SunSirs: Ethylene Glycol Daily Review (December 28th)

　　Price trend

　　The latest price of ethylene glycol on December 28 was 4,875 RMB/ton.

　　Analysis review

　　In terms of inventory, as of December 27, the total ethylene glycol inventory of the main ports in East China was 659,200 tons, a decrease of 33,600 tons from last Monday, a decrease of 4.85%, and a decrease of 24,400 tons from last Thursday, a decrease of 3.57%.

　　On December 27, the spot price of ethylene glycol in the East China market was 4,793 RMB/ton, and the price was down 62 RMB/ton from the previous trading day, a decrease of 1.28%.

　　In terms of upstream crude oil, the market expected that the Omicron new crown virus variant would have a limited impact on global demand, and oil prices expanded on the 28th. The arrival of ethylene glycol at the port was expected to decrease, and the port inventory was de-stocked. However, in the long run, the commissioning of the new device still had an impact on the market mentality. The MEG spot atmosphere was deadlocked, and the external market was light in the afternoon. The recent cargo negotiations were around 635 US dollars/ton. The demand-side polyester market is still weak, and there is no obvious change in the short term.

　　Market outlook

　　Fundamentals continue to be weak and fluctuate at low levels.