SunSirs: The Price of Ethylene Glycol Fluctuated Widely (September 20-24)

　　Price trend

　　According to data from SunSirs, on September 24, the average price of oil-based ethylene glycol was 5,710 RMB/ton, an increase of 122 RMB/ton from the previous statistical cycle.

　　On September 23, the market price of ethylene glycol in East China rose. The average spot price in East China was 5,542.5 RMB/ton, down 17.5 RMB/ton from Monday, a decrease of 0.31%.

　　Analysis review

　　In terms of inventory, as of September 22, the total ethylene glycol inventory of main ports in East China was 516,000 tons, an increase of 22,400 tons from last Thursday, an increase of 4.54%, and an increase of 33,800 tons from Monday, an increase of 7.01%.

　　In terms of equipment, Sanjiang was still under maintenance; Far East Union and Satellite Petrochemical were operating at low load due to Jiangsu dual control; Inner Mongolia Rongxin’s 400,000-ton/year ethylene glycol plant was shut down due to failure, and the restart time has not yet been determined. Elcometer’s 120,000-ton/year syngas-to-ethylene glycol plant is scheduled to be shut down for maintenance in October for one month.

　　Crude oil prices rose for the third consecutive week on Friday, reaching their highest point in the past three years; Coal prices continued to run strongly, the cost sides had strong supports for ethylene glycol. On the supply side, the operating rate of coal-based ethylene glycol was low, and the operating rate of oil-based ethylene glycol fell less than expected. Port inventory and imports continued to be low. Downstream demand will weaken in the short term due to the dual control.

　　Market outlook

　　The trend will be dominated by shocks and consolidation.