SunSirs: This Week, the Diethylene Glycerol Market Rose First and Then Fell, with Inventory Reaching a New High (March 9-15)

Price trend

According to monitoring data from SunSirs, as of March 15, 2024, the reference price for diethylene glycol in the domestic market was 5,165 RMB/ton, an increase of 15 RMB/ton or 0.29% compared to March 8, 2024 (reference price for diethylene glycol was 5,150 RMB/ton).

Analysis review

This week (3.9-3.15), the domestic diethylene glycol market rose first and then fell, with inventory reaching a new high over the weekend. This week, the quantity of cargo at the port was relatively concentrated, with obvious inventory accumulation and weak supply side support. However, some equipment maintenance plans had played a certain role in boosting the market. In the first half of the week, the market saw a narrow rise, and the trading atmosphere was still good. However, under the pressure of unstable port shipments and significant inventory increase, the market lacked further upward momentum, and prices fluctuated and softened, leading to a weakening of the atmosphere. As of March 14th, the closing price in East China was 5,160-5,170 RMB/ton, and in South China it was 5,300-5,320 RMB/ton.

Market outlook

As of March 15th, inventory had reached a new high, and industry acceptance of the high inventory band had increased. However, the fundamental pressure had not changed, and the trend of oversupply continued. The market had loosened at high levels, and some factories will implement maintenance plans in mid to late March, with a relatively strong bottom. SunSirs’ Diethylene Glycol Analyst believes that the short-term market may not see a clear trend, and may first fluctuate and consolidate, continuing to pay attention to changes in port inventory and demand.

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