Latest price of diethylene glycol (May 31): 6016.67 RMB/ton, bearish in the future

Key points of analysis: On May 31st, the diethylene glycol market saw a broad decline, down 8.70% from the previous trading day. In the East China market, the quantity of port shipments is low, and in the morning, the market is on the sidelines for consolidation. The market fluctuates narrowly, but downstream follow-up intentions are insufficient. The market fluctuates and weakens, and in the afternoon, the market continues to decline. Buying follow-up is weak, and the market trading atmosphere is light, with limited transactions. The price has stabilized near the close of the market; In the South China market, the mentality of cargo holders is weak, with accompanying discussions as the main focus, and downstream follow-up intentions are not good. The market wait-and-see atmosphere is still strong.

Future forecast: In the short term, due to the pressure from the economic downturn, crude oil will still not reduce, and there may be insufficient support for diethylene glycol due to the temporary inability to form a clear operating trend; From the perspective of supply, Sanjiang has added 1 million tons/year of EO/EG devices to produce qualified products in the near future, and the expected narrow increase in port inventory has led to increased market supply pressure; Terminal demand is weak, and the downstream unsaturated resin market continues to weaken. Currently, the overall capacity utilization rate is 29%, a decrease of 1% compared to the previous cycle.

Future forecast: The short-term diethylene glycol market may maintain a weak outlook, with relatively clear support yet to emerge. It is currently difficult to see a turning point in the market, and it will digest the weak range of decline in recent days. Costs, related products, and downstream participation are weak, so pay attention to changes in the news.

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