On June 26th, ethylene glycol ran smoothly

In late June, the price of ethylene glycol rebounded, and on June 26th, the price of ethylene glycol remained stable. According to data from SunSirs, as of June 26th, the average price of domestic oil-based ethylene glycol was 4,523.33 RMB/ton, which was 0.09% lower than the average price of 4,526.67 RMB/ton in the East China market on June 1st. The prices for each region were as follows:

The price range for spot goods executed by mainstream manufacturers in East China was between 4,400-4,690 RMB/ton; The spot price of ethylene glycol in the South China market was 4,450 RMB/ton, and the price range for mainstream manufacturers in Central China was 4,300 RMB/ton; The mainstream manufacturers in North China offered a spot price of 4,500 RMB/ton for external transactions.

On June 26, 2024, the trading price of ethylene glycol basis spread at the port was between -15 RMB/ton and -12 RMB/ton, and the futures market was volatile. The basis spread quotation in East China remained relatively stable as of June 26th. As of June 26th, the basis of forward contracts remained in a near low and far high pattern. The spot price of ethylene glycol at the port ranged from 4,550 to 4,580 RMB/ton.

The arrival volume was low and port inventory reduced

This week, there was a significant decrease in port inventory. As of June 24th, the total spot inventory of ethylene glycol in the main port of East China was 708,500 tons, a decrease of 41,100 tons compared to the total spot inventory of ethylene glycol in the main port of East China on June 20th, which was 749,600 tons. On June 25th, the inventory outflow situation in East China was as follows: around 6,400 tons of MEG were shipped from the mainstream storage area of Zhangjiagang; The two mainstream storage areas in Taicang shipped about 4,200 tons of MEG.

Delivery of spot forward contracts in June, with strong spot prices

Spot forward contracts delivered in June, with strong spot prices

Approaching delivery, there were rumors in the spot market that there would be a delivery, and starting from last Thursday, the ethylene glycol basis spread had been climbing all the way. The expected receipt of goods, combined with the strengthening of the futures market, had led to a surge in the spot price of ethylene glycol. Some oil-based ethylene glycol manufacturers in the Jiangsu and Zhejiang regions mainly contracted shipments. As of June 26th, orders were scheduled until November, with an external quotation of 2409 contracts +30, and the market port cargo's July basis quotation range was between -12 RMB/ton to +3 RMB/ton (2409 contracts); Port contracts were near low and far high.

If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.