SunSirs: The Domestic Diethylene Glycol Market First Rose and Then Fell (May11-17)
May 20 2024 11:44:47 SunSirs (John)
Price trend
According to monitoring data from SunSirs, as of May 17, 2024, the reference price for diethylene glycol in the domestic market was 5,583.33 RMB/ton, a decrease of 17.66 RMB/ton or 0.30% compared to May 10, 2024 (reference price for diethylene glycol was 5,600 RMB/ton).
Analysis review
This week, the domestic diethylene glycol market first rose and then consolidated to weaken. There was no cargo arriving in the first half of the week, and inventory at the main port remained low. Most of the cargo was concentrated in the second half of this week and early next week, with little change in the supply side. This limited support for the market. Downstream UPR production remained stable, while polyester production declined. The demand side performance was weak, and business sentiment was average. After a narrow rise in the market, it consolidated to weaken. As of May 17th, the closing price in East China was 5,570-5,590 RMB/ton, and in South China it was 5,730-5,750 RMB/ton.
Market outlook
As of May 17th, there were differences in downstream performance, with frequent long short games in the market, and no obvious bearish fundamentals. The bullish mentality was relatively stable, or the decline was limited. Whether an upward trend can be formed needs further observation. According to analysts from SunSirs, if downstream demand is sustained well, in the short term, the market is expected to experience a reversal and an upward trend, and continue to monitor downstream demand.
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