oil futures prices have gone through ups and downs. Russia and Saudi Arabia expressed their willingness to cooperate to stabilize the oil market, which once pushed oil prices up by about 5%. Oil prices continued to rise in early Asian trading on Tuesday. Overnight gains were slightly higher. New York oil futures are currently trading at US$45.38/barrel, and Brent oil futures are currently trading at US$47.85/barrel. International crude oil shocks and macroeconomics are still cautious. Today, the ethylene glycol market fluctuated and consolidated, and the overall focus remained relatively strong. With the end of the G20 summit, some market participants are optimistic about the subsequent recovery of downstream polyester demand.
Because of the current boom in the ethylene glycol market, some downstream purchases are in conflict, and because some polyester factories have prepared goods in advance for the G20 summit, demand has increased significantly in August. The rise in raw materials and advance stocking may limit demand purchases in September. It is expected that the ethylene glycol market will fluctuate and consolidate, waiting for the downstream to start to recover.
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