SunSirs: Macro Sentiment Rebounded, and Ethylene Glycol Prices Were Stabilizing

List of ethylene glycol prices

According to data from SunSirs, on October 30th, the average price of domestic oil to ethylene glycol was 4,073.33 RMB/ton, a decrease of 2.63% compared to the beginning of the month. The prices in various regions are as follows:

The price range for spot goods executed by mainstream manufacturers in East China is between 3,950-4,160 RMB/ton; The spot price of ethylene glycol in the South China market is 3,950 RMB/ton, while the price range for mainstream manufacturers in Central China is 3,950 RMB/ton; The spot price for mainstream manufacturers in North China is 4,160 RMB/ton.

On October 27th, the CIF price of ethylene glycol in China was 467 US dollars/ton; The CIF Southeast Asia price was 474 US dollars per ton.

Ethylene glycol fundamentals

Supply side

Recently, two units with a total production capacity of 1.2 million tons have been restarted at the ethylene glycol supply end, and the units of Sanjiang Petrochemical, Shanxi Woneng, and Zhenhai Refining and Chemical have been restarted. The market operating rate is expected to rebound in the short term.

Port accumulation had slightly eased

This week, the ethylene glycol inventory in the main port of East China has slightly decreased. As of October 30, 2023, the total spot inventory of ethylene glycol in the main port of East China is 1.043 million tons, and the port inventory is still relatively high. The main inventory of ethylene glycol in East China is still above 1 million tons, but the pressure on accumulated inventory in the early stage has been alleviated.

Market outlook

After the decline in ethylene glycol prices in October, the current long short game has intensified. In the short term, due to the significant decline in the previous period, macroeconomic sentiment has rebounded in the near future, and ethylene glycol prices have stabilized. It is expected that the probability of maintaining a volatile sideways trend in the short term will increase.

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