Fall first and then rise in August     

The price of ethylene glycol began to decline in September. According to data from SunSirs, as of September 4th, the average price of domestic oil to ethylene glycol was 4,630 RMB/ton, a decrease of 1.03% from September 1st. The prices in each region were as follows:

On September 4, 2024, the price of ethylene glycol at the port declined, with an early operating price range of 4,640-4,670 RMB/ton. In the afternoon session, it followed the downward trend of the market, with a slight downward shift in the price range. The spot basis slightly strengthened, especially in recent times when the contract basis has strengthened significantly. On September 4, the 01 contract had a paper cargo basis quotation of +28 RMB/ton to +34 RMB/ton for this week; The base price for September was 33-42 RMB/ton.

On September 4th, the price of coal to ethylene glycol slightly loosened, with prices in the northwest region around 4,250 RMB/ton, including taxes, before leaving the factory.

On September 3, 2024, the external price of ethylene glycol was as follows: the landed price in China was 559 US dollars/ton, and the landed price in Southeast Asia was 576 US dollars/ton. The domestic landed price has slightly increased.

List of August Ethylene Glycol Port Inventory Data

As of September 2, 2024, the total spot inventory of ethylene glycol in the main ports of East China was 620,200 tons, an increase of 3,900 tons compared to the total spot inventory of 616,300 tons on August 1.

The total planned arrival of ethylene glycol at the main port in East China this week (September 2nd to September 8th) is about 34000 tons; Among them, the arrival quantity in Zhangjiagang is about 9,000 tons, the arrival quantity at Taicang Port is about 6,000 tons, the arrival quantity in Ningbo is about 19,000 tons, and the arrival quantity in Shanghai is about 0 tons.

On September 4th, the price of ethylene glycol moved downwards due to:

On the news of the resumption of crude oil supply from Libya, coupled with OPEC+'s previous statement to increase production as planned, crude oil prices plummeted, and the polyester sector as a whole saw a significant decline, especially in PTA/short fiber/PET bottle flakes.

Market outlook

As of September 4th, the absolute amount of explicit inventory in ports was still relatively low. This provided some support for the price of ethylene glycol.

However, other products in the polyester sector have basically fallen below the previous fluctuation range, forming a strong negative sentiment towards the relatively strong ethylene glycol price. It is expected that the ethylene glycol price will mainly fluctuate to be weaker in the short term.

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