Data source: Jin Lianchuang
In August, the domestic ethylene glycol market was weak and volatile. The price fell below 4,000 yuan/ton, and the low-end price was 3,840 yuan/ton. The overall mentality was weak. Port inventory at the beginning of the month fluctuated slightly to 1.1661 million tons. Shipping is acceptable, market supply has decreased to a certain extent, and there is some support for sentiment. However, downstream polyester demand is not good, and profits are low, so just-need purchases are mostly maintained. The market started a weak and volatile downward trend in the middle of the month. At this time, although the port continued to destock to support, the terminal weaving operation continued to be poor, and the downstream buying gas was insufficient. People should wait and see cautiously. Because the market lacked substantial positive support, weak demand restricted prices. Higher, the low-price inquiry atmosphere is improving, but ethylene glycol still fell to 4055-4065 yuan/ton; in the second half of the year, the market fell first and then rose. The terminal weaving start-up continued to hover around 50%, and the downstream polyester start-up rose slightly. Bears have suppressed bullish sentiment, but driven by improved demand, mentality has gradually improved, but slow demand is still a factor restricting higher prices.
In September, the ethylene glycol market entered the Golden IX stage. From the supply side, the restart of Hengli and Zhejiang Petrochemical plants has increased the supply pressure on the market. Although the port may destock, it may be slow due to domestic supply pressure; from the demand side, Look, the polyester peak season of Golden Nine and Silver Ten is coming soon. At present, the terminal weaving operation load is not good, and the demand is still relatively weak. The polyester production operation is at a high level, and the demand is slowly recovering. Although there are new orders at the terminal, the proportion has declined compared with previous years, and The pressure on terminal funds remains unchanged, and the willingness to purchase is weak. In the short term, ethylene glycol may continue to be in a stalemate, with downstream procurement mainly maintaining rigid demand. Affected by supply and demand pressure, ethylene glycol may remain at a low level for a long time.
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