Business agency: ethylene glycol daily review (20209)

The latest p-value price of ethylene glycol on February 9 was 5383.33 yuan / ton.

In terms of inventory, as of February 7, the total inventory of ethylene glycol in the main port of East China was 748000 tons, an increase of 104500 tons or 16.24% compared with last Monday, and 95800 tons or 14.69% compared with last Thursday.

Ethylene glycol market is weak and declining today. In terms of upstream crude oil, concerns about the possible increase of Iranian supply weighed on the market mentality, and oil prices fell for the third consecutive day on Wednesday. In the afternoon, the center of gravity of MEG outer plate fell, and the recent cargo negotiation was around us $685 / ton. The downturn at the downstream demand side will drag down the market, and the polyester operating rate may rise slowly in the later stage.

Forecast: the short-term upward resistance is large.