Ethylene glycol: Current prices have weakened simultaneously, and the trading atmosphere on the floor is poor

On May 22nd, the market price index of ethylene glycol was 4118.84, down 27.84 from the previous working day.

Market focus:

1. Although the anxiety caused by the US debt ceiling has abated, the market is worried that the Federal Reserve may continue to raise interest rates in June and international oil prices will fall. Ice crude oil futures 06 fell 31 cents per barrel or 0.43 percent per barrel, or 0.37 per cent. NYMEX oil futures 07 fell 0.28 dollars per barrel or 0.37 per cent.

2. The 300000-ton syngas MEG plant in Weihe, Shaanxi Province began to be shut down and overhauled on May 8th, which is expected to last for 15-20 days.

3. Xinjiang Tianye 600000-ton ethylene glycol plant is stopped for maintenance, which is planned for one month, and the 50, 000-ton ethylene glycol plant in the old area operates normally.

 

Futures trends:

May 22,2023 EG main contract 2309 opening price: 4284, highest price: 4288, lowest price: 4146, settlement price: 4200, closing price: 4148, position: 431768, down 117 from the previous working day, down 2.74%.

 

Spot market: today, the ethylene glycol market price shock fell, affected by the re-accumulation of inventory, as well as the success of new capacity test run and other factors, the market operators are more pessimistic and the market quotation volatility is lower. In the morning, the center of gravity of the inner disk of MEG dropped obviously, and the market talks were general. At present, the spot basis difference is near the 09 contract discount of 85-90 yuan / ton, the negotiation is 4075-4080 yuan / ton, and part of the transaction is 4090-4135 yuan / ton. In the afternoon, the center of gravity of MEG inner disk is low, and the market talks are general. At present, the spot base difference is near the 09 contract discount of 85-90 yuan / ton, the negotiation is 4075-4080 yuan / ton, and part of the transaction is 4075 yuan / ton. As of press time, the quotation in South China is around 4280 yuan / ton, down 120 yuan / ton from the previous working day, while the quotation in East China is around 4097 yuan / ton, down 62 yuan / ton from the previous working day.

List of market prices on the outer disk:

 

List of mainstream market prices:

 

Enterprise price list:

Unit: yuan / ton

 

Future forecast:

Although the anxiety caused by the US debt ceiling problem has weakened, the market is worried that the Federal Reserve may continue to raise interest rates in June, international oil prices fall, cost support weakens, and some new devices in the Chinese market have been put into operation recently. under the influence of the increase in market supply, market operators are more pessimistic. Up to now, the market inventory in East China continues to increase, the port volume increases, and downstream purchases are more on demand. The overall supply pressure of the market is slightly highlighted, although the start of the downstream market has been alleviated, but there is no obvious volume, still rigid demand. Overall, it is expected that the short-term ethylene glycol market price is weak and volatile, in the later stage, we need to pay close attention to the crude oil, coal prices and the operation of the plant.