Ethylene glycol: The current price range fluctuates and the transaction atmosphere on the market is general

On May 26, the ethylene glycol market price index was 4,049.96, down 5.09 from yesterday.

Market focus:

1. Uncertainty remains in the U.S. debt ceiling negotiations, and Russia has hinted that OPEC+ may not cut production further in June, causing international oil prices to fall. NYMEX crude oil futures 07 contract fell US$2.51/barrel or 3.38% at 71.83;ICE oil futures 07 contract fell US$2.10/barrel or 2.68% at 76.26.

2. The 300,000-ton synthesis gas-to-synthesis MEG unit in Weihe River, Shaanxi Province began to be shut down for maintenance on May 8, which is expected to last for 15-20 days. In the later stage, close attention will be paid to the operation of the unit.

3. Zhejiang Petrochemical No. 3 plant was stopped first, and the recovery time was to be determined.

Futures dynamics:

On May 26, 2023, the opening price of the EG main contract 2309 of the DSE was 4032, the highest price was 4079, the lowest price was 4007, the settlement price was 4043, the closing price was 4050, and the open position was 479078.

Spot market: Today, the price of ethylene glycol market continued to operate in a weak position. Futures were mainly volatile. The trading atmosphere on the market was general. Some players still had a wait-and-see attitude towards the future outlook. In the morning, the focus of MEG's internal trading was narrow, and market negotiations were weak. At present, the spot basis is around 85-90 yuan/ton for the 09 contract premium, and the negotiation is 3,960 - 3,965 yuan/ton. There are fewer spot transactions today. In the afternoon, the focus of MEG's internal session was narrowed, and the market discussions were general. At present, the spot basis is around 85-90 yuan/ton for the 2009 contract premium, 3,960 - 3,965 yuan/ton for negotiations, and some transactions are 3980 yuan/ton. As of press time, the price for South China is around 4200 yuan/ton, which remains unchanged from yesterday; the price for East China is around 3957 yuan/ton, down 12 yuan/ton from the previous working day.

List of external market prices:

Mainstream market price list:

Company Price List:

Unit: yuan/ton

Market outlook forecast:

There is still uncertainty in the U.S. debt ceiling negotiations, and Russia has hinted that OPEC+ may not cut production further in June. International oil prices have fallen and cost support has weakened. Although the construction of the downstream market has increased, the overall transaction has not improved significantly. With the restart of preliminary maintenance equipment, the restart of Phase II of China Shipping and Shell, and the restart of Xinjiang Tianying, Shaanxi Coal, Shanxi Meijin and other equipment, market supply is expected to increase. At present, there is no obvious positive support for the market supply and demand structure, and the futures market is fluctuating downward. It is expected that the price of ethylene glycol market will be weak and volatile in the short term. In the later period, it is necessary to pay close attention to the prices of crude oil and coal and the operation of on-site equipment.