On August 18, ethylene glycol broke through the stalemate this week and moved upward. Crude oil and external atmosphere boosted significantly. However, the rise also showed resistance. Today’s electronic trading After opening high, the market consolidated, and shipments on the market were relatively concentrated. In the afternoon, the spot price of large orders in East China was negotiated to around 5,130 yuan/ton; the mainstream bid price in the South China market was around 5,210 yuan/ton; the mainstream bid price in North China was 5,090 yuan /Ton.
Industry chain: Crude oil futures prices closed slightly higher on Wednesday (August 17) as government data showed an unexpected decrease in U.S. crude oil inventories and a larger-than-expected decline in gasoline inventories. At this time, many Traders are worried about abundant inventories. However, traders believe that the surge in Saudi production and technical factors may make the rise in oil prices unsustainable. NYMEX September crude oil futures closed up 21 cents, or 0.5%, at $46.79 a barrel. The rebound in international energy has boosted the entire chemical commodity market. The supply of domestic ethylene glycol spot market has decreased, and market supply is supported by favorable prices. The G20 summit is approaching, and the overall equipment of downstream polyester manufacturers continues to decrease, mostly with early orders, which is negative for the ethylene glycol market in the short term.
Rear market forecast: At present, some domestic downstream polyester manufacturers have low load operation, and some polyester factories have received exactly notice of discontinued production. The supply of cargo at ports has also been limited recently, and the supply and demand side has remained relatively stable for the time being. Coupled with the strong boost from domestic energy, it is difficult to significantly improve the overall market atmosphere under the stalemate. An ethylene glycol data analyst from the Sun Business Society Chemical Branch believes that the ethylene glycol market will continue to fluctuate in a range in the short term
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